out there that make many cash offers to see how many get accepted, then choose the best property from the accepted offers (leaving several sellers without the cash buyer they thought they had). This is why it's beneficial to have an experienced agent in your corner with great working relationships with all of the buyer agents that submit offers. If the chosen one falls through, they can quickly go back to your 2nd or 3rd choice and from your side of the transaction, it simply moves forward seamlessly with a new buyer.
Homes Not Researched
In a transaction without the involvement of real estate agents, a woman purchased a home and found out two years later, at the time she went to list the home, that the previous owner 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. If a real estate agent would have been involved, they would have required the seller to produce a seller disclosure notice that would have uncovered that fact.
Pre-closing Error: Large Bank Deposit Causing Delay
A couple buying a seller’s home 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 mortgage company checked balances the day before, and it was “dinged,” as it required a gift letter. The father had just gone to Michigan for a hunting/fishing trip, and no one could reach him. This delayed the closing by two weeks.
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