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What are some 'for sale by owner horror stories'?

2024-11-02 02:33
2024-11-02 05:00

Well, there are cases where the owner misrepresents the size of the property. A person selling their house 'by owner' might say it's a certain square footage, but in reality, it's much smaller. This can lead to legal battles and a lot of frustration for the buyer who may have made plans based on the false information. Also, some owners might not be familiar with the proper legal procedures. They could mess up the paperwork, causing delays in the sale process or even making the sale invalid in the end.

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One horror story could be when the owner doesn't disclose major problems with the property. For example, a hidden water damage issue that the buyer discovers only after moving in. The cost of repair then falls on the buyer who thought they were getting a good deal.

A common 'for sale by owner horror story' is about pricing. Some owners overprice their property because they have an unrealistic view of its value. They don't consider market trends or comparable sales in the area. As a result, the property sits on the market for a long time. Meanwhile, potential buyers avoid it thinking it's not worth the price. Then, when the owner finally realizes their mistake and lowers the price, it may have already gained a bad reputation, and it becomes even harder to sell.

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