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 an experienced REALTOR© involved in the transaction will provide knowledge, somewhere to turn, and action.
Preclosing Error: Buyers Moving in Too Soon
Agent-represented homeowners in southern California were selling the single-family residence they lived in. The couple accepted a buyer’s offer and moved to Washington State. The sellers needed the proceeds from the sale so they could buy a condo they found in Washington. As they waited for the California escrow to close, the couple allowed the buyer to move into the house. But, as it turned out, the escrow for the house was held up for several weeks due to problems with loan funding. In the end, their buyer was unable to get the loan needed to complete the California transaction, and the escrow fell through. As a result, the condo the couple were waiting to purchase in Washington also fell through. Worst yet, they had a hard time getting the buyer out of their California house. This cost the couple time, money and a lot of emotional energy. This is an example of why I advise my sellers not to allow a buyer to move into their property before escrow closes unless appropriate agreements are signed, and, even then, it's a bit risky.
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