Dawn (253) 307-6438
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FSBO: Buyer Pitfalls Part 2
FSBO – Buyer Pitfalls, Part Two
In another scenario of buying a home directly from a seller, let’s say the seller agrees to write the paperwork up together with the buyer, so that both parties feel there is no bias. However, there are many pitfalls actually within the contract itself, it’s no easy task which is WHY agents have to go through so much education to get licensed and then we also have continuing education requirements that we have to meet each time we renew our licenses.
Chances are very high that a contract not written up by an agent or real estate attorney, will have things missed! Here is just ONE scenario, there are many!
Let’s say you start writing up a contract late on a Thursday night, thinking about the few short hours you have left before you have to get up to work the next day, you’re tired and you end up accidentally putting a 3 in place of a 5 in the agreed upon price. Both parties have now signed this legally binding document agreeing to pay $350,000 instead of $550,000 for a home which would be obviously really bad for a seller. But it could be a $350,000 home and you wrote it up accidentally for $550,000. You better believe that the other party is going to notice at some point this error. This is a legally binding contract, a seller could be legally forced to sell for that price or a buyer would have the option to back out, but would lose their earnest money.
Without representation, there are many contract errors that I could write about, like meeting the time lines set forth in the contract, making sure you get title insurance, attaching a correct legal description of the property with the contract, and many more scenarios that could cause major issues with the transaction.
Always be safe and if you find a FSBO that you want to buy, be sure and ask the Heilbrun Home Team at John L. Scott, Orting to represent you in this effort.
Buy Smart – Sell Smart – Live Smart
That’s the motto for the Heilbrun Home Team at John L. Scott, Orting!
For All Your Real Estate needs in Pierce and King County!
Dawn Heilbrun, Owner
The Heilbrun Home Team
John L. Scott, Orting
253-307-6438
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