PROTECT OUR HOME PURCHASE AND PROTECT YOUR REAL ESTATE INVESTMENT
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 Stateme
nt. A material defect is a condition that would or may affect the value of the real estate.
Secret: Oral real estate agreements may be legal but 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: Most new home contracts do not have a contingency for home inspections.
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.
Source: Reston Virginia Real Estate. Copyright 2002 Lenn Harley
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52 Comments on PROTECT OUR HOME PURCHASE AND PROTECT YOUR REAL ESTATE INVESTMENT
Good information - but I'd make one correction on one of the points - to the following:
Secret: Only an exclusive buyer's agent (they and their company never list property for sale or represent sellers) can help you negotiate the best possible price, terms and conditions for a home you want to buy - because they are ALWAYS 100% on the buyer's side. Seller's agent (listing agent) is obligated to obtain the best price, terms and conditions for the seller - and "buyer agents" list property - as does their company - and can get into dual agency conflict of interest situations (half on the seller's side) or can push more of their own listings (double commission) or their company's listings (better in-house spiff)
Lenn you can add me to the list of Re-bloggers, interesting points here for everyone.
Hey, Lenn! You're giving away all of our little trade secrets here! Actually, I read one I hadn't known - that most new home contracts do not have financing contingencies! I've had some added, so it should have occurred to me that they might not be in the boiler-plate. I just asked the agent where it was and voila!
Lenn, who doesn't want to read each and every point preceded with the word: "secret"? Brilliant, as is the list.
Many of the 'secrets" are universal in our country. But others are not. It would behoove any agent or buyer to confirm which points are valid, legal, enforceable, etc in their state, county, or municipalities. We are a large country and advice that is on target here may not be over there. It never hurts to check and be an informed consumer. Just my opinion.
Rick. I was an exclusive buyers' agency and broker for many years. I became a single agency broker so I could help my buyers sell their contingency. If an unrepresented buyer wants to buy that listing, they can do so as a customer. I have no conflict and disclose everything.
David. Thanks. I appreciate rebloggers.
Patricia. Indeed. Many will not take a lot off the market or begin construction until the buyer's loan is fully approved.
Laurie. Thanks. I try.
John. Most of these are common sense that are universal to real estate.
Great post Lenn.
Wishing you continued success
Constatine. Thanks. Right back at you.
I should add this to my buyers kit, listing paperwork AND make sure it's signed by the buyers agent and buyers upon submitted offer. This list is great. Thanks, Lenn.
Secret: Only a good buyer's agent, such as Lenn Harley, 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.
Had to do it.... great list.
Good list, Lenn. It is surprising how many potential buyers forget that "Working for the Seller" means working FOR the seller...
Thanks Eric. Glad to help.
David. Thanks. I've had very good fortune negotiating good contracts for buyers. Price is only one component. The entire contract; price, terms and conditions are all important.
Lane. I'm never surprised that the consumer doesn't understand. I'm surprised that better disclosure isn't required of listing agents when daling with customer buyers.
Lenn,
Another great blog! Thanks for the research. I will re blog to my readers. I love the light roof vs dark roof especially in the sunshine state.
Mike
Mike. Enjoy. Glad to help.
Lenn - my comment morphed from a joke to a tweak. You caught me! If a roofer will recommend a roof, it might very well be the cheaper or shorter-lasting one! As you said!
Actually all asphalt roof shingles are black roofs. White and black and every color in between absorb exactly the same amount of infrared energy - 91%. According to my buddies at the Lawrence Livermore Labs, a white roof puts off 21% more light energy than a darker roof, and that heat is reflected away. But the color is only provided by the granules, which actually also protect against UV damage.
We know inherently that light roofs reflect more light, but the percentage is something only an engineer would come up with!
For that reason, a light roof is more energy efficient in warmer climates, and a dark roof is more energy efficient in colder climates! Light roofs do reflect a fifth more light energy.
I have been in attics in the summer that were so hot I could not touch the wood! Over 170 degrees F up there! Too hot! You can't stay long!
AND, the thing that contributes MOST to asphalt shingle longevity is actually slope. The steeper the slope, the longer they last.
And because they don't show so much black algae and other staining so much, people keep darker roofs longer as they don't look so bad as lighter roofs. But light or dark, an asphalt shingle with a 20-25 "life span" will get more toward 20 than 25 here in VA. That is my experience for real anyway.
Overall I found your secrets to be really informative! The one about roof shingles happened to be the first and the only one I could have fun with! (;>)
Jay. Fun indeed. I didn't get into the weeds of the "why" light roofs will usually last longer than dark roofs. I leave that to the experts. I merely learn the facts and relate them for the consumer.
I understand all of the points you made and they are accurate, of course. Fact is, I'm a compulsive researcher, by training and necessity. Or, as someone once said, "Lenn, you're a wealth of trivia".
Secret: Dark roofs do not last as long as light color roofs. Further, light roofs reduce air conditioning costs by reflecting sunlight.
Still on the list.
great tips.
Written and presented like a veteran of the industry.....there is gold in this post but not everyone can mine it. Once again, there is no substitute for experience....Being savvy rules the day....
James. Thanks.
Richie. Thanks. I could easily have published 2-3 times as many thoughts.
Thanks Rebloggers
Re-blogged by 9 agents
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