Some owners have great real estate experience, but others are just trying to save a quick buck by skipping out on hiring an agent. If you are looking at a for sale by owner property, make sure you are protecting yourself by working with an experienced agent.
One agent in Cleveland put together a list of for sale by owner horror stories so you know what to look out for. Here is a quick summary:
- One buyer did not realize their favorite home was in another school district due to odd boundary lines. The kids had to change schools after the move.
- A couple purchased a home and quickly found out about undisclosed roof problems. They spent thousands of dollars in court because the seller did not fill out a state required form before the sale.
- An unlucky buyer found out the hard way that their new HOA had very specific roofing material requirements. After closing, they learned that the new roof they needed would cost 3-4 times more than they had budgeted.
- Buyers moving in from out-of-state had no idea that a busy commercial shopping center was going in near their new home. After they moved in, they found out about the major increase in neighborhood traffic they can expect from the development.
- One buyer overpaid by tens of thousands of dollars. An agent would have quickly noticed the inflated sale price and helped negotiate something better, but the direct for sale by owner purchase omitted that important piece of knowledge.
Finding a qualified agent can be stressful, but at AgentHarvest it is much easier to find someone you can trust to help you avoid these for sale by owner horror stories.
Read the entire story at Cleveland Housing News.