June 21, 2012

Five things not necessarily included in your home purchase

By Zillow.com

(Continued from page 1)

3. Personal Property
As with the drapes or the gigantic mirror noted above, the seller may have a specialty light fixture or a piece of art that appears to be designed to fit into that space. Or there may be furniture that fits so perfectly into a room, nobody could imagine anything else going there. Here again, these items are personal property, and the seller may have no intention of letting them go, no matter how obvious it seems to the buyer that they should stay. Always assume that any personal property, much like the beds and furniture, will not transfer to the new owner.

4. Flat Screen TVs and Mounting Materials
Often, a seller may have had a high-def, flat-screen TV professionally mounted above the fireplace or on the wall like a piece of art, with the wires running through the walls. As a result, TVs – long considered personal property – are showing up more and more in real estate negotiations. But given the history of TVs as personal property, buyers shouldn’t assume that a flat-screen TV, its wires or mounting brackets would stay behind after the sale.

5. Kitchen or Bath Hardware
Hardware in the form of doorknobs, kitchen cabinet pulls, bed and bath fixtures, and so on – should always transfer to the new owner. This is just common sense. These items are permanently attached to and therefore should stay with the property. In fact, it used to be understood that “anything attached to the property stays with the property.” During the height of the foreclosure drama, however, it wasn’t uncommon for a seller to remove nearly all fixtures and finishes from the home before it was foreclosed on. This was their last chance to salvage some part of the house or even make a quick buck selling these items on the side. If you’re considering buying a home in foreclosure, just be aware that it is sold “as-is,” meaning how you see the home.

Items to be Sold Separately
Sometimes sellers will decide that they want to keep something, or that they aren’t interested in parting with it for free. What is common is for the buyer to separately make an offer to purchase some of the seller’s stuff.

Advice to Sellers
If you plan to take something with you, document it in all of the marketing materials (both print and online) so that there’s no doubt in the buyer’s mind what stays and what goes. When a buyer makes an offer, they can factor any exclusion of property into their price.

Advice to Buyers
Be as detailed as possible from the beginning. If there’s something in particular you like and want to be sure stays, ask the listing agent during the open house.  If they tell you yes, get it in writing.

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