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The Hidden Dangers Of For Sale By Owner
by: Michelle Shelton
I met a fellow agent the other day that had a friend in CA that wanted to sell his home. He called his agent friend in AZ and told him he was thinking of selling his home in CA. The agent told him he would find him a solid professional in CA to assist him. The next day when the agent called him back, the man told the agent that someone had knocked on his door and asked if he wanted to sell his home and so he sold it to them! He was very happy as he said he was saving thousands of dollars in REALTOR® commissions. The agent / friend told him to be very careful about doing this as the buyer typically has all the rights...at least that is the case in Arizona.
Saving all the money on commissions sounds good, right? The problem was the friend didn't know anything about Real Estate. The other party wrote up the contract and they agreed to the terms and took it to title. Everything seemed to go smoothly until after he had moved out. The buyers were savvy and learned a bit about real estate law. The learned that the seller must disclose all material matters in writing. He thought he had told them everything about the house but he missed something.
The buyers sued this seller for $450,000 and guess what....they won. The buyers kept the house and won the law suite. The seller said, "I didn't know..." and the courts ruled in the buyers favor and said it was his responsibility to know real estate law if he chose to sell his own home. The moral of the story is, in selling your home, ignorance is NOT BLISS!
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About The Author
Michelle Shelton is a realtor, licensed Arizona Real Estate Agent and listing agent with Keller Williams Realty Southeast Valley. She specializes in East Valley horse property and can be reached at http://www.askmichelleshelton.com.
This article was posted on 2005
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