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Questions and Answers
Appliances And Property
Sales
Question: What appliances are
typically included in a property sale?
Answer: Many sale agreements
outline which appliances are to stay with a property and which
appliances are to go. However, in making an offer a purchaser can say
that the home is being purchased for $x and that as a condition of the
sale the seller must leave certain appliances, say the clothes washer
and dryer. If the seller accepts the offer, then in this case the
washer and dryer will remain behind.
Assessments And Market Value
Question: Is an assessment
useful in determining market value?
Answer: Probably not.
Assessments in many areas are only
changed every two or three years, and thus may not be current. As
well, assessments may be capped by state or local regulation to a
given percentage increase which does not reflect market changes.
Lastly, assessments may not reflect full values. For instance, there
may be a special reduction for senior citizens.
Do I Really Need Help Selling A
Home?
Question: Do I really need help
buying or selling a home?
Answer: If you ever bought a
cow, you know that you need a vet, a farmer, agricultural inspectors,
tax specialists (it is possible to depreciate a cow), an insurance
agent (yes, they can be insured), etc.
The bottom line is that transactions
are often more complex than they seem.
Real estate transactions have become
markedly more complex in recent years and for that reason it is
important to have professional assistance.
If you are a seller, you want a real
estate broker and possibly an attorney, legal clinic and a tax
professional.
If you are a buyer, you will want such
specialists as a buyer broker, home inspector, lender, attorney, legal
clinic, and tax professional. The lender will insist on the use of a
surveyor, appraiser, and termite control specialist.
Why so many folks? The transfer of real
estate is complex and involves a variety of interests which need to be
protected -- including your interests. Compared to the cost of fixing
problems, it is cheap to get help and do it right up front.
Enlarge A Home Or Get A Bigger
One?
Question: Is it better to enlarge a home or update a bigger house?
Answer: Opinions differ, but the
view here is that in general terms, it is more expensive to add on
than to update. As well, if you enlarge a smaller home you may find
that central systems need to be expanded to accommodate the additional
volume for heating and cooling.
In terms of a design, it is possible
that the living room, dining room, and kitchen will be too small to
accommodate the traffic of a now-larger house.
Perhaps most importantly, a small house
made large may be the most expensive home in the neighborhood and thus
hard to sell or rent.
Sale Prices Versus Appraised
Value
Question: If the appraised value
and the sale price of a home are different, which will lenders use
when granting a mortgage?
Answer: Whichever is lower.
Lenders want as little risk as
possible, so they will look at both the sale price and the appraised
value and then make a loan based on the lower of the two numbers.
What Is A Contract?
Question: What is a contract?
Answer: In general terms, a
"sales contract" in real estate is a written
agreement accepted by both buyer and seller. A proposed contract is an
"offer" until it is accepted by both parties.
There are whole libraries devoted to
the subject of contracts, but -- basically -- a contract is an
agreement where there is an exchange of values (my house for your
money), consideration (a deposit from the buyer), and lawful content
(real estate sale agreements are often required to have mandated local
provisions).
Before you go house hunting, look at
local offer forms. Read through them and see what they say. A
well-written form, amended as required, can do much to create a smooth
transaction.
For specific information, please see a
broker, attorney, or legal clinic, as appropriate.
Bob
and Carmen Leach
1901 Broadwater #1
Billings, MT 59102
Phone: 406-254-2468
Fax: 406-252-1309
Toll Free: 1-888-283-2683
Read more questions and answers like
these at Realty Times on the
web.
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