Know How to Negotiate the Right Sales Agreement when Selling a Home- Hire a Realtor
Sometimes you can not stay quiet about the missteps of a seller who thinks that they can negotiate and put together a sale on their home with a sales agreement that will not allow them to buy another home. This is a classic example of how a seller who found this buyer, he says he knows well, and used no Realtor to sell his home. He thinks he got a good deal. The buyer is now laughing all the way to the Bank on this one.
First, the attorneys took a month and a half to hammer out the sales agreement between buyer and seller of this waterfront home. So I can imagine what that saved him in monies. The buyer was only required to put $100.00 down to buy this house (yes, you are reading this right- no skin in the game) and if he defaults that is the only monies he loses! The seller told me after the contract was done he really only wanted a $1.00 down! Oh my goodness, what does this say about him and his attorney I ask.
Guess what he is going to be homeless because the house he wants will not accept this sales agreement (he needs to close on his house to buy the new house) as secure. It is not even a cash purchase but financed and the qualifying letter from the bank on a commitment is not due for 3 weeks! No real estate agent that is protecting on the house buy side will accept a contract as being solid with these kind of conditions. I shake my head as the home seller says it is no problem I know this guy....oh, that does not go anywhere in trying to buy another home.
Bad news for this buyer who is so stressed out now that he did not use a Realtor to guide and negotiate for him. The attorney did not give what I consider good scenarios of what the outcome would be for this home seller...homeless for a bit. The seller can not sleep after I told him the reality of his sales agreement deal with his buyer and how it will not work to buy another home. He is now looking at short term house rentals.
Please home sellers find a good Realtor to sell your home and the stress will be on them, negotiations that protect you will be shared with you, outcomes and costs reviewed well...but do not go it alone or with an attorney (they are not real estate agents). You do not want to be in this situation on any RI real estate home sale. I wish this home seller had come to me before he started this process on his home sale.
Home Sellers who Go It Alone
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ... I sell dreams! Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.
Looking for a knowledgeable Rhode Island Real Estate Agent? Let me GOOGLE one for you!
cell: 401.529.7849 Ginny Lacey Gorman, Realtor