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Friday, January 31, 2014
Friday, January 17, 2014
Five Things Usually Not Included In Your Home - Real Estate Purchase!
Five Things Usually Not Included In Your Home - Real Estate Purchase!
The buyer of a historic Kansas City home falls in love with the gigantic antique mirror in the foyer. The mirror looked as if
it were made for the space; it fit perfectly on the wall, and the frame matched
the surrounding woodwork. In fact, the mirror was so large, the buyer said she
“couldn't imagine it going anywhere.”
And yet, when they bought the house and went inside, the
mirror was gone. All that was left were some holes in the wall and the
wallpaper behind it ripped and discolored where it was previously mounted. The
buyer promptly called her agent, who told her the mirror was personal property
and didn't transfer with the house... yes, this scenario plays out in some form or another all the
time. In real estate transactions,
there are gray areas when it comes to personal property. Some contracts spell
out exactly what’s to be left behind for the new owner, while others are open, vague and it is much better to spell out the details before the moving company is 1000 miles away with the refrigerator! :)
Don’t assume anything you see on the property comes with the
house. If you intend to buy a home and there’s something in particular you
want, speak up early. Put your request in writing so that nobody is
disappointed when the deal closes.
Here are five things that are often overlooked or not
covered in residential real estate sales transaction
and that can lead to a dispute.
1. Appliances
You can’t always assume the appliances will be included in
the home sale. There are norms and customs in every market, which can vary from region to region. Here in the KC metro area of Missouri and Kansas you should discuss every refrigerator, the washer & dryer and pay attention to whether second refrigerators, wine coolers and other appliances are permanently affixed to the house or not. One other area of concern to watch / be aware of is when there are a backup set of appliances. Some sellers will look to switch out the top end appliances with lower end models - even if this is outlined in the brochures and disclosures.
The lesson you do not need to learn because you read it here specify when making your offer location of current appliances and specifically if they will be written in as a part of the contract. Your good Kansas City Realtor will write in the“existing” appliances and even go as far as to spell out the specific appliances brands / locations, such
as Bosch Dishwasher, Wolf Range and Sub Zero Wine refrigerator in sub-basement
2. Window Coverings
Window coverings are another issue that often results in nasty email exchanges after a sale. The custom in the KC real estate market is that if there are
window coverings present, they stay with the new owner. Sometimes, there are
shades and there are drapes. The shades may be fully fitted for the window and
attached. But the drapes may be decorative. Sometimes the seller, who had the
drapes custom made to match the furniture, will want to exclude the drapes from
the sale. If you don’t see it written anywhere or haven’t heard about it, get
the inclusion of window coverings in writing. Along with the appliances,
specify that you want the “existing window coverings.”3. Personal Property
As with the drapes or
the gigantic mirror, the seller may have a specialty light fixture
or a piece of art that appears to be designed to fit into that space. In some locations you may even find a large bookcase or piece of 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. If you are interested in keeping this as a part of your new home, write in the brackets / mounting materials (and maybe even negotiate for the TV if need be).
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. On bank owned REO and other Fannie Mae / Freddie Mac properties in the Kansas City area we are starting to see a bit of help / assistance in repairing major items (as long as this will help the property meet the necessary appraisal needs or PMI / traditional insurance standards).
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. These transactions typically are handled outside of the real estate contract as they are considered "chattel" and can cause issues with closing if written in to the contract (Examples - BBQ Grill, Patio Furniture)
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.
The Bubb Cribb Team at Reece & Nichols would love to be your neighborhood experts in buying or selling your home in any part of Kansas City. We have great area specialists in Union Hill, Hyde Park, Brookside, Sunset Hills, Waldo, Mission Hills, Prairie Village, Overland Park, Fairway, Leawood, Kansas City North, Lees' Summit and more; please contact Christopher Cribb, Megan Bubb Cribb or Eric Bubb for assistance!
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