As a Real Estate Agent I hear all types of Horror Stories about deals that have gone bad, and all types of crazy things that have happened. One of the couples that was helped by our real estate team had one of these stories.
They were a nice couple, looking to sell their beautiful home on a golf course. Home had excellent view, had been meticulously taken care of, and was in "model home" condition. These people contacted us because they were in a major dilemma and after sharing it with a neighbor who were former clients of ours, urged them to call us immediately. Here is their story:
The couple had tried selling their home via For Sale By Owner. They bought the yard sign, had a little website made up and had instant gratification. Within two weeks, they were having daily showings, and multiple calls on their home. As they came to the end of their second week of trying to sell the house, they received an offer on the property. They came to an agreement with the buyer and things seemed to be moving along perfectly for them.
As closing day came closer, the sellers began packing their items in their home. Since the property sold quicker than they thought it would, they had to pack all their belongings & furniture and place it into a climate controlled storage unit. Also, they had to sign a 6 month lease to rent an apartment until the home they were building would be complete.
The day of closing came and the sellers went to the closing attorneys office expecting to meet the buyer, sign the documents and sell their lovely home. Well, when they got to the attorney's office, the buyer was nowhere to be found. They called and found out that the seller was unable to purchase the property. They received a pre-qualification letter, but had no way of following up on whether the buyer would be able to secure the funds to purchase the home. The buyer had actually given false information to the bank and got caught. So, needless to say the home was not going to sell to this new buyer.
The sellers went back to their now vacant home disheartened and placed the sign back in the yard. After a few more weeks with not much activity, the sellers were becoming distressed because they were paying a lot of money out of pocket and the cash flow was coming to an end. Paying the mortgage on the vacant home, plus their monthly rent for the apartment & storage unit on top of the construction loan on the property is more than enough to do that.
Finally the sellers gave in to the neighbors advice and contacted us. We met with them, listed the property for sale and were able to sell it & close in 5 weeks time.
Unfortunately for the sellers, the money spent trying to sell their house on their own was much more than my commission. While this story sounds like it might be a rare occassion, it is something becoming more and more common. Lenders are tightening their regulations on who they will lend to, and buyers are not always accurate with the information they supply. That is why having a Real Estate Professional is important.
If you are thinking of selling a home, I hope you consider this story before trying to sell it on your own. We are real estate professionals here to prevent situations like this from happening to you. If you are thinking of selling property in or around Myrtle Beach, contact me today!
Jeremy Blanton- Myrtle Beach Real Estate Expert
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I am the Co-Founder of 210 Consulting- Social Media Advisors. I have traveled the country as a social media speaker. If you would like more information on any of the topics discussed in this blog, please contact me directly. We specialize in social media training, online consulting, and the creation of your own custom WordPress site.
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