• Comparable Home A: Expired • Tim and Sue’s Home: $345,000
• Comparable Home B: Reduced to $339,000 • Comparable Home C: Reduced to $335,000 • Comparable Home D: Sold • Comparable Home E: Pending • Comparable Home F: New listing at $326,000 • Comparable Home G: New listing at $325,000 • Comparable Home H: New listing at $319,000
Suddenly, Tim and Sue’s home is the highest-priced in the area for its range. This makes it less attractive to buyers. What many sellers don’t realize is that the market can shift quickly. That’s why it’s crucial to price your home right from the start. The lesson here: It’s possible for anyone to lose money in real estate by not keeping up with the market. Without a true understanding of your home’s value, you risk losing out on potential buyers or pricing too high and missing opportunities. Worst-Case Scenarios Unfortunately, things can go wrong in any real estate transaction—sometimes because of mistakes, other times because of mischief or fraud. Having a knowledgeable real estate professional by your side will help you avoid these pitfalls and protect your interests. Fraudulent Buyers Here’s a real example: A real estate agent was working with sellers who had been waiting months for an offer. Finally, they received a cash offer for $400,000 from a couple who provided a proof-of-funds letter from a brokerage firm. The buyers even brought extended family for the home inspection—it felt like a holiday gathering. But later, the brokerage confirmed the letter was a forgery. The buyers vanished. Now, that agent always verifies proof-of-funds and pre- qualification letters to avoid falling into the same trap. 54
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