4 essentials on your closing checklist that prevent an FSBO nightmare

You can never count on someone else's seemingly good intentions
  • On June 1, Tamara Holloway went to move into her new Nashville home only to find that the seller hadn't moved out. The seller, Justin McCrory, who listed his home as an FSBO, said he "technically [didn't] have to go anywhere."
  • Holloway used an agent, but her story is a cautionary tale about the woes of buying an FSBO home.
  • If your client buys an FSBO home, make sure you have the date of possession listed in the contract and get the keys before or on the day of the date listed. Also, do a final walkthrough and set a penalty fee for each day the seller stays in the house after the date of possession.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

On June 1, Tamara Holloway's homebuying fairy tale turned into a cautionary tale when she discovered that the seller of her new home in Nashville hadn't moved out and had no plans of doing so. In an interview with WDTN, the seller, Justin McCrory, said: "The transaction went through, and they're getting a good clean property. What's the problem?" Furthermore, McCrory pointed out that he "technically" didn't have to go anywhere because he listed the home as an FSBO. Holloway did use an agent, and the title company that handled the closing said it sent an email with the date of possession to McCrory, but he never responded. At the time of WDTN's report, Holloway was in the process of evicting the seller so she could finally move into her new home -- a process that could take 30 days or more. So, how can you protect your client from facing the same unusual situation or another FSBO entanglement? Follow the four steps listed below. 1. Have the date of possession clearly ...