Considering buying/selling FSBO? Read this (RE agent, agent, sales, accept)
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This is an interesting website. If you are considering purchasing from an unrepresented seller (FSBO), please read this. I hear all the stories about how a real estate agent done me wrong, and it is harder to get the stories about what went wrong during a private sale. Folks generally don't talk about it, because they have to accept that they may have done something wrong, instead of blaming the agent(s) involved.
Happy reading, and I will look forward to your responses:
That's 1 house not a collection of dozens if not 100's of FSBO's gone wrong ... 1, sorry that hardly qualifies as a trend to be aware of, any deal with or without a Realtor can go bad, but the more people involved the greater the chance of something going wrong. Just IMHO.
Interesting story. Sounds similar to the last house I bought, a transaction that involved Realtors from 2 different agencies.
The buyer in that scenario was certainly more patient than I am. I would have walked away from that mess.
You would not have been able to recover your earnest money...To recover it might well take a year or more with a recalcitrant seller. Your legal costs could well exceed the earnest money amount. And you could lose. Such deals are best not entered into...
You would not have been able to recover your earnest money...To recover it might well take a year or more with a recalcitrant seller. Your legal costs could well exceed the earnest money amount. And you could lose. Such deals are best not entered into...
If a seller is on the up and up they'll let a lawyer hold the money in escrow, if they don't walk away.
I wonder -- is there a more general website that has a compilation of "real estate horror stories"?
I'm hoping to have buyer's representation (since I know so little about homebuying), so I'd be interested mostly in conventional sales with RE agents involved.
This was also covered at Realty Times - Real Estate News and Advice go there and you and you can get a recap of the story and some interesting input from the buyer. Just to be clear, this happened in my selling area (I didn't know about it until I read the website). What makes it compelling is that our standard Real Estate contract would have caught many of those items much earlier. Example, our contract spells out who is doing the termite inspection, when it must be done and turned and completed, and who is responsible for making repairs up to a certain cap % and what happens with repairs over that amount. The buyer acknowledges that he would have been in a better position had he used the standard REIN contract that real estate agents use.
If anything......my personal opinion.....bringing a home inspector
into a deal is a very big mistake. The 'used car' aspect of Real Estate.
This portion of the industry needs to be held more accountable and have
standards set. That being said.....Our FSBO was an ulcer inducer when
the buyer made several last minute demands, literally. 12 hours before
closing they called with very unreasonable demands knowing our situation,
furniture already on the way to a different state, etc....Our lawyer
was ineffectual at best in dealing with it. My last realtor would have
squashed thier noise in one phone call, Im sure.
Home inspectors are a very important part of the process if you have a good one. I have an excellent one and recommend him often whether I'm working with the seller or the buyer. He just saved one of my people from purchasing a home with a bad electrical system which in a previous deal an inspector had not found it. They are necessary but yes, you need to find a good one.
Koz, I had the same thing happen to me when I sold my home in NY before becoming a Realtor. Sitting at the closing table..all the players were there but the buyer. She was almost 2 hrs late. I'm all packed up ready to move to Florida. She comes in and says she isn't going to buy the house unless I take money off. My agent, said nothing..nadda. My attorney on the other hand, let her sit for 5 minutes then said, "Look. Either sign these papers right now or she's going to sell it to the cash buyer we have in the wings. That deal can close in two days." The buyer immediately signed. I will never forget that man. He was going to buy it himself.
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