NORTH LAS VEGAS (KTNV) — Every homeowner wants top dollar when selling their house, but if you're not careful, you could get a deal far below your home's value.
Channel 13's Tricia Kean has a warning from one North Las Vegas homeowner who says she made a bad deal.
BOUGHT IN 2013
"My husband and I bought this house in 2013," says homeowner Royanne McNair.
There are a lot of good memories in her North Las Vegas home.
"We were just having a good old time," McNair said.
But last year, McNair unexpectedly lost her husband to cancer. Alone and missing her family, she decided to move back to Ohio.
"I have my children there. I have my grandchildren there. You know, I don't have any family out here," McNair said.
She was looking to sell quickly and responded to an ad in her mail from a company buying valley homes in any condition.
"It would be quick and easy. They come in, give me my money, I leave," she said.
She met with a representative and signed a contract, agreeing to sell her home for $270,000. Her son wasn't happy when she shared the news.
"And he said, 'Mom, shame on you.' He said they're too low. He says, 'cancel that contract,'" she said.
So she called, and the company countered by offering $284,000. She considered it but decided against the second offer and called the company back, leaving a message that she wanted out of the deal entirely.
"Never heard another word from them at all. He never called me back. I never received anything," McNair said.
HIRED REALTOR
So she hired a realtor and put her home on the open market.
"They started the showings. I had 50 showings in four days. I had 20 offers," she said.
She accepted an offer.
The sale hit a roadblock when the title company told her the first company had already filed for escrow.
"So when we found out they had blocked my sale, I had to get a lawyer," McNair said.
Fortunately, McNair says the attorney called, and the company backed down. She says the company even apologized and paid her attorney fees.
"Unfortunately, there's a lot of people that prey on this situation where somebody has just lost a loved one, where they are uncomfortable, where they don't understand what they need to do," said Peter Aldous with the Legal Aid Center of Southern Nevada.
He says McNair isn't alone regarding these types of sketchy deals.
"It's an opportunity for people to move in, to take advantage of the fact that people may not know what their home is worth," Aldous said.
Regarding buying and selling real estate, The Legal Aid Center says it's important to understand the value of your property.
"It is your most valuable asset. And so if you decide to sell it, you should spend a lot of time and ensure you do your research," he said.
If you decide to sign a contract, the Legal Aid Center says the chances are low for getting out of the deal.
NO COOLING OFF
"In general, there is no cooling off period. You should read the contract and understand what it's saying. If you have questions, get them answered before you sign the contract," he said.
In the end, McNair was able to sell her home for more than $372,000. Now she's sharing her story in hopes of helping others avoid possible heartache.
"Do your homework, find out, ask. You don't have to sign with a realtor, but they are willing to help you and tell you what the comps in your neighborhood are," McNair said.
