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.
Pressure to Sell from Your Own Agent
Homeowners were selling a starter home, circa late 1990s. They were asking $235,000. When they received a $226,000 offer with several buyer demands their agent prodded them into strongly considering the offer. Ultimately, they sold for $228,000, while honoring the buyer’s request at the behest of their agent. Pre- housing crisis, homes in this neighbourhood were selling for between $550,000 and $600,000. “In hindsight, I felt that I’d been negotiating against three people—the buyer, his agent, and my own agent,” said the seller. This is no way for a seller to feel.
Pre-closing Error: Large Bank Deposit Causing Delay
A couple buying a seller’s home in Ontario deposited $8,000 in cash into their checking account three days before closing. Their father had given them money to buy new furniture and appliances for the house. Their bank checked balances the day before, and it was “dinged,” as this particular transaction required a gift letter. The father had just travelled to the Rocky Mountains for a hunting/fishing trip, and no one could reach him. This delayed the closing by two weeks.
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