For Sale by Owner Horror Story

Real Estate

I’m sure you have heard of home buying nightmares, but have you heard of the selling nightmares? You can still lose money, especially if you don’t have an agent.

A friend of mine in west Texas named Marissa needed to sell her home so that she could qualify to buy her new dream home. Marissa got in contract with some investors. She thought they gave her a great deal on her home and they made her certain promises that she thought they would hold their word on.

Unfortunately, the investors did not go over that contract with Marissa nor did she understand what she had signed. The contract was dated too close after her dream home purchase date, but she needed to close the sale of her current home before she could buy the new one. Per the contract Marissa signed, she could not force them to close sooner even though they promised her they would. What made it worse, is the seller of her dream home had been having marissa pay an additional $10,000 to keep extending the contract.

And at the very last minute, the investors decided they were not going to purchase Marissa’s home, so per the terms of the contract they gave her they could terminate for any reason, but Marissa was still on the hook to close on her purchase because of the way it was written. In the end, Marissa could not buy her dream home, she lost thousands in inspections, appraisals, and fees to the seller, and she even got sued. Moral of the story, make sure you hire a competent agent, we are here for a reason