prequalification 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! 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 in the process.
Pressure to Sell from Your Own Agent
Homeowners were selling a starter home in Washington D.C., circa 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. Pre-housing crisis, homes in this neighborhood were selling for between $650,000 and $700,000. “In hindsight, I felt that I’d been negotiating against three people—the buyer, his agent, and his own agent,” said the seller. This is no way for a seller to feel.
Preclosing Error: Large Bank Deposit Causing Delay
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