As Realtors we perform a lot of tasks to ensure our clients interests are protected.
I was talking to a lady this week who had a bad experience.
She was thinking of selling her house and mentioned this to a co-worker.
He expressed an interest in the property and they agreed a price. There were no Realtors involved.
He then told the seller that the loan company that he was using would not loan less than a certain amount which was $15,000 above what they had agreed on. His suggestion was that they write the contract for the sales price plus $15,000 then the seller could refund the buyer the money after closing.
This was agreed to but the seller was thinking that something was not right. She would hear others talk about borrowing less than the buyer had said was allowed and so on. Things dragged on for about 4 months.
The sale was to go ahead and the seller made preparations to move out. Then the buyer said that he could not get the financing and pulled out.
I told the home owner that this would not have happened had she used an agent and that what the buyer was trying to do was fraud and illegal.
How would this had been different if a Realtor was involved?
1. Approval of loan would have been established before the offer was accepted.
2. The potential fraud would have probably not been suggested but if it had would have been stopped immediately.
3. The Realtor would have kept up with the buyer and the loan process and would not have let it continue dragging on for 4 months.
There are many people trying to save money and sell their homes themselves but this is not a wise decision and you can get into difficulties when you are not represented a professional
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