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For Sale by Owner – Buyers Beware

I recently had the unpleasant experience of dealing with a “For Sale by Owner” seller.  My buyer decided that we should look at a house that was listed in Longmont, Colorado. The Sellers representing themselves, paid a fee to have an agent enter the listing on the MLS system.  After viewing this home, my buyer decided she wanted to make an offer since the home appeared to be what she was looking for.  I cringed knowing that I would now be interacting directly with the Seller, although this shouldn’t be an issue, it was. I prepared the offer and submitted it to the Sellers, who then had tons of questions and their own opinions of Real Estate contracts and Real Estate Law. After several long phone conversations, I was able to educate these Sellers about the Contract and Contract dates and deadlines. We finally went under contract and my buyer was ready to perform her due diligence by getting the home inspection. As it turns out, this home had inspection issues, and had not been properly maintained. We submitted an Inspection Notice to the Sellers to correct many deficiencies. We also asked for documentation relating to radon, which the seller had in their possession. The Sellers refused to give us the radon documentation and refused to disclose the radon reading.  They also refused to correct most of the inspection items, claiming there were no problems and ignored the recommendations of our licensed Inspector. There were electrical issues, furnace problems, the roof had hail damage and there was much pet hair in the ducts and behind the appliances that needed cleaning. The Sellers refused to correct the inspection issues which convinced my buyer that she could not trust these people because they were not truthful and refused to disclose any adverse material facts about the home, such as the radon. Read the rest of this entry »

Tags: Tags: Buyers beware, buying a home, For Sale by Owner, FSBO, home inspection, home maintenance, inspection resolution, Longmont Colorado, real estate, Selling a home, Troia Team