You think you’re getting a great deal when you purchase a For Sale by Owner (FSBO) property, but buyer beware – things aren’t always as rosy as they seem. Here’s a real-life example of just one of the many things that can go wrong.
I had a seller on the sale of a condo in the White Mountains. My seller listed their property with me and during the normal disclosure reported that they had no mortgage on the property. As the transaction moves forward and it comes time to close, we should expect a simple transaction and no lender to chase for a discharge, right? Wrong!