Later, the brokerage informed the agent that the proof-of-funds letter had a forged signature. The would-be buyers vanished. The agent now makes sure she verifies proof of funds and pre- ualification letters.
Homes Not Researched
In a transaction without the involvement of real estate agents, a woman purchased a rural home. When she went to list the home with an agent two years later, the agent found it had once belonged to a person who was in jail for making methamphetamine onsite! That revelation obligated the homeowner to hire a professional to decontaminate the home, and ensure it was fit for resale, That cost her a whopping $16,000.
Pressure to Sell from Your Own Agent
Homeowners were selling a starter home in Washington D.C. and hired a real estate agent. They were asking $235,000. When they received a $226,000 offer with a buyer requesting the seller to cover $6,000 in closing costs, their agent prodded them into strongly considering the offer. Ultimately, they sold for $228,000 and honored the closing cost request at the behest of their agent. Had the agent done their due diligence, they would have noted homes in this neighborhood were selling for twice that amount. “In hindsight, I felt that I’d been negotiating against three people—the buyer, the buyer's agent, and my own agent,” said the seller. This is no way for a seller to feel.
Preclosing Error: Large Bank Deposit Causing Delay
A couple buying a home deposited an $8,000 cash gift from their
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