Real Estate Horror Stories
Home Destroyer
A tale of a man who lost his home to foreclosure, and made certain the bank would remember his name. He had nothing left to lose he thought, and poured concrete down all the drains, hauled the porch from the house with his SUV, He left holes in each of the walls in every room as a final farewell. The damage on the house was to a level that the city government had to demolish the entire structure.
A tale of a man who lost his home to foreclosure, and made certain the bank would remember his name. He had nothing left to lose he thought, and poured concrete down all the drains, hauled the porch from the house with his SUV, He left holes in each of the walls in every room as a final farewell. The damage on the house was to a level that the city government had to demolish the entire structure.
The homeowner doesn't know his home is for sale.
Realtor walks into a home to list. She gets all the information earlier like the owners name and other details. The property was located in an expensive part of Los Angeles; she was happy to get the lead. A person occupies the property welcomes her. Realtor goes through listing presentation and tours the property and hands the listing agreement to the man to sign. He says, " I can't sign this, you got my name wrong."
After a brief conversation, she realizes that this man was not the owner but a tenant. The owner had no intention to sell; realtor was talking to the wrong person. I wonder what this man was thinking to call a realtor with the intend to sell a home that does not belong to him.
Realtor walks into a home to list. She gets all the information earlier like the owners name and other details. The property was located in an expensive part of Los Angeles; she was happy to get the lead. A person occupies the property welcomes her. Realtor goes through listing presentation and tours the property and hands the listing agreement to the man to sign. He says, " I can't sign this, you got my name wrong."
After a brief conversation, she realizes that this man was not the owner but a tenant. The owner had no intention to sell; realtor was talking to the wrong person. I wonder what this man was thinking to call a realtor with the intend to sell a home that does not belong to him.
Murphy's Law
Homeowners received an offer from a newlywed couple for their home near a golf course in Houston. The buyers and both of their parents were present at the inspection as the inspector made his rounds.
All of a sudden Murphy's law came into play.
A heavy rain poured without a warning. Water gushed in around the fireplace. There was no leakage before ever. As if this was not enough when the inspector made a misstep in the attic and fell through the ceiling. They of course lost the sale after these two unusual incidents, but the good news is for the homeowners that they sold the house at the asking price shortly after that.
Homeowners received an offer from a newlywed couple for their home near a golf course in Houston. The buyers and both of their parents were present at the inspection as the inspector made his rounds.
All of a sudden Murphy's law came into play.
A heavy rain poured without a warning. Water gushed in around the fireplace. There was no leakage before ever. As if this was not enough when the inspector made a misstep in the attic and fell through the ceiling. They of course lost the sale after these two unusual incidents, but the good news is for the homeowners that they sold the house at the asking price shortly after that.
Negotiate against your agent.
A nightmarish story of a homeowner who hired the wrong agent. Dean Foust and his wife were trying to sell their starter home in the late 1990s around $235.000. They received an offer at$226,000 with $6,000 credit to buyers for their closing costs. Houses in that area were selling close to $300,000. The buyers and their agent presented the offer on Fousts' kitchen table with listing agent present All of them including their listing agent was pressuring them that this was a great offer, and they should accept it. They did accept the offer under pressure and later had sellers remorse. Buyers came back asking some minor repairs to be done. Homeowners told the agent they won't do it, and thought this would be their opportunity to get out of this contract. However listing agent covered these costs and fixed those minor repairs to save the deal and his commissions. They still remember how they were taken by their own agent. “In hindsight, I felt that I’d been negotiating against three people–the buyer, his agent AND MY OWN AGENT,” Dean said.
A nightmarish story of a homeowner who hired the wrong agent. Dean Foust and his wife were trying to sell their starter home in the late 1990s around $235.000. They received an offer at$226,000 with $6,000 credit to buyers for their closing costs. Houses in that area were selling close to $300,000. The buyers and their agent presented the offer on Fousts' kitchen table with listing agent present All of them including their listing agent was pressuring them that this was a great offer, and they should accept it. They did accept the offer under pressure and later had sellers remorse. Buyers came back asking some minor repairs to be done. Homeowners told the agent they won't do it, and thought this would be their opportunity to get out of this contract. However listing agent covered these costs and fixed those minor repairs to save the deal and his commissions. They still remember how they were taken by their own agent. “In hindsight, I felt that I’d been negotiating against three people–the buyer, his agent AND MY OWN AGENT,” Dean said.
Subdivided and Conquered
Lawyer Ken Koenen of Pleasanton, CA, shared one real estate horror story involving some clients, who owned a 10-acre lot with the home total price of $390,000–that they wanted to subdivide the lot into two 5-acre lots. The plan was to sell off the vacant lot and refinance the house. In 2009. They discovered when they tried to sell that the title company erroneously showed the assessor’s parcel number on the deed of trust lender and escrow company did not notice the error at the time. They tried to contact the lender and the title company to get them to correct it, but just got the runaround.” Since the initial discovery, the value of the lot has fallen, crippling the clients from selling for the amount of the loan.
Lawyer Ken Koenen of Pleasanton, CA, shared one real estate horror story involving some clients, who owned a 10-acre lot with the home total price of $390,000–that they wanted to subdivide the lot into two 5-acre lots. The plan was to sell off the vacant lot and refinance the house. In 2009. They discovered when they tried to sell that the title company erroneously showed the assessor’s parcel number on the deed of trust lender and escrow company did not notice the error at the time. They tried to contact the lender and the title company to get them to correct it, but just got the runaround.” Since the initial discovery, the value of the lot has fallen, crippling the clients from selling for the amount of the loan.
Some Buyers and Real Estate Agents have no clue.
Homeowners accepted an offer on their home located in a small town in the state of Washington and transaction was in progress. While driving around the neighborhood, realtor discovers that buyers were moving int the house before it was closed. She realises that buyers agent gave them the keys and told them it is ok to move in before closing the escrow. They didn't get to move in thanks to a great agent who is doing a great job.
Proof of Funds.
The listing agent receives a cash offer during the slow times of 2009. Homeowners were happy to get this offer from a young couple. Buyers presented a proof of funds from a brokerage firm. Buyers entire extended family were present for the home inspection. They were almost partying in the house and verbally abused the sellers and the buyers agent. Later they found out that the letter for proof of funds was fraudulent with forged signatures. It was a good lesson for this realtor, now he checks all the documentation especially proof of funds and approval letter from lenders.
Homeowners accepted an offer on their home located in a small town in the state of Washington and transaction was in progress. While driving around the neighborhood, realtor discovers that buyers were moving int the house before it was closed. She realises that buyers agent gave them the keys and told them it is ok to move in before closing the escrow. They didn't get to move in thanks to a great agent who is doing a great job.
Proof of Funds.
The listing agent receives a cash offer during the slow times of 2009. Homeowners were happy to get this offer from a young couple. Buyers presented a proof of funds from a brokerage firm. Buyers entire extended family were present for the home inspection. They were almost partying in the house and verbally abused the sellers and the buyers agent. Later they found out that the letter for proof of funds was fraudulent with forged signatures. It was a good lesson for this realtor, now he checks all the documentation especially proof of funds and approval letter from lenders.
Meth Homes
Dawn Turner bought a home in rural Tennessee. Two years later he found out that the previous owner used the house as a meth lab and produced methamphetamine on site. The previous owner is in jail, and there can't be much recovered from him anymore. Knowing this, he had to decontaminate the house costing him a whopping $16.000. Turner now runs a website called methLabHomes.com. He likes to prevent this is happening to anyone else by informing homebuyers on meth affected homes.
Dawn Turner bought a home in rural Tennessee. Two years later he found out that the previous owner used the house as a meth lab and produced methamphetamine on site. The previous owner is in jail, and there can't be much recovered from him anymore. Knowing this, he had to decontaminate the house costing him a whopping $16.000. Turner now runs a website called methLabHomes.com. He likes to prevent this is happening to anyone else by informing homebuyers on meth affected homes.
Houses of Horror
It may appear hard to understand, but there is a kind of real estate agent, who specializes in the selling of stigmatized homes, where great tragedies, disasters, crimes, or ordeals have taken place. Maybe the most famous one the market was that of Jeffrey Dahmer. The wicked cannibal, a serial killer with more than 17 confirmed murders and the first one, happened at his 2,170-square foot home currently on the market for $329,000 in Akron, Ohio. The realtor said that it was a lovely home once one could “get past the horror factor.” Would you buy such a home at any price? I for one would not.
It may appear hard to understand, but there is a kind of real estate agent, who specializes in the selling of stigmatized homes, where great tragedies, disasters, crimes, or ordeals have taken place. Maybe the most famous one the market was that of Jeffrey Dahmer. The wicked cannibal, a serial killer with more than 17 confirmed murders and the first one, happened at his 2,170-square foot home currently on the market for $329,000 in Akron, Ohio. The realtor said that it was a lovely home once one could “get past the horror factor.” Would you buy such a home at any price? I for one would not.
Home Robbery
An armed man confronted an elderly property owner and real estate agent in La Jolla, CA at a showing in August 2012. They stole valuables and shot the owner. Thankfully the owner lived and survived this horrible event. Most buyers agents are good at qualifying buyers before taking them into a home to show. It is important t have a legitimate buyer and identify the as such.
An armed man confronted an elderly property owner and real estate agent in La Jolla, CA at a showing in August 2012. They stole valuables and shot the owner. Thankfully the owner lived and survived this horrible event. Most buyers agents are good at qualifying buyers before taking them into a home to show. It is important t have a legitimate buyer and identify the as such.
There are many many more stories like these. It is important to hire an experienced real estate agent to mitigate this type of risks. Experience is priceless.