Page 123 - Selling secrets 5 18 2023

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 a real estate
professional involved in the transaction will provide
knowledge, somewhere to turn, and action.

PRE-CLOSING 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 offer, moved, and was awaiting the transaction’s
closing. The seller found out that the buyers were moving in
before the date of closing. The seller called her agent, who
contacted the buyers’ agent and noted that the buyers
should not have had the keys and definitely should not be
moving into the house. (There are several legal, insurance-
related, and ownership reasons for this.)

The 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. The 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 months. They were thrilled to get a
cash offer for the $400,000 house from a couple. The buyers
offered a proof-of-funds letter from a brokerage firm. The
buyers’ extended family turned out for the home inspection.

113