Is that a fixture of the house?

When it comes to buying and selling real estate, there can be some confusion between what stays with a house and what goes with the seller.

A fixture is defined as an item of movable property so incorporated into real property that it may be regarded as legally a part of it.  A piece of equipment which has been attached to real estate in such a way as to be part of the premises and its removal would do harm to the building or land.  If it is bolted, nailed, screwed, or wired into the wall, ceiling, or floor, it is a fixture. 

Items that generally come to mind would be blinds and curtain rods, ceiling fans, built-in appliances such as dishwashers and microwaves.  In short, I tell buyers and sellers, if it requires a tool to remove it, it stays with the property.


Sellers and buyers should specifically state in the purchase offer which items will stay with the house and which will go, especially if there could be confusion over a fixture. Items such as kitchen appliances, custom fit china hutches, decorative shelving and washers and dryers, should be noted in the contract as included or excluded from sale.

If you are selling a home and you are emotionally connected to a chandelier handed down though generations, take it down and put up a different one before the house goes on the market.

If you are buying a house and those bar stools match perfectly, ask for them upfront in your purchase offer.

Looking for help in your real estate purchase?  Message me!

Fixtures of a house, Home Buying Tips, Personal Property, sell my house, Tips to sell my house

A Buyer's Emotional Rollercoaster

Buying a home is tied to a lot of emotion.  
It's always tied to a life change and change can be extraordinarily stressful for some people and exhilarating for others so it's only natural to go through a range of emotion when looking for that perfect home.

As with many big milestones in life, home buying is initially more of an emotional commitment than it is a financial one. Sure, you're saving up thousands of dollars to fund the down payment and yes you will be paying hundreds of thousands of dollars in monthly payments which makes it sound like primarily a financial decision. But the bottom line is that most home buyers purchase first from their emotions, and then justify the purchase with their wallets. You may have set of criteria but then just by chance you see a house (or condo or farm) and your heart skips a beat! It LOOKS PERFECT! But then, you realize it doesn't meet some of your criteria... and you still buy it!

Are you ready to buy a house?

How do you keep your emotions at bay in the heat of the process (as much as possible anyway) so that you will be satisfied with your emotional choice?  The best answer is to do some research and have a plan.

Know how much you need to have for downpayment and moving expenses. Talk to a lender about your financing options, downpayment and closing expenses. Ask a real estate agent to help you make a list of potential moving expenses. Get a pre-approval letter if you will be financing your purchase.  Have a your current financial statement available for proof of funds if you are buying on cash.

Think about your motivation for the move. Where are you moving to?  Why that location?

Decide on your time frame.  When do you want things to happen?  What if your house doesn't sell? What if your house sells too fast? Moving can take months of planning!

Understand the challenges in the current market.  It's easy to be let down when you can't find a house in the time frame you would like or can't get the house you want in your price range... but it happens.

Get prepared to move.  Pack and clean your current home. *Do NOT pack away your tax records and financial information. You will likely need this info for the mortgage company.

Hit the internet, scour the phone book, ask your family and friends or check with your agent; however you choose to do it, get help. Research neighborhoods, schools and anything else important to you.

Build a team. Inspectors, handymen, cleaning companies may be an added expense but they will come in handy and it's always less stressful when a professional does it than trying to get everything done yourself.

If you have done your research, you might make an offer on one of the first houses you actually go out to see!  You will know what is out there in your price range and it when that "one" comes up, you will jump on it!

There will always be hiccups along the road but if you have spent time weighing your options and preparing, you can tackle them!

Need help getting through this? Call me!

A Seller's Emotional Roller Coaster

Selling a home is tied to a lot of emotion.  
It's always tied to a life change and change can be extraordinarily stressful for some people and exhilarating for others so it's only natural to go through a range of emotion when preparing to sell a home and having your home on the market.

How do you keep your emotions at bay?  The best answer is have a plan and be prepared and organized.

Think about your goals and motivation for the move. Why are you moving and where are you going?

Know how much you owe on the house and how much you need to make your move. Ask a real estate agent to help you make a list of selling and moving expenses. Talk to a mortgage professional about your financing options.

Decide on your time frame.  When do you want things to happen?  What if your house doesn't sell? What if your house sells too fast? Moving can take months of planning!

Get your house prepared.  Don't act like you haven't seen the shows on TV where they do home makeovers. Anything you don't NEED to live should be sold, donated or stored off-site.  Less is more when selling.  Need help? A good agent will know a good home stager.  *Do NOT pack away your tax records and financial information.  If you are buying another home, you will likely need this info!

Get your maintenance and repairs done and have a thorough cleaning.  Hit the internet, scour the phone book, ask your family and friends or check with your agent; however you choose to do it, get help. Inspectors, handymen, cleaning companies may be an added expense but they will help your home sell faster and for more money... and it's always less stressful when a professional does it than trying to get everything done yourself.

Understand the challenges of selling a home in the current market.  It's easy to be let down when you house doesn't sell for as much as you would like or in the time frame you would like.  There will always be hiccups along the road but if you have spent time weighing your options and preparing, you can tackle them!

Need help getting through this? Call me!

Moral of the story? Don't go it alone! You need to lean on friends, family and probably most importantly a few good professional. :)

Hire a Contractor. Get a Lien Waiver

A lien waiver is used during the mechanic’s lien process to let a claimant party (usually a contractor, subcontractor or supplier) let another party (usually the owner) know that they have received payment and therefore waive any future lien rights to the property.



If you hire a general contractor to expand or remodel your home, be sure to ask for a lien waiver(s) from the contractor(s) and any major subcontractors as each subcontractor finishes their portion of the job. The contractor should also be able to provide waivers from major suppliers of materials delivered to the construction site (i.e. lumber yard).  Always be sure to have all lien waivers signed at time of final payment to the contractor.

This means a lien waiver will protect you in case your contractor fails to pay subcontractors. Without a lien waiver, any builder, material supplier or subcontractor who wasn't paid by the contractor, can place a lien on your property. A property lien makes you, not the contractor, responsible for their payment: even if you already paid for the main contractor for the work.

Most commonly, the lien waivers are signed after the contractor or subcontractor has received payment for all or a portion of its work.

http://formsguru.com/

MN Lien Waiver PDF: http://www.commerce.state.mn.us/UCB/40.5.1.pdf

Respect the Other Side's Priorities

All roads do not lead to happiness...

When negotiating the purchase or sale of a house, knowing what's most important to the person on the other side of the negotiating table can help you avoid pushing too hard on hot or sensitive issues.

Consider where you can and can't give and balance that against the other side.  As the buyer, if you really need your closing costs paid, maybe you shouldn't push for a bunch of repairs and a discount on the price.
As the seller, if you need time to find a new house, maybe you negotiate a rent-back or lower sales price for an extend closing date.

Remember, it's not all or nothing. It's what feel fair to both sides.  A good real estate agent will help you find the best terms.

This can apply to everyday challenges as well.  Unfortunately, I have taught this to my daughters all too young.

"Mom, I know you really want me to go to bed.  An you know that I am always hungry at bed time.  So if I could just have some ice cream now, I can go to bed without telling you I am hungry."
:)

Have more questions?  Call me!

Further Reading:
7 Step Guide to Selling Your House
Should-I-ask-seller-to-pay-my-closing-costs
Moving Advice