Being a full time Realtor for the last 14 years has been quite an adventure and very educational, at least, as far as my local market in Onslow County North Carolina goes. I know that Realtors tend to have a less than honorable reputation, but really we aren’t all bad. The bad ones just make it harder for those of us that try to do our job to the best of our ability every day. It’s the “One bad apple” thing. Well, with the trials and tribulations of the market crashing and home prices going down some opportunists found it easy to get people to “think outside the box” on trying to buy or sell a home. And I have recently encountered one of those property owners that bought into the idea that this company sold them. After reading some of the papers that this seller signed I find it hard to believe that they actually read what they signed, or even if they questioned some of the wording of these documents. It was all clearly “tilted” in the company’s favor as far as the outcome. The seller had no representation; the supposed facilitator was the only one that was going to come out on top of this. So, how is it that they find themselves still owning a property that was supposed to have sold over 2 ½ years ago? That’s right 2 ½ years and they still have not sold the property! There is a person that is occupying the property that has until recently been paying the mortgage, but now the owners are starting to question if this person ever intended to purchase this property. I don’t think he did. I know that untraditional real estate transactions make me a little nervous and I am truly concerned that this “creative financing” is even out there. Most if not all mortgages these days have a “Pay on demand” clause that would come into play if this property had “sold” they way that these people initially planned to sell it, and I am pretty sure that they would have had to come up with the shortfall. How is that a good option? How is that any different than some of the “normal” sales that happen here in Onslow County? The answer is, it is not, with the exception of the sellers being fully informed that they will need to bring money to closing. This “creative” way seems like it might be a blow from out of nowhere for these sellers. I know some people have felt pretty beat up in this current real estate market; between the builders cutting their prices to keep their inventory moving and the foreclosures that come on the market at bargain basement prices. It’s hard to compete with “that new house smell” or the “great deal” that foreclosures can provide. Don’t you owe it to yourself to hire a professional that will represent you and inform you along the way? You don’t look for the cheapest dentist or doctor do you? Why would you want the cheapest representation for one of your largest purchases? Real estate is one of the safest investments you can make, try to think of it that way when you can’t sell just yet. Find a good Property Manager and educate yourself on some of the advantages of owning an investment property.
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Ellen Hough, Jacksonville NC Real Estate , specializing in First-time home buyers, sellers and renters. Working at EXIT Independence Realty, please call or text me at 910-330-6103 (Cell), I love working with people!