Source: Business Insider – Originally posted on 7/2/19 by Steven John
This is a good article that illustrates the common maxim, knowledge is power. All the info in the article is good, but the important items include:
- Spending money to make money
- Know what you can and can’t take with you
- Getting to a correct market price for your home
- Open houses are for everyone; neighbors included
- Use of your proceeds from the sale of your home
The author writes this article as if all of these things were a surprise. That shouldn’t have happened. I’m fairly certain their Realtor certainly knew these things after being in the industry for more than a decade, and should’ve prepared the seller.
The 2nd point talks about what you can and cannot take with you. Real estate law varies by state, but generally, anything that has to be bolted to the wall, floor or ceiling is considered to be a fixture of the home and unless it’s called out specifically in the marketing of the home, it cannot go with you. As the author mentioned, it can be noted in the contract as an item that does not convey with the home. However, it’s advisable that if it’s an item that you want to keep, remove it and replace it with something that is “inexpensively nice”. For example, if you have a stained glass lamp that hangs over the kitchen table that you want to keep, then replace it with one that fits the decor from a local hardware store. You don’t want it to be a distraction to your potential buyers.
The 3rd item above is about the home being listed at the wrong price. This sounds like the price was set inappropriately, but there are no details, so it’s hard to tell where the issue truly lies. The lesson here is that you MUST set pricing based on a sound market analysis done by a skilled Realtor and the details of that analysis need to be shared with you, not just the recommended price. Good for the seller in this article for stepping up!
Enjoy the article; I did. Let me know if you have any questions or comments!