Selling your Western MA home is not a tag sale, it is a major financial decision that has many aspects and pitfalls that most people never consider. You do not want to treat your real estate transaction as if it was a tag sale.
Here is a scenario:
Mrs. Seller wants to sell certain items to Mr. Buyer. She decides to either contact the buyer or the buyer agent directly and make a deal. They agree to a private arrangement and never involve their Western MA realtor or attorney. No big deal, right?
WRONG.
Fast forward to closing time. Mrs. Seller leaves the agreed upon items in the house at closing. Mr. Buyer fails to pay the seller and suddenly Mrs. Seller is calling her agent and lawyer to get them involved. There is nothing in writing, no representation involved in the negotiation and no witnesses to the deal…Mrs. Seller may never see her items or the money.
Another example:
Mr. Seller asks Miss Buyer if he can leave certain items for her including paint cans, lumber, a lawn mower and firewood. She says yes and they move onto closing. No biggie, right?
WRONG.
Moving on to the day of the closing and Miss Buyer does her walk through with her Western MA real estate agent and doesn’t want to close unless the items are removed. The closing moves forward, but the seller ends up paying several thousand dollars in concessions to the buyer for the items left behind.
These are just two examples of how private or side deals can blow up a transaction and potentially cost a lot of unexpected money from the proceeds of the sale.
These types of arrangements are best handled by your representation and placed in writing attached to the purchase contract to avoid issues at the closing.
If you have questions about this issue or any other Western MA real estate questions feel free to reach out!
Lesley Lambert- Park Square Realty
413-575-3611
