AgentIndustry News

Seller ‘gift’ may disguise problem

Buyer beware of items left behind after closing
Published on Oct 3, 2008

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by CareyBot

It's common for buyers to ask for appliances or other personal items when they purchase a property, but what about the seller who voluntarily leaves personal items as part of the sale?

There are numerous pitfalls when it comes to dealing with personal property included in a real estate sale. The lender can deduct the value of the personal items from the appraised value of the property, which results in a reduction in the loan amount. Furthermore, many states require sellers to transfer personal items with a "bill of sale" calculated and reported separately from the real estate sale.

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