Jim Valentine on Real Estate
Buyers and sellers go through many phases when buying or selling a home. At each phase there are decisions to be made that are based on observations, information gathered and perspective.
It is important during the fact finding and assessments of the gathered facts that decisions are made with proper understanding of the facts that are the basis for the decision. An example is the number of days a home is on the market.
The casual observer or “supersleuth” buyer may assume that a home that has been on the market an extended time has problems, but that isn’t necessarily the case. Many great homes are in escrow a few times because of their great appeal, but not all of those escrows close.
After a couple of misfires, it can look like there is a problem, but the problem is only that the home has appeal, and it has more attempts by people to buy it than others. When the buyers’ home doesn’t close in a contingency situation, time is lost and days on market is extended, but the home is still wonderful.
A home with a lot of clutter inside, or landscaping lacking maintenance, or worse, lacking complete installation, can seem like it is problematic because of the visual blight. In a home that is structurally sound the clutter or deficient landscaping has no bearing on the integrity of the home other than psychologically on the buyer.
Look past that if the home has the right floorplan, features and location that you want. The clutter will be gone when it closes. The landscaping – the price will reflect the problem and the opportunity will allow you to get in touch with your inner landscaper.
The access over the neighbor’s property is convenient, but is it legal? We’ve seen such situations where the neighbor property sells and the new owner closes access to the shortcut over their newly-acquired property. Make sure easements and neighborly agreements are in writing, understood, and preferably recorded.
Fence lines that aren’t on the property line aren’t unusual between cooperating neighbors, but these arrangements, too, can come back to haunt with the change of ownership of one or both properties. Be sure you know your boundaries.
“Lawn art” can look great and seem to be a fixture, but if you don’t write your contract properly you could find yourself after the close of escrow driving up to a natural landscaped property without the artistic enhancements that looked so appealing.
If you want to include, or want to exclude them, depending on whether you are the buyer or seller, be sure it is properly addressed in the purchase and sale agreement. Does the property have water rights? If so, what kind, underground or surface? Are they in good standing? Have they been used in the past five years? Is the conveyancing system functional?
The term “water rights” can be used loosely by unknowledgeable agents and that can mean you may not be getting what you think you bargained for. Make sure you understand what you are supposed to be buying and what you are really getting.
This can be a slippery area of the transaction so be sure you are getting traction when researching your water rights. They can be a substantial portion of the value of your property… or not.
Don’t just take the statement of the agent or the seller for granted. The agent is relying on what the seller told them which they may not have heard correctly or misunderstood and improvised.
Find the facts for yourself and make sure the property works for you in the manner in which you intended it to. Research is easy these days with so much information available on the internet. Don’t stop working when you get an offer accepted and an escrow opened. You’ve just entered the fourth quarter and you’ve a lot of work to do.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Gold Carson Valley, 775-781-3704. dpwtigers@hotmail.com