HOME SALE “HORROR STORIES”
Any real estate transaction can go awry. Out of ignorance, mischief, or larceny, issues can arise to complicate selling the home or cost the seller money. Having a real estate professional involved in the transaction will provide knowledge, dependability, and action.
Preclosing Error: Buyers Moving in Too Soon
An agent-represented homeowner was selling a house owned in a small town. She accepted a buyer’s offer, moved, and was awaiting the transaction’s closing. The seller found out that the buyers were trying to move in before the date of closing. The seller called her agent, who contacted the buyers’ agent and noted that the buyers should not have had the keys and definitely should not be moving into the house. (There are several legal reasons for this). The buyers told their agent that they thought it was all right to start to move in before the closing. While the buyers did not get to move in early, they did transfer the utilities to their name well before closing. The agents worked together to explain that the buyers could not turn on the utilities in their name until escrow closed. The seller’s agent said, “I don’t think they ever really understood why, but they did comply.”
Fraudulent Buyers
A real estate agent was working for sellers whose house had sat 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 brokerage firm. The buyers’ extended family turned out for the home inspection. It was like a holiday open house.
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