William's Blog...with a smile!

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FSBO's Beware!!!!

I just run across this yesterday.

I had not heard of this in many years.

The FSBO sells his  home on a contract for deed.

The seller looks at it and the price and terms are great for Him (her).

The seller does not use an atty or any other Professional.

 

After one year, the seller is informed that closing will happen in a week. 

The contract has been paid in full.

 

What the seller did not see, buried in the contract is a statement...

 

After buyer has made 12 payments on time the contract will be considered paid in full.

 

Now what?!   The seller called me right away.  I told him there is nothing I can do NOW!

I gave  him the name of a Real Estate Attorney that I use.

I also asked to be kept in the loop.

 

Here is one big reason to use a professional!

 

Comment balloon 11 commentsWilliam Feela • September 23 2017 12:08PM

Comments

That will not have a "happily ever after" ending for someone !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 10 months ago

I do beleive this is a legal nd enforceable contract.  I have heard of this before.

I will give updates on this as the become available.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 10 months ago

Good mornign William. A good attorney will bury the buyer and the judge will stop just short of calling the seller stupid! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 10 months ago

Good morning William. People who know better. Oh well......bang head here works for me.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 10 months ago

Thank you very much for sharing this story and this difficult challenge.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 10 months ago

This may very well be a very expensive lesson for this seller.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 10 months ago

  I often ask people how much money they are putting away for legal expenses and the answer is always; WHAT??? William Feela, thanks for proving my point... 

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Professionals.) 10 months ago

William- another example of buyer/seller beware.  It's an expensive lesson either way because I cannot imagine what the legal expenses will be. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 10 months ago

Sounds like the Devil has given up on challenging Daniel to a fiddle contest and has gone into CFD Transactions.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) 10 months ago

I hav e heard of this before also, but again not in many years.

Posted by Vern Eaton, Realtor 651-674-7449 10 months ago

Oh my goodness how awful this must be. Paid in full after 12 payments made on time.  How intersting. Let us know how it comes out. 

Posted by Laura Filip, What can we do for you today? (RE/MAX UTOPIA , Serving all of Texoma ) 9 months ago

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