Monday, June 2, 2014

Selling By Yourself - The CLAIM of Not Knowing

What you don't know- Can Eat you
Selling by Owner FSBO and ignoring legal obligations because you didn't know; The arrogance and avoidance of obligations will not absolve you of your duties by not knowing... 

Here is a situation here ... 

A home is sold and the Agreement of Purchase and sale contains conditions for Home Inspections and Financing. The date for fulfillment of condition is June 2, 2014. Seller is away until June 1, 2014. Appraiser needs to access the property. Home inspection will be done only after financing in place. 

Seller (listed with a "Marketing Company"....* ) does not seem to want to cooperate. Will not provide access. ( we cannot go in if they are not there; There is no lock box. The Seller is not answering the phone or email. ) Sellers feel they have done enough to sell the house and are not involved.

(Buyers want the house but with home inspection done) 

I have left messages and emailed seller a note, asking for extension of the date for fulfillment.  But no response at all. 

After signed the contract with me. He then signed the contract with another agent. As I delivered the accepted offer indicating the acceptance, he was terrified and asked me to talk to buyers out of the deal .... 

My Buyers want the house ... period.  They signed a contract first. You accepted.

What's the lesson?  The pain of loss - let the sellers know the deal will fall through if they don't play nice. Have the buyer's lawyer call them if necessary. Move things around to get it done but let your buyers know it may still fall apart. The pain of losing is a great motivator.

Brian Madigan says; "The seller is under a legal obligation to cooperate and a Court will enforce that. The seller can't simply change is mind and thwart the process. However, you need your ducks in a row for the buyer. Deliver a request in writing and by mail and by registered mail that the seller let the appraiser into the residence ASAP, and same thing with the home inspector. I do appreciate that you may have some costs thrown away here, if the deal never goes through."

All of these responsibilities; explaining, guidance and experience come from the Listing Agent. I will bring a property to market, stage the sale, host and frame the negotiation and then shepard the transaction through waivers and conditions to closing.

While the Mere Listing companies like COMFREE and Property Guys claim they provide a valuable service, in my opinion they are leaving Sellers exposed alone and legally vulnerable when they are providing Marketing Services only.

What do you think?