All You Need to Know About the Details That You Will Not Find on Property Listings
Are you looking to put your house on the market? This guide will help you identify all the property-related details you should keep in mind when going through property listings or printouts at open houses. Most house sellers want to get the best possible price, so they may not provide buyers with all the information.
Six Details That You Will Not Find on Property Listings
- Contingent offers: Most sellers will not tell you whether they accept or reject contingent offers. Contingent offers are made by a person who wants to purchase your house but may need more time to make arrangements to finance. Some sellers do not accept contingent offers, and they may not include this in the listing details. It is up to you to figure it out.
- The seller will not sell the property until they find a new home. The seller might still be looking for a home to move into before selling the home they are living in. However, most sellers will not tell you this because they know that buyers will be reluctant to make their offers. Make sure you ask the seller about this so that you can negotiate an extended closing period to keep house hunting.
- Appliances listed as part of the deal. When it comes to large appliances, a seller may opt to leave the appliances in the home and buy new ones when they move out. Therefore, make sure you ask if the appliances are part of the deal. This will give you time to also inspect the appliances as you do the home. You will be able to figure out if the appliances are in good condition and make an informed decision on securing the deal.
- Gross estimate of the living spaces. Most sellers do this to make their property more marketable and secure the best purchase price. According to Fannie Mae and the American National Standards Institute (ANSI) guidelines, they rarely calculate the gross square footage of their living spaces. These guidelines provide a clear outline of what should be listed as a “living space” in the listings.
For example, it states that the floor area of a living space should be counted only when the ceiling is five feet or higher. Conducting a site visit might help you know if the estimated size of the living space matches the description.
- Verification of permits. New owners do not appreciate hidden costs such as costs for renovations or additional licensing costs, and sellers know this. Therefore, they fail to disclose this in their property listings, leaving the purchaser to find out later. When you talk to the seller, inquire whether you will incur additional costs other than the purchase price. If you will, then you need a list of these costs for planning purposes.
- The structural issues of the house. Sellers are discouraged from using the term “as is” in their listings. Instead, they choose to highlight the strong points of the property to secure the best purchase price. When you visit, your attention will be directed to the strong point of the property rather than the negative ones. Therefore, as you admire the property, be sure to look out for defects. These include signs of a leaking roof, mold, or sinking foundation.
Alternatively, you can request the seller to list the defects of the home separately. This will help you plan on the cost of renovations and repairs after you purchase the house. This is if you decide to purchase it “as is.”
We at Signature Properties Group use our 20 years of experience in real estate to make it easy for you to purchase your property. For more information on the details to look out for in property listings, call us on (610) 952-1095 or visit our blog to learn more on this.