up in the Sellers Lawyers account till late in the day, so the Seller could not close her purchase deal until the next day. By not closing on her purchase, the Seller was in breach of contract. Not only would her move cost her more, she would be responsible for penalties and costs of her Sellers from her breach.
Fraudulent Buyers
Sellers, who were not working with an agent, let their house sit unsold for several months. They were thrilled to get a cash offer for the $400,000 house from a couple. The buyers offered a proof-of-funds letter from a mortgage firm which the Sellers accepted at face value. The buyers’ extended family turned out for the home inspection. It was like a holiday open house. Later, the sellers lawyer informed the agent that the proof-of- funds letter had a forged signature and that the would-be buyers had vanished. Verification of proof of funds and pre-qualification letters are a very important piece of the puzzle when accepting a Buyers offer.
Homes Not Researched
In a transaction without the involvement of real estate agents, a woman purchased a rural home. She found out two years later, at the time she went to list the home, that it had once belonged to a person who was in jail for producing methamphetamine on site! The revelation also obligated the homeowner to take the necessary steps of decontaminating the home and ensuring it was fit for resale, costing her a whopping $16,000 in the process.
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