November 8th, 2021 2:18 PM by Richard Sardella MLO.100007700/NMLS 233568
What stays and what can you take with you when you sell your house?
Ask any Realtor, and they will tell you a few stories about how sellers sometimes take the strangest things with them when they vacate a property. “We’ve seen home buyers ranting on social media about missing doorknobs, toilet paper holders, and even trees from the front yard,” says Helfenbaum. “But it can be far beyond merely annoying for the buyer. If you take something you haven’t negotiated to keep, you could tank the sale—or even face a lawsuit.”
The first rule of thumb: If it’s nailed down, bolted, or mounted, it stays behind. “While most buyers and sellers probably know that ‘fixtures’—immovable elements of a home such as built-in furniture, fences, or a storage shed—must stay behind, there can still be some confusion, says Re/Max Realtor. “Probably the No. 1 gray area that I’ve found is the mounting mechanism for big-screen TVs,” he shares. “Obviously, it’s attached, so it’s supposed to stay with the house.” But he explains how common sense should prevail. “Well, if somebody has a $3,000 TV hanging on the wall, unless they’re including [the TV] with the house, [the mounting mechanism] doesn’t stay.” But he also adds that it can become a real battling point with buyers and sellers if it’s not specifically referenced in the purchase agreement.
In a more general sense, however, if a house has been modified for an item, it’s probably a fixture. For instance, if an air-conditioning unit is placed in a window, it’s arguably personal property and the buyer can take it with them. But if it leaves a hole in the wall to accommodate the unit, then it’s most likely a fixture.
So the more specific you are when it comes to selling your home, the better. Just because an area rug is cut specifically for a given room doesn’t mean it belongs to the new owner. But if the buyer requests it, it’s your call to include it in the agreement, since it may never fit another room in a subsequent home you buy.
Removing landscaping is a no-no. That prized rose patch you toiled over for countless seasons? Unless the property listing specifically mentions that you intend to take it, you can’t take it. It’s part of the property.
Other things anchored to the ground are also off-base: the basketball hoop or swing set cemented into the ground. Lighting? Those sconces on the hallway walls stay. “Even if you’re attached to your show-stopping dining room chandelier, don’t pack it up and leave electrical wires hanging when you leave,” says Helfenbaum.
Realtors agree that when you buy a property, you’re buying what you gazed upon the day you saw the property and wrote the offer on the house. So for sellers to change something out after that date is not just a point of confusion or an oversight — it’s illegal. While you can declare your intention to remove it, be aware that excluded items often become sticking points between buyers and sellers. So think ahead before you list your house and place something else there.
Window treatments stay. Just because you spent a fortune on those custom blinds in your living room doesn’t mean you can take them with you. Curtains that can slide off can go. But rods and blinds are affixed to the wall. Mirrors? If they’re hung like paintings they’re personal property. Bolted to the studs or glued to walls? They’re fixtures.
Realtors roll their eyes when this topic comes up, because it’s often the littlest things that cause the most heated debates. They can even derail the sale itself. Helfenbaum tells the story of how a buyer noticed that the garage pegboard remained, but all the pegs were gone. But some things just aren’t worth chasing after. Especially in cases where the owner was forced to sell the property because of personal circumstances or the sale didn’t go the way they wanted it to, there can be petty acts of retribution. Such as removing all the lightbulbs in the house before moving.
How Rates Move:
Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up. Tracking these securities real-time is critical. For more information about the rate market, contact me directly. I’m among few mortgage professionals who have access to live trading screens during market hours.
Rates Currently Trending: Neutral
Mortgage rates are moving slightly higher today. The MBS market improved by +55 bps last week. This was enough to improve mortgage rates or fees. The market experienced high volatility last week.
This Week's Rate Forecast: Neutral
Three Things: These are the three areas that have the greatest ability to impact rates this week. 1) Inflation, 2) The Fed and 3) Treasury Sales.
1) Inflation: We get two very key readings this week with PPI and CPI. Headline Consumer Prices YOY are expected to rise at 5.3% and Producer Prices YOY are expected to rise at a 30 year high of 8.7%
2) The Fed: We will hear from Fed Chair Powell a couple of times this week along with Vice Chairs, Governors and district Presidents:
11/08 Powell, Clarida, Montgomery, Harker and Evans
11/09 Powell, Bullard and Kashkari
3) Treasury Sales: We kick off another round of dumping our debt into the marketplace and it will be very key to see how the longer term offerings are received:
11/08 3 year note
11/09 10 year note
11/10 30 year bond
This Week's Potential Volatility: High
This morning we're seeing mostly sideways movement after the volatility of Thursday and Friday. Volatility is moderate today without any major market news to shake things up.
If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.
Richard Sardella has been actively managing and providing services in the mortgage industry for over 27 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.