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Rhonda Duffy

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Buyers and Sellers Getting Off The Fence

01-13-09
Rhonda Duffy

I have an investor friend who is buying 70K houses for 20K and then renting them for $695 per month. He told me that this is an opportunity for about 3 more months and then it will be over. Does that mean that things will be looking better then?

3 Comments
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The Seller’s Disclosure Is Suppose To Disclose – Look For The Clues That The Seller May Not Want You To Know

01-13-09
Rhonda Duffy

A seller's disclosure is a document that allows the seller to tell you, the buyer, what they know about their home. This document is part of the Purchase and Sale Agreement and is intended to help you make a good buying decision.

Here's what you need to know about a sellers disclosure:

  1. Bank-owned homes, investor purchased homes and new construction will not include a seller's disclosure.
  2. You will need to study this document closely, looking for the age of depreciable items and any item that is marked with a "yes" or "don't know"as a disclosure. Any "yes" needs to have an explanation that is detailed with what, when, how etc... If the item is not detailed, ask for further explanation. "Don't know" should be taken seriously and approached by your inspector.
  3. The disclosure also tells you what is included in the sale. This list includes the mailbox; kitchen knobs, light plates and many small items that buyers think automatically come with the home. Make sure that you ask for any items that are in the house that you want included in the sale by comparing the disclosure against your own list.
  4. The document will also tell you about neighborhood assessments, warranties on things in the home and any bonds that are on the home. Make sure that you follow-up to make sure that you have the paperwork on these items at closing.
  5. Use the disclosure to also have your inspector search for specific problems that the seller has claimed on the disclosure. Remember that "don't knows" need to be thoroughly inspected.
  6. If the inspector finds something that the seller has not disclosed, you may be able to get out of a contract based on fraud during your inspection period if your contract is restrictive. The seller has the obligation to tell you everything that should have seen or known about the property.
  7. Sellers should use the disclosure that was given to them by the previous seller if the home was a resale when they purchased it.
  8. Read the document twice to make sure that you understand the disclosure that the seller is making to you and then proceed accordingly.

Should you find anything that needs to be updated by the seller, ask the listing agent to get the seller to make the corrections and add Revised, the date and their initials. This is a very important document and it should be taken very seriously. Take your time when you are understanding this document.

0 Comments
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We were really busy today! What is going on with you?

01-05-09
Rhonda Duffy

Both buyers and sellers seem to be coming out of the woodwork. How is it going for you?

11 Comments
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Heard This From A Seller Today?

01-05-09
Rhonda Duffy

I know you have heard it all but in making my expired calls today I had a seller tell me her Prudential agent said 1 day before expiration: "In today's market you either have to give it away or hope for a miracle". Sad..............

4 Comments
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Too Late Sign Gets Buyer's Attention!

12-19-08
Rhonda Duffy

This is straight from my chat feature on my website:

Larry:
What does it mean on your signs when it says To Late

Call accepted by Rhonda Duffy.
Rhonda Duffy:
It means there is a pending contract
Larry:
I was guessing something like that .... thanks
Rhonda Duffy:
Do you like it?
Larry:
it's a house we've looked at in the past that had been on the market a while ......
Rhonda Duffy:
Do you need me to help you find another house?
Larry:
Not at this time ......
Rhonda Duffy:
Okay, keep us in mind - we have a buyer cash bonus where you can earn money back after closing. The seller pays our commission so there is no charge to you.
Larry:
Will do ...... I've got an investment property that is being rented at this time but they may change in the spring and we may decide to sell
Rhonda Duffy:
Great - you know where to find me!
Larry:
Enjoy the holiday's
Rhonda Duffy:
You too Larry
Larry has left the conversation.

6 Comments