Page 125 - Selling secrets 5 18 2023
P. 125
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 given them money to buy new furniture and
appliances for the house. Their mortgage company checked
balances the day before and it was “dinged,’ as it required a
gift letter. The father had just gone to the Upper Peninsula
of Michigan for a hunting/fishing trip, and no one could
reach him. This delayed the closing by two weeks
POINTS TO REMEMBER:
« Underpricing is a common error, often undetected,
and usually caused by a failure to conduct thorough
research of the market or the property.
« It is crucial to adhere to timelines, disclosure
requirements, and proper documentation procedures,
in order to avoid problems created by fraud and
ignorance.
« There is no substitute for working with an
experienced, reputable REALTOR’, who understands
the many pitfalls of real estate transactions.
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