- A Few Things to Think About When Buying and Selling a House
- April 2, 2018 | Author: Cassandra C. Rich
- Law Firm: Boylan Code, LLP - Rochester Office
If you are getting ready to buy or sell a house, the process can be overwhelming.
Here are a few points to consider as you go:
- Price per square foot – comparable to other homes sold?
- How far above assessed value is the price – taxes may go up
- Any additions? Permits or C of O should be requested/required
- Start your mortgage process early and work hard to get the lender everything they request
- Inspection results are negotiable (fixed by seller/credit to do work you yourself) – Don’t call movers until scheduled (Google “inspection checklist” beforehand)
- Closing dates in the contract are target dates, often closes a bit after
- If selling/buying on the same day, do you have a fallback for where you and your belongings can stay for a day or more?
- If you expect to be able to move in early, GET IT IN WRITING. People can and do change their minds.
- Is there water nearby? Flood Insurance is expensive if in a flood zone. Is there already an elevation survey and a letter of map amendment (LOMA) with FEMA?
- If important to your family, check: (a) sex offender registry and (b) DEC spill registry
- If you have plans to make changes, be sure you are permitted to do so (i.e. knock down and rebuild, is it within current town code?)
- At walk-through – all appliances and personal property present? In the agreed upon condition? When and where will keys be delivered?
- Never wire funds unless you have verbally confirmed the information with the recipient – using a phone number separate from the wire instructions themselves. Wire fraud is a major problem in the industry. Bringing a bank check to closing is the most typical form of payment.
- Sale price, may want to set a “reserve” for yourself – a “do not go below”
- Consider troubleshooting/fixing issues that potential buyers might see
- Keep bill/taxes current
- Can you locate abstract/survey
- Do you have any permits or certificates of occupancy (C of O) or certificates of compliance – should you?
- Be ready to provide mortgage and/or home equity line of credit (HELOC) information for payoff, think ahead if the sale price will not cover payoff
- Warn your attorney if you have any know title issues – judgments, bankruptcies, tax liens – these may take some time to fix before closing
- Name of the bank (attorney you last purchased or refinanced with if old title curatives become necessary)
- Stay on track for vacating the house – may not be able to get extra time
- If you expect to be able to stay after closing for a period of time, get it in writing.
- Spell out any personal property to be left early, do not assume buyer will want or accept extra items (spare paint, work bench, extra wood or building materials)
- If you have a pool, recognize on escrow may be requested if you sell during the winter
- Inspection results are negotiable, but if it is a problem that any inspector/buyer will find, give serious consideration to fixing it