When a home is being sold, what items stay and go is often up for debate between the seller and home buyer.
Fixtures usually stay since they are permanently attached to the property. Generally, if a tool is needed to remove an item, and removing the item would cause damage to walls, fences, porches, decks, ceiling, etc., then it should be included in the sale.
Personal property is anything that is easily removed or detachable from the home. Items that are Personal property should not be is assumed as a “give me” in the sale by the buyer, but should be discussed, between buyer and seller.
Although property definitions may clearly be spelled out, when it comes to negotiations over what stays and goes, personalities, and their wants, on both sides take over. Things get complicated when matters of the heart and pocketbook arise. You may never think of ripping out built in book shelves, or fireplace hearths, and although many items are clearly and legally fixtures, some homeowners just don’t want to part with what’s special to them.
Gray areas also exist over particular classes of items such as: Personal property converted to a fixture. Appliances – some are transportable simply by unplugging them, and others are hooked up to gas lines and water filtration systems. Window treatments may fall into two categories of hardware (fixtures) and accessories (personal property). Accessories can be part of a difficult to replace coordinating set that both buyer and seller may want.
Tips for the seller and buyer:
Seller: If you plan to take particular fixtures, don’t show them. Out of a buyer’s sight is out of a buyer’s mind. The key is to replace the fixtures with something comparable. If an item will not be replaced, make sure it’s clear to prospective buyers, and their agents. You don’t want deal breakers before you start.
Buyer: Take care of what you want included with the house up-front and be detailed and specific. Don’t wait for your walk through on closing day. You don’t want to move in and find out the stove is missing.
Ask your agent if you want to make sure you get what you want. Your agent may not know the answer, but can always follow up with the sellers’ agent to get the answer.
In the end, if you both can’t agree on what stays and goes, pull the old seller’s concession (money that the seller contributes toward your closing costs) out of your back pocket. That may, in the end, save you more money on your mortgage than the value of the item is worth.
Carl Guzman, NMLS# 65291, CPA, is the founder and President of Greenback Capital Mortgage Corp. a Zillow 5 star lender http://www.zillow.com/profile/Greenback-Capital/Reviews/?my=y .He is a residential and reverse mortgage financing expert and a deal maker with over 26 years’ industry experience. Carl and his team will help you get the best mortgage financing for your situation and his advice will save you thousands! www.greenbackcapital.com [email protected].
