My sister-in-law lives in Northern Idaho.  The family has a business in the city they live in.  Recently, they decided to sell the business.

My sister-in-law and her husband seem to be good with money.  They have a nice home, no children, and they seem to pay their bills on time.

For some reason, my sister-in-law decided to sell the family business without the help of an agent.  They didn't even call me, here in Maryland,  for any advice.

Well sure enough, after a period of time, they got a buyer.  The buyer did not have an agent either.  So no agents are involved in the transaction. 

They quickly agreed on a price and set a settlement date about 45 days from contract ratification.  I don't really know if the contract was ever ratified, I am just making an assumption.

The forty-five days came and went with no settlement.  My sister-in-law spoke with the buyer as to why he would not be able to settle.  He explained to her it was the bank's problem.  It seems the bank did not give him good terms, so he was going to try a different bank.

Ok, these things happen and she did not have a reason not to believe him.  They set a second settlement date.

The second settlement date came and went.  Again the buyer told my sister-in-law it was the banks problem and he was going back to his original bank.

In the mean time, my sister-in-law, came to visit us here in Maryland.  She knows I am a Maryland real estate agent here in Laurel Maryland.  We talked briefly about her situation, she was confident she could trust the buyer and that things would get resolved quickly.

Well they didn't.

My sister-in-law had her attorney call the buyer's bank.  The bank indicated the buyer had been approved for his loan again.  This is not what the buyer told my sister-in-law. 

The buyer lied to my sister-in-law.  Normally, the seller does have recourse, like keeping the buyer's security deposit.  However, my sister-in-law is not holding the security deposit and doesn't know what the contract says about the security deposit.

Worse yet, my sister-in-law dosn't have any money to pay her employees.  She has no back-up plan, no other buyers.

This happened about three weeks ago.  My sister-in-law has not asked me for any advice and has not kept me and her sister up to date on whats happening.

Most of this, if not all of it, could have been avoided if there were licensed agents involved.  For my sellers, I make sure the contract protects them and gives them legal recourse to take any necessary action.

In addition, if it was my buyer, I am under legal obligation to make sure my buyer behaves in a fair, honest and ethical matter.

Had my sister-in-law had a licensed agent looking out for her interest, she would not be in the mess she is in now.

Maybe you don't need an agent if a deal goes smoothly.  However, with contracts currently at 50 pages or more, most deals don't go smoothly.

It is too late for my sister-in-law.  Don't make the same mistake she did, hire a professional.

For more information on buying Maryland homes, visit Maryland real estate.