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, somewhere to turn, and action. PRECLOSING ERROR: BUYERS MOVING IN TOO SOON An agent-represented home owner was selling a house owned in a small town in Washington State. She accepted a buyer’s o ff er, moved, and was awaiting the transaction’s closing . Th e seller found out that the buyers were moving in before the date of closing . Th e seller called her agent, who contacted the buyers’ agent and noted that the buyers should not have had the keys and de fin itely should not be moving into the house . (Th ere are several legal, insurance-related, and ownership reasons for this.) Th e buyers told their agent that they thought it was all right to move in before closing. While the buyers did not get to move in early, they did transfer the utilities to their name well before closing . Th e agents worked together to explain that the buyers could not turn on the utilities in their name until escrow closed. “I don’t think they ever really understood why, but they did comply,” the seller’s agent said. FRAUDULENT BUYERS A real estate agent was working for sellers whose house had sat unsold for several month s. Th ey were thrilled to get a cash o ff er for the $700,000 house from a couple . Th e buyers o ff ered a proof- of-funds letter from a brokerag e firm. Th e buyers’ extended family turned out for the home inspection. It was like a holiday open house. Later, the brokerage informed the agent that the proof-of-funds letter had a forged signature . Th e would-be buyers vanished, but the agent reported their extended family verbally abused her, the sellers, and the buyers’ agent . Th e agent now
112
Powered by FlippingBook