Real estate General topic

[wilso]

The longer I have mortgage, the more I think that paying it off early is the best way to save.
We took it at specialized loan servicing about six years ago. It seemed to be a good decision and we have a house to live in. But I worried a lot when the pandemic began. I know I'd have more peace of mind if I paid the debt off earlier.

 

[WinterDeere]

The longer I have mortgage, the more I think that paying it off early is the best way to save.

Many have argued it's not, and they (sometimes) have a good point. But I've paid off each of mine as quickly as practical, as it gives a lot of freedom and peace of mind. My last two houses were paid off in 10-11 years, each.

When my job situation changed without warning in 2022, I was very glad I didn't have a mortgage payment hanging over my head, as it gave me time and freedom to consider what I wanted to do next.

 

[paulsharvey]

Stupid question, and it's not really important; if a gun safe is secured to the wall and/or floor; that would no longer be furniture, correct, and technically, permanently attached real property? I know people often don't want to relocate them, but once it's attached, does it's legal standing change? If it was important, I would definitely want it spelled out in a offer, but just curious.

Edit: same question could be applied to a hard wired air compressor, or similar items.

 

[paulsharvey]

The last viewing, I did ask about the security system; owned or leased? The answer was leased with monitoring service for $59.99/month. I dont think I would have even thought to ask that question before doing some research over past 6 months.

 

[plowhog]

if a gun safe is secured to the wall and/or floor; that would no longer be furniture, correct, and technically, permanently attached real property?

What you are asking about are "fixtures" versus personal property. A fairly inclusive description of personal property is that if you can drive it away or pick it up and take it away, it's personal property. Same for fixtures-- if they are attached to the property it's part of the property.

But not everyone is one the same page. So anything questionable -- I would describe in the offer.

Wise RE agents advise their clients to get *everything* out of the home that does not convey with the sale, except of course obvious things like tables and chairs.

You can approach it either inclusive or exclusive. One method would be to specifically include language about the gun safe.

The other way is to write an offer that *everything* on the property as of the time of your viewing is included-- except X, Y, and Z. That is sometimes a little stronger way to do it in case there were other things you forgot to include in the offer.

 

[paulsharvey]

What you are asking about are "fixtures" versus personal property. A fairly inclusive description of personal property is that if you can drive it away or pick it up and take it away, it's personal property. Same for fixtures-- if they are attached to the property it's part of the property.

But not everyone is one the same page. So anything questionable -- I would describe in the offer.

Wise RE agents advise their clients to get *everything* out of the home that does not convey with the sale, except of course obvious things like tables and chairs.

You can approach it either inclusive or exclusive. One method would be to specifically include language about the gun safe.

The other way is to write an offer that *everything* on the property as of the time of your viewing is included-- except X, Y, and Z. That is sometimes a little stronger way to do it in case there were other things you forgot to include in the offer.

Ok, that's what I thought, and if it was critical, I would want it named in an offer. Would the same apply for outside the home? This wouldn't Normally be an issue for a typical suburban house, except kids slides or jungle gym kinda stuff; but for rural and/or ag properties, I could see that becoming much more important. Things ranging from a raised box blind to cattle pen panels, ect.

I could certainly see a misunderstanding coming up.

Only reason I say anything; the standard offer letter our agent used, includes stuff like all wall to wall rugs, curtains, window treatments, and TV mounts are included; when those are all low value items compared to gun safe, or say, a log splitter than is bolted to a concrete bench.

Also, not an issue yet, but I might ask in future; does the buyer need to get the seller to confirm that all out buildings are owned and not leased or have liens on them?

 

[paulsharvey]

I guess the simpler way to ask that last part; would the seller be legally obligated to disclose that an out building is not part of the property, and is leased/rented/still paying on? Or is it the buyers job to check? Not the sort of thing I normally would think of, but a lot of people are making payments on both "portable" sheds, as well as permanent ones, which might not have a lien that would show up on the property

 

[WinterDeere]

Stupid question, and it's not really important; if a gun safe is secured to the wall and/or floor; that would no longer be furniture, correct, and technically, permanently attached real property? I know people often don't want to relocate them, but once it's attached, does it's legal standing change? If it was important, I would definitely want it spelled out in a offer, but just curious.

Edit: same question could be applied to a hard wired air compressor, or similar items.

I think you're overlooking what's important here: Each move is the perfect opportunity to upgrade your gun safe.

I brought mine with me on the last move, which was a mistake. It was purchased to perfectly fit my old gun room. I'd have done better to purchase a new one (or pair) for this place.

 

[plowhog]

In CA or NV any encumbrance against the property must be disclosed. Not sure in your state.

My suggestion is to not be constricted nor intimidated to stay within the "standard language" of the real estate documents. All you have to do is add one sentence to the standard agreement that says: "Offer is subject to additional terms and conditions described in Exhibit A."

Then write up your own page of terms, title it "Exhibit A" at the top. Spend some time to make the wording in Exhibit A very clear and unambiguous. Your goal is to ensure that the seller understands *exactly* what you are offering, and what you are not. It doesn't need to be friendly but neither does it need to be hostile. I call it antiseptic descriptions of additional terms and conditions of your agreement / offer.

Some RE agents will balk at such language, buit the great majority will not and none of the good ones will resist it. After all you are doing part of their job for them.

 

[JasperFrank]

The international market is so weird now. A neighbor divided up some view properties, after clear cutting. I saw the asking prices and I was stunned. There is no freaken way, I thought, that he would get the amounts he was asking. The properties all sold rather quickly. But they sold, cash, to some Malaysian company that then upped the prices by 25% and then put them back on the market. Its just weird to me that this happens to so many properties these days. There is no such thing as a local market these days.