In working with sellers and buyers, here are some common questions I receive from buyers. I thought it would be interesting to address and keep in mind in case you’re preparing to list your house or you’re ready to purchase your new home:
- What appliances stay with the property? – The seller lists all of these items on p. 7 of the seller’s disclosure in the KS market. There are three indicators: “NS” (“Not Staying”); “OS” (“Operating and Staying”); “EX” (“Excluded from inspections but staying with the property”); “NA” (“Not Applicable”). An interesting tid bit is that most sellers prefer to take their washer and dryer with them to their next house and do not leave these appliances. You will find often that most other appliances, fixtures (bathroom mirrors, light fixtures, blinds and drapes) will stay with the property. However, as a seller – it’s important to indicate the standard items that will not stay with the property. TV bracket? That could really go either way.
- How much do inspections cost? – Generally, in our KC market, I’m seeing these run less than $900 depending on the types of inspections that the buyer decides to do. Always have money set aside for these as you’ll need to pay for them upfront after the inspection is completed.
- What is the standard earnest deposit amount? – It used to be an old school rule of thumb for the buyer to give an earnest deposit of one percent of the purchase price. However, the trend is now much less. I am seeing higher amounts more competitive scenarios.
- What is radon? – Radon is the second leading cause of lung cancer behind smoking according to the EPA. It’s imperative to have the home tested if the home does not have a radon mitigation system. If it does have a radon mitigation system, it’s recommended to have the home tested every two years to ensure the mitigation system is operating correctly.
- Where will my sectional fit? – Reinforcement for sellers to remove as much personal items as they can before listing your house. The more buyers see – the better they can visualize where they can put their furniture and belongings. Most people are visual people and need to see where their things will go in their potential new home. When in doubt, get rid of your stuff before listing your home. Or better yet – enlist a professional stager to help buyers visualize the layout of a home.
- When do I get the keys? – The keys are typically presented to the buyers when the seller receives their funding from the buyer. In most transactions, if the buyer closes in the morning before 1-2 pm, the seller should receive a wire for their funds in 2-3 hours max or close of business in this scenario. However, if the buyers close later in the afternoon – the seller would not receive their funds until the next business day. The sales contract in our market defaults to 5 pm, but most offers are written when seller receives funds. For a more comprehensive summary – please read here.
- What happens if the appraisal comes in lower than the purchase price? – If the buyer is using financing, then the lender will only lend the amount of the appraisal.
According to our contracts, the seller and buyer have a renegotiation period. Of course in cash transactions you don’t need this, but you can always order one.
Johnson County market update
This week in Johnson County there were 1183 active listings, and 1182 listings went under contract (Source: Heartland MLS, August 25, 2023).
About Maggie
Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/
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