in the transaction, the mortgage brokerage notified the sellers that the proof-of-funds letters contained a forged signature. The prospective buyers then disappeared without a trace. To protect sellers and avoid potential scams, the agents have implemented stricter protocols. The agents diligently verify proof of funds and pre-qualification letters for all buyers before moving forward with any transaction. Additionally, real estate agents make calls to the lenders to gather more detailed information about the buyer's ability to secure financing. These extra steps ensure that buyers have the financial capacity to complete the deal and help identify any red flags early in the process. By taking these precautions, the agents safeguard their clients' time and money, ensuring only serious, qualified buyers are considered.
Homes Not Researched
In a transaction without the involvement of real estate agents, a woman purchased a rural home. She found out two years later, at the time she went to list the home, that it had once belonged to a person who was in jail for producing methamphetamine on site! The revelation also obligated the homeowner to take the necessary steps of decontaminating the home to ensure it was fit for resale, costing her a whopping $16,000 in the process.
Pressure to Sell from Your Own Agent
Selling a home can be stressful, especially when the seller feels pressured by their own agent to accept an offer. In some cases, the seller may feel like they are negotiating against not just the buyer and the buyer’s agent, but even their own agent as well. This can create a sense of unease, as the seller may wonder if their agent truly has their best interests in mind or is simply eager to
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