makes sure she ver ifi es proof of funds and prequa lifi cation letters. HOMES NOT RESEARCHED In a transaction without the involvement of real estate agents, a woman purchased a rural home. She found out two years later, at the time she went to list the home, that it had once belonged to a person who was in jail for producing methamphetamine onsite! Th e revelation also obligated the home owner to take the necessary steps of decontaminating the home and ensuring it was fi t for resale, in the process costing her a whopping $236,000. PRESSURE TO SELL FROM YOUR OWN AGENT Homeowners were selling a starter home in the South Bay, they were asking $735,000. When they received a $726,000 o ff er with buyer demands that they cover $6,000 in closing costs, their agent prodded them into strongly considering the o ff er. Ultimately, they sold for $728,000 while honoring the closing cost request at the behest of their agent. Pre-housing crisis homes in this neighborhood were selling for between $750,000 and $800,000. “In hindsight, I felt that I’d been negotiating against three people—the buyer, his agent, and our own agent,” said the seller. Th is is no way for a seller to feel. PRECLOSING ERROR: LARGE BANK DEPOSIT CAUSING DELAY A couple buying a seller’s home deposited $10,000 in cash into their checking account three days before closing . Th eir father had given them money to buy new furniture and appliances for the house . Th eir mortgage company checked balances the day before and it was “dinged,” as it required a g ift l etter . Th e father had just gone out of town fo r a fi shing trip, and no one could reach him. Th is delayed the closing by two weeks
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