Last week I took some buyers out to see a house that was being offered as a short sale. The owner was home, and she eagerly took us on a tour of this nearly 4000 square foot home. She explained everything about the house to us, and showed us every nook and cranny. I typically don't like when the owners are home, however my buyer found it beneficial, as this house was a custom build. It had features and upgrades that were not visible to the eye. The property was very different than most homes that we see.
I had a copy of the listing in my hand, and all of the appliances were listed as staying, except for the refrigerator. So, I asked if it would be staying. 'Well I'm really not sure yet. I haven't decided what I'm going to take at this point. Since it's a short sale, I think I'm just going to go ahead and take everything.' EEEE - gads! "What would taking everything include?" I asked. 'Well I'm thinking about taking the refrigerator, the stove, the built in microwave oven, the trash compactor and anything else that's mine.'
Well, I hope she remembers to tell her listing agent that she is considering taking everything that is listed in the MLS printout as staying. Because, for some unknowing buyer, this could prove to be a rather difficult situation.
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What did your buyer's think? That would have killed the deal right there and then for most people!
Sounds like a lawsuit in the making. I would call the listing agent to help her defer this potential disaster. Yikes!!
So true...My neighbor is selling his house (thank god) and they took the stove and fridge and abut everything else not screwwed down. The number 1 comment I hear is "why did they take the stove?" A simple item and it is one of the major reasons his house isn't selling...I am so glad I am not the listing agent.
Yikes. This has nightmare all over it. I wouldn't be surprised if this is the next layer of crap that comes out of the short sale world. It seems like the next progression from the foreclosure cleanouts. Hopefully the banks and Realtors will preempt these situations from happening with disclosures and warnings.
Yes, you will definitely have to talk to the listing agent about this. The listing agent needs to be as proactive as possible, and what is disclosed on the MLS sheet is going to be gospel when it is tied into the agreement of sale. If this does not occur, there is going to be a lot of work into something that is not going to go to closing because of personal property issues.
WOW. First big clue that something was off would be having the owner show the home to you. The other agent should have insisted that he be there to speak with you or get the owner out of the home. Definitely have a heart to heart with the other agent. He/She probably doesn't know what they are in for. I would RUN from that and drag my client behind me as fast as I could. I am sure this is one that will actually be going into foreclosure or have some SERIOUS problems when closing. I do see a lawsuit in the making.
Why do people take built ins...what are they going to do with them?
Sandy, my last two Short-Sellers had to be reminded that their refrigerators and ranges were included in the sale. Having to walk away from your dream home leaves a bitter taste for sure.
Oh boy....but at least you know a head of time and can maybe remedy it prior ot closing....or maybe your buyer is ok with it ....but I am sure the price would be much lower! perception is everything!
Sandy - You have to wonder why a person would even consider taking a smelly used bacteria ridden trash compactor. What are they going to do with it? Put it in storage for 7 years while they rebuild their credit? Auction it on e-bay?
I know I've told this story so many times but my mom took all the light bulbs when she sold her house. She said she bought them and the new people can buy their own. I went back and replaced all the bulbs and about ten years later, I found a bag of light bulbs and just smiled...
Well, it may be hers, but she's not paying for it. Otherwise she wouldn't be in need of a short sale.
Sandy - Another point of your post is - it is BEST for sellers NOT to be present during showings. You (nicely I am sure) started negotiating with her. And she made some goofs.
Short sale listing agents have to manage that process, in writing, with the sellers from day one.
I think the listing agent needs to have a sit down with her?
I am a bit surprised because I would think with a short sale she would be wanting to get the best price which would include the appliances! Did you check to see if the MLS entry changed?