Dangers of Home Buying Sight Unseen
A seller just had his escrow cancel due to dangers of home buying sight unseen. All because the buyer’s agent had not disclosed to the seller the fact that both of the decision makers had not viewed the home prior to submitting the offer. Which tends to happen when there are unscrupulous or ignorant agents (hard to say which description applies) who believe it is OK to deceive the seller and the listing agent.
Deceiving a seller is unethical and could be considered against the law due to possible breach of contract elements.
Of course, I asked her directly after receipt of the escrow cancellation form why the buyers cancelled as she had provided no reason to accompany the cancellation. She said she had “shown the home only to the husband. The wife had never seen the home until the home inspection.” The wife thought the master bedroom was too small, which was the reason they cancelled, the buyer’s agent explained.
Now, we all know that buying a home is one of our largest assets as well as it can be an emotional purchase. We often equate our home with family, tradition, comfort, safety and security, just to name a few. To show the property to only one of the buyers instead of both was a huge disservice to the seller as well as to the buyers. Buyers paid for a home inspection, which cost $400.00 plus for a home of this size. Not to mention, the buyers were from the Bay Area and had to drive that distance back and forth for nothing. They also put a $5,000 deposit check into escrow.
The problem is the seller had taken the property off the market when we put it pending in MLS. The first week is the high cycle to sell a home while the listing is fresh. Buyers in the home shopping market are hunting for a home and looking specifically for new listings. Now, the seller’s home has to go back on the market and resell all over. Such a huge disappointment and disadvantage for the seller, and very unfair to both sides of this cancelled escrow. Buyers should choose a buyer’s agent very carefully, someone who can explain the dangers of home buying sight unseen.
If you want to save time, and avoid both disappointments and unnecessary costs in your home buying process, call Weintraub & Wallace Realtors at RE/MAX Gold at 916-233-6759. We will make sure you see the home before you buy it. The good news is it is only a 90-minute drive from San Francisco to buy Sacramento real estate .
— JaCi Wallace