What is Supposed to Be Included With Your Home Purchase or Sale?

Whether you are buying a home or selling a home, you can avoid completely unnecessary last minute disagreements at the closing table that can very well escalate into deal-breaking issues by understanding the difference between personal property vs. real property.

Avoid confrontation and issues by

itemizing what stays and what doesn't.

For Sellers: When you list your home for sale, you should be thinking of itemizing what "personal property" will be included in your home sale, and what commonly requested items will not be part of the transaction.

For Buyers:  When you place your initial offer on the property, make sure and itemize all of the personal property that you wish to be included in the sale. Do not assume that everything stays.

Personal Property vs. Real Property

Personal Property:

In regards to a real estate transaction, Personal property, generally speaking, is private or personal  property  or possessions that are"moveable"- that is, it can be easily moved from one location to another. Also referred to as "chattel or "personalty".

A few examples  are as follows: Any appliances that is movable and not built-in.  Blinds, drapes, curtains and curtain rods. Chandeliers, Light fixtures and/or Ceiling Fans.

Real Property
Generally, anything which is part of the land, or attached to the house and is unable to be moved, or cannot be removed without creating damage is Real property.  

The intent and manner with which an item is attached is used in determining whether an article or fixture is real or personal property. If removing the item requires pulling nails, it’s probably real property. (This does not include picture hangers). If something can be unscrewed and removed without leaving any damage, it might be a good idea to discuss this when negotiating the offer.  

A few examples of Real Property:

Built-in microwave, built-in wall oven, an air-conditioning unit that has been built into the wall, a shed on a concrete slab, or a swingset.

......and a little story

I remember conducting a final walk-through with a buyer client a few years back, and everything seemed to be in order as far as I was concerned, and then all of a sudden, my client went from bathroom to bathroom checking the house, and came to me in a near state of panic, because there was no toilet paper in the holders . He thought it was a law that owners had to sell their homes with toilet paper. No, I am not kidding. He was furious until I let him know that there was no such law on the books.

He got over it, but  something that seems so inconsequential to you it could really make life miserable for everyone involved.- and while we are on the subject of some of the smaller things, leaving light bulbs is not mandatory either.

Bottom Line: If it's important to you, put it in writing

so there are no mis-impressions or misunderstandings.

As with everything else in real estate, remember, it’s all negotiable. If there is a unique item you want included in your purchase, ask for it. If you are selling, and the chandelier in the dining room has sentimental value to you, it's best to replace it BEFORE your home goes on the market. That way it won't ever become a bone of contention.

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

 

Should You Allow Your Agent to Use a Keybox to Sell Your Home?

When you put your home on the market, expect your agent to ask you about utilizing a keybox for showings when you are not home. Keyboxes are commonplace, and the security they offer when selling your home has increased over the years, so not to worry.

Some homeowners get a little skittish about keyboxes, and think that just anyone can gain access anytime, and they will have no privacy whatsoever when their home is on the market, but the most common type of lockbox in our area is an Electronic Lockbox, which has many built in safeguards, and will not scratch your door like the older metal boxes. Its solid construction is resistant to attack, and only the individuals authorized by the Association/MLS carrying an electronic key or smartphone software can enter homes. The keybox then records the agent’s identity, office, phone number and time the KeyBox is opened.

The keypads which agents use to access these Electronic Keyboxes expire DAILY, and must be reprogrammed for each days activity, so on teh off-chance that an agent lost their keypad and had their specific code compromised, the keypad would be rendered inoperable the very next day.

An additional bonus to these types of keyboxes is that they can be programmed with an additional CBScode called a CBS code (call before showing) to gain entry for added security, and they can also be programmed to only open between certain times of day.

The other types of keyboxes commonly used are smaller metal combination or push button locks. You will generally see these types of keyboxes on bank owned properties, vacant homes where contractors need access, or homes that are listed on the perimeters of the MLS service areas.

As agents, we have learned that homes that have a  Key Box sell faster and for more money.  Having a Key Box allows real estate agents to preview and show you home conveniently, and without compromising your family's security.

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Connecticut Financing Update and Mortgage Rates December 16, 2011

Freddie Mac is projecting a "bumpy ride" for the U.S. economy in 2012, based on the projections offered in its newly released U.S. Economic and Housing Market Outlook.

According to Freddie Mac, economic growth will likely strengthen to about 2.5% in 2012, while the U.S. unemployment rate will decline but likely remain above the 8% mark. Freddie Mac also predicts that mortgage rates will likely remain very low, at least through mid-2012, while housing activity as a whole "will be better in 2012, but not robust" as multi-family lending grows and single-family origination decline.

"While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly," says Frank Nothaft, Freddie Mac vice president and chief economist. "Sustained and increased job growth beyond the average monthly payroll gains of 130,000 so far this year ending in November are essential. In housing, look for the rental market to lead the way and for some improvement in the single-family space in parts of the country. All told, next year will be another bumpy ride."


Two recent obscure but important moves could end up sending more business to the Federal Housing Administration at a time when that agency is straining to avoid insolvency.  The first was restoring higher mortgage caps last month. The new loan limit cap for Fairfield County for conforming loans was raised to 601,450 for a single family home.  The other move was proposal last week by Democrats and Republicans to raise the fees that Fannie Mae and Freddie Mac charge lenders, which are passed on to borrowers in the form of higher rates, in order to pay for an extension of the payroll-tax cut. The provision would send those fees straight to the Treasury and explicitly forbids them being used to offset the cost of the firms’ $151 billion taxpayer tab.

Today's Mortgage Rates

30 year fixed - 3.750% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.00% +  0% points for rate
10 year fixed - 2.750%  + 0%  points for rate
5/1 ARM - 2.375%  +0 points for rate
7/1 ARM - 2.750 %  + 0 points for rate
10/1 ARM 3.250% + 0 points for rate

FHA/VA
30 year fixed - 3.750% with +0 % points for rate
5/1 ARM - 2.750%  with + 0 points for rate
7/1 ARM - 3.25 with +  .750 % CREDIT  point for rate

Jumbo - over 601,456 (in Fairfield County, CT)   to 2,000,000
30 year fixed - 4.625  % with 0 points  for rate
15 year fixed - 4.125% with 0  points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.750 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate

Jennifer Buchanan,  Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
   Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs .  Jennifer's local processing and closing team are also known for their exemplary service.
   Understanding that the vast majority of mortgage brokers never discuss the long or short term  financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS  designation. (Certified Mortgage Planning Specialist)
    She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.

Jennifer Buchanan
Metlife Loans
203-341-6949

Jennifer Buchanan- Your certified expert
 on mortgages offering Free Unbiased
recommendations based on your needs.

A Note from Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Options When Selling your Connecticut Home That Has an Alarm System

An alarm system gives many people peace of mind about the security of their home, not only when they are at work, but also at night as they sleep, as a protective guardian.

When you are diligent with the daily arming of your home  security system, there can be some major disruptions  when its time to sell your house.  There are four options, and it behooves you to think very seriously about which option is best for you.

Be present at all showings.

This may not be very practical, and is bound to deter many showings, if only due to the homeowners schedule, and nothing else. Honestly, I have seen many homes where I felt this was truly the best option, so I wouldn't necessarily say across the board that this is a bad idea. It won't help you sell your home any faster, but if there are specific reasons that a homeowner just wants to be in the house and is not comfortable giving anyone the security code, I have to respect that.

Continue to "arm" your home, and give your agent a security code to gain access.

This is the next best option, although some homeowners do not want anyone other than their agent operating their alarm system. That can be easily understood and respected as well.

Sometimes a home alarm system is very complicated and one-on-one instructions is a good idea, and another agent who did not have that benefit might accidentally trip the alarm. It does happen. Towns charge for false alarms and its a disruption to the neighborhood, so in certain circumstances, this may be the way to go.

It is  better than the first option, but remember, now we still have  to contend with your agent's availability to open, disarm, remain for the showing,  re-arm, and lock up your home. Although we always strive to make every effort to accommodate another agent, sometimes schedules conflict. 

Allow your agent to give out that alarm code to agents that want to show it.

If your  home's security system does not have complex instructions and its pretty much easy in easy out, then this is by far the best way to go. You might contact your security monitoring company and ask them for a "guest" code just for this purpose. In other words, do not give out the code that you use- make sure it's a different code, so you know when people are coming in and out. I would also suggest that you change this "guest" code every few weeks, just as a safeguard

Do not arm the home at all.

If you always arm your home, I do not like this idea. If you are accustomed to arming it, you should continue, and choose one of the above options.

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Why a Home Inspection is Important for Your Connecticut Home Purchase

A home inspection is perhaps the most important chapter in the home-buying process and is beneficial to the buyer in understanding the condition of the house. 

Reasons why every property should be inspected prior to purchase:

• Pre-owned homes: an inspection is advisable to possibly uncover mechanical and structural issues. The inspector also shows the buyer the different aspects of the home's mechanical details.
• New construction:  A newly constructed home may have problems the average buyer may not see.
• Condos: don't forget when you buy a condo you are also buying into the entire complex. As a co-owner of the entire community, you may be assessed your proportional share of the corrective work required in common areas.

There are many additional inspections that may prove invaluable:

• If there is a septic system, a separate inspection by a septic service company can be done.
• If there is a well, a well and/or water inspection is also available.
• If there is evidence of termites, a separate termite inspection can be done.
• If the property has been built prior to 1978, a lead inspection can also be performed.
• A test for radon gas can also be added to the regular home inspection of the property.
• If there appears to be evidence of mold, this also can be pursued in an inspection.

• A home inspection should also include the examination of the following:
  - Underground oil tanks
  - Roofing
  - Plumbing
  - Electrical components
  - Structural components
  - Air conditioning and heating
  - Potential hazards

Keep in mind, however, that home inspections are not a warranty or guarantee of the home.

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*The content within the "Tip-of-the-Week" is strictly for informational purposes and not intended to be interpreted and/or used as legal advice. Only Closings and OnlyClosings.com is a service provided by Tamara L. Peterson Attorney at Law LLC.