Legally the investment company had every right to let the deal fall through. Did they lead the Farris' on? Who knows - the Farris' say yes, the owner says no! That's why it's so important to realize the person trying to buy your home is out for their own best interest. You need to read the contract line by line and have another person who's an expert in real estate contracts look at it too. A lot of people might think, I'm not going to get a realtor because it will cost me too much. If all you're needing is someone to help you with your contract - negotiate! You can negotiate their commission or rates - and it may save you time and money in the long run.
Also - one thing the President of the OKC Metro Assoc. of Realtors pointed out is how little earnest money was paid on the deal. Earnest money is a deposit that's meant to show that the buyer is serious about buying the home. If he or she walks, they lose that money. The investment company paid 20 dollars earnest money! Assoc. president Marilyn Pryor says it should be more like 500 dollars.
If you want to sell your home, Pryor says you have to have curb appeal - plant flowers and make sure the grass is mowed.Also follow the 200-2000 rule. If your home needs it, spend 200 dollars on paint and you'll get about 2000 dollars more for your house. Bathrooms and Kitchens are good places to bring up to date - buyers now like granite countertops. But you also want to be careful not to overspend - you might not get the money back. So a good starting point is to know what your home's market value is. You can hire an appraiser or a realtor (who will usually provide that service free).
If you're selling or buying and a licensed realtor is involved, you have more protection. And that's because the Oklahoma Real Estate Commission oversees realtors. If you have a problem with them, the Commission has investigators who will look into it for you and can enforce fines and penalties.