Why I Really Should Read the Paper.

I stopped receiving the local news paper delivery. Not because I am tech savvy and can read it on my iPad and not to save the world by reducing my usage of tree-killing paper - although these are both good reasons! I stopped receiving the paper because I simply do not have time to read it. But I now realize am going to have to find the time because when I do get the chance to take a look I am always surprised at the misinformation that spills into articles about real estate.

I found the following quote in the Washington Post Real Estate section this weekend regarding changes made to the Regional Sales Contract for Northern Virginia: "The buyer will have to spend tons of money and assume tons of risk on every transaction to understand even if the house is worth buying.” Maybe in DC and Maryland, but in reality not much has changed in Northern Virginia. The Buyer has always had the right to conduct a home inspection and sellers have always had the right to sell a home "as is". The only thing that has changed is the requirement for the seller to warrant the following items will be in "normal" working order: HVAC, electrical, plumbing, appliances and heat/smoke detectors (as required by law). Who decides what "normal" is anyway?

Why this quote is misleading is because the Buyer has always had to pay the price for a home inspection and/or other inspections. That has not changed. The only thing that has changed is the seller's requirement to fix anything. But, as with everything in real estate, repairs are negotiable. If the seller refuses to correct items that are a true concern to buyers, the buyer can void the contract. Plain & simple. No additional costs to anyone.

This is yet one more reason to speak with your Realtor. We know the true facts - whether we read the paper or not.