“A salesperson for a new home community shared this horror story with me.
This associate told me that a buyer went directly to the builder to negotiate a deal without realtor representation. This buyer negotiated what he assumed was a good deal and was set to close on his inventory property about 45 days from contract signing.
After receiving copies of the contract the buyer signed that day, he patiently waited for his new home to be built. When the time of closing arrives the builders developer mentions that they never signed the selling side of the contracts and thus there is not an executed contract and did not have to honor the terms that were agreed to previously.
Meanwhile this buyer had his moving truck parked outside of the driveway and no home to move into. Eventually the buyer and the developer worked things out and the buyer purchased the home but of course on the seller’s terms.
If I didn’t hear this story from my friend I would have not believed it happened, but these confirm the reasons why buyers need representation when involving any type of real estate.”