open house.
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- qualification letters.
Homes Not Researched
In a transaction without the involvement of real estate agents, a woman purchased a rural home. Two years later, when she went to list the house, she found out 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.
Pressure to Sell from Your Agent
Homeowners were selling a starter home in Washington, D.C., in the late 1990s. They were asking $235,000. When they received a $226,000 offer with buyer demands that they cover $6,000 in closing costs, their agent prodded them into strongly considering the offer. Ultimately, they sold for $228,000 while honoring the closing cost request at the behest of their agent. “In hindsight, I felt that I’d been negotiating against three people—the buyer, his agent, and my 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 deposited $8,000 in cash into their checking account three days before closing. Their father had
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