Seller 'gift' may disguise problem

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.

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.