Real Estate Confidential -An Insider’s Guide to Buying and Selling
It was just another day in the hair salon. As is the case in most salons, it is always a chance to hear some interesting chatter ranging from upcoming vacations, weddings and of course real estate. Invariably, no matter wherever I go, I have overheard many conversations about buying and selling, the challenges with searching for the perfect home and of course the craziness of real estate prices. This visit was no different, except I happened upon a conversation about a real estate transaction gone sour which made my ears perk up even more. It seems that one person was selling their home because they found something else of interest to buy. But, the person telling the story said they would only proceed with the sale if the home inspection was ok on the home they were buying. Unfortunately, the inspection revealed a host of issues they were not comfortable with so they cancelled the sale. In the meantime, they had actually gotten a buyer for their home at the same time, but with the decision not to buy the other property, they no longer wanted to sell their home. No problem, right? The buyer would get their binder deposit back and would be reimbursed for inspections, etc. After all, there are other houses for sale they can look at. Well... not so fast. Turns out getting out of selling their home was harder than what they thought. The buyers wanted the house and they retained an attorney. Could they do that? Why can't the buyers just let it go and find another home to buy?
Welcome to real estate confidential. It's a confusing business full of complicated situations and gray areas. Murphy's Law is alive and well and if it can go wrong, it will. It's time to get confidential. Real Estate Confidential. Click to download the full book here.