WHAT YOUR REAL ESTATE PROFESSIONAL MAY NOT TELL YOU
CAN BE DANGEROUS TO YOUR HOME BUYING EXPERIENCE.
Secret: Dark roofs do not last as long as light color roofs. Further, light roofs reduce air conditioning costs by reflecting sunlight.
Secret: Interest on your mortgage loan and real estate taxes are deducted from your gross income before computing your income tax. Wow.
Secret: The agent’s whose name is on the FOR SALE sign in the yard has promised the seller that he/she will get the best price for the seller.
Secret: Earnest money deposits can be forfeited if a buyer falsely represents his/her financial ability to obtain financing.
Secret: Real estate agents who work for companies that own lenders, title companies, termite companies, etc. often receive benefits for referrals to those affiliates.
Secret: The advertisement for homes for sale in the newspaper are placed there by the agent that works for the seller.
Secret: Sellers cannot hide material defects by not providing a Property Condition Disclosure Statement. A material defect is a condition that would or may affect the value of the real estate.
Secret: Oral statements are not enforceable.
Secret: There is no cooling off period or rescission period unless it is written into the contract. Once the contract is signed and accepted by both parties, it is a legally binding document.
Secret: Personal property does not convey with the real estate. Washer/dryer, etc.must be written in the contract to convey.
Secret: Agents must disclose in writing which, if any, party they represent..
Secret: Real estate conveys “as is”, meaning – What you see is what you get. However, at the final pre-settlement walk through, appliances, heating/cooling electrical and plumbing must operate as the manufacturer intended.
Secret: If the furnace filter is very dirty, that is a good indication of poor maintenance which will shorten the life of the system.
Secret: Carpet replacement does not always eliminate pet odor.
Secret: Home owner additions may not have been code/safety inspected by the county. Who inspected the homeowner installed electrical wiring behind that finished basement wall?
Secret: Foreclosures may sell for less than home owner occupant properties. Short sales usually sell for less than then owner owes.
Secret: Most new home contracts do not have financing contingencies for buyers.
Secret: Conventional loans with less than a 20% down payment usually will require that buyers pay for Private Mortgage Insurance; FHA loans are insured by HUD; VA loans are guaranteed by the Veterans Administration and there is no Private Mortgage Insurance required.
Secret: Only a buyer’s agent can help you negotiate the best possible price, terms and conditions for a home you want to buy. Seller’s agent (listing agent) is obligated to obtain the best price, terms and conditions for the seller.
Secret: Homes constructed prior to 1978 may contain lead based paint. You can have a home inspected for lead based paint before or after settlement. Many home owners will not accept a contract offer with a lead based paint test contingency.
Secret: Termites gain access to many homes through mulch used in landscaping beds.
Secret: Most homeowners in Northern Virginia own their home less than 5 years.
Secret: Most co-workers fib about their commute time.
Secret: Offers to purchase real estate in Northern Virginia are in writing.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. Serving home buyers in Northern Virginia.