What are some 'for sale by owner horror stories'?
One horror story could be when the owner doesn't disclose major problems with the property. For example, a hidden water damage issue that the buyer discovers only after moving in. The cost of repair then falls on the buyer who thought they were getting a good deal.
A common 'for sale by owner horror story' is about pricing. Some owners overprice their property because they have an unrealistic view of its value. They don't consider market trends or comparable sales in the area. As a result, the property sits on the market for a long time. Meanwhile, potential buyers avoid it thinking it's not worth the price. Then, when the owner finally realizes their mistake and lowers the price, it may have already gained a bad reputation, and it becomes even harder to sell.
Well, there are cases where the owner misrepresents the size of the property. A person selling their house 'by owner' might say it's a certain square footage, but in reality, it's much smaller. This can lead to legal battles and a lot of frustration for the buyer who may have made plans based on the false information. Also, some owners might not be familiar with the proper legal procedures. They could mess up the paperwork, causing delays in the sale process or even making the sale invalid in the end.
What are the key elements in 'for sale by owner success stories'?
One key element is accurate pricing. If the price is too high, it'll scare off potential buyers, and if it's too low, you'll lose money. Another is good marketing. This could be as simple as putting up signs or using social media. And finally, presentation matters. A clean and well - maintained property is more appealing.
What are some estate sale horror stories?
There was an estate sale where the house was said to be in good condition. However, when buyers started exploring, they found that the attic was full of rats. Some of the furniture in the attic had been chewed up badly. It was really a nightmare for those who were interested in buying the furniture or the house itself. They had to deal with potential pest problems and the damaged goods.
What are some tax sale horror stories?
A woman had inherited a piece of land from her grandfather. She didn't realize that there were unpaid property taxes from many years ago. When she received notice of the tax sale, she was in the middle of trying to get a loan to build a house on it. The land was sold at the tax sale, and she lost not only the land but also her dream of building a home there. It was a very sad situation for her as she had sentimental value attached to that land.
Can you share some 'for sale by owner success stories'?
Sure. One success story is of a couple who sold their small cottage by owner. They simply put up a 'For Sale by Owner' sign, took great pictures, and listed it on local classifieds. They were able to save on realtor fees and sold it to a young family who saw the sign while driving by. The price was fair for both parties and the process was smooth.
What are some 'wash sale rule horror stories'?
One horror story could be when an investor thought they were making smart trades. They sold a stock at a loss to claim the tax deduction, but unknowingly triggered the wash sale rule. They bought the same or substantially identical stock within 30 days. As a result, they couldn't claim the loss as they expected, which messed up their tax planning.
Can you share a few 'for sale by owner horror stories' related to dealing with difficult buyers?
Sure. There was a case where a for - sale - by - owner had a buyer who constantly changed their demands. First, they wanted certain appliances included, then they asked for renovations before closing. The owner was so frustrated as the buyer seemed to be never satisfied and was constantly delaying the process.
Horse Sale Horror Stories: What Are Some Common Ones?
One common horror story is when a horse is misrepresented in the sale. For example, the seller might claim the horse is well - trained for jumping, but when the buyer tries, the horse refuses or shows no prior training. Another is hidden health issues. A horse may seem healthy during the sale but later develop serious problems like laminitis. Sometimes, there are issues with paperwork too. The title might not be clear or there could be unpaid liens on the horse.
What are the consequences in wash sale horror stories?
The main consequence is losing the tax benefit. If you thought you could claim a loss on a sale for tax purposes but it's a wash sale, you can't.
Owner Builder Horror Stories: What Are Some Common Ones?
A lot of owner - builder horror stories involve budget overruns. They start with a certain amount in mind for the project, but then unexpected costs keep piling up. For instance, when they start digging for the foundation, they hit rock and need special equipment to continue, which wasn't in the original budget. Also, there can be problems with the quality of materials. They might buy materials at a lower cost thinking they're getting a good deal, but those materials turn out to be of poor quality. Like the roofing shingles start to crack after a short while, and then they have to replace them all over again, costing more money and time.
Can you share some wash sale horror stories?
Well, there was a case where an investor had a portfolio of stocks. She sold a particular stock at a loss to offset some gains in other stocks. However, she didn't realize that her broker had automatically reinvested some dividends in the same stock within the wash sale period. This led to her being in violation of the wash sale rule. She then had to recalculate her entire tax situation for that year. It was a nightmare as she had to deal with complex tax forms and the disappointment of not getting the expected tax savings.