Seller Beware

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If it is possible, as some individuals suggest, for many people to quickly become very wealthy by dealing in real estate, then unfortunately, other people on the opposite side of the same transactions must, just as quickly, lose some of what they have invested. Usually, those who stand to lose are vendors who agree to be a part to a buyer's unorthodox financing arrangement in which the seller assumes the risks. Essentially, there is nothing wrong with most innovative or creative financing if all parties are fully aware of the potential risks and fully understand the possible consequences of such risks. However, the fact is that many owners (vendors) are not aware of the potential disasters which may occur. It is strongly recommended that you secure competent advice from a real estate agent or legal counsel before finalizing any real estate contract. This recommendation is much more urgent when the offer you are considering includes terms which could jeopardize you financially. Be wary of offers which require any of the following: No cash paid as a down payment Any amount of cash being returned to the buyer Your equity participation A promissory note without a registered mortgage An agreement to withhold registering a mortgage The seller (you) to secure a new loan before closing Terms said to be included, but which are not written in the offer Concealing information from a lending institution

Jeff Stacer PO Box 384 1111 Lakeshore Drive SW, Salmon Arm, BC, Canada V1E 4N5 E-mail: info@shuswaphomes.com		RE/MAX Shuswap Phone: 250-832-7051 Fax: 250-832-2777 Toll Free: 888-356-9955 www.shuswaphomes.com
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