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Old 06-28-2012, 12:04 AM
 
Location: Phoenix AZ
5,920 posts, read 10,459,834 times
Reputation: 9227

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Quote:
Originally Posted by NinaN View Post
We would put something like..."all furntire and decor (or all personal property) present in the home on mm/dd/yy to be included in the purchase at no cost and no warranty." This keeps it from becoming an issue with the loan and appraisal.

Make sure your offer substantiates leaving everything behind. And make sure you document with video or pictures exactly what is in the house on that date.

If you do a separate agreement, make sure that the purchase of the furniture is contingent on you purchasing the home.
You've also established *in writing* that everything you just got in the deal has no value.

soooo... if something is taken away by the seller, that *both* parties have agreed "has no value"...(but the buyer wanted included in the deal)...

you could go to court and sue for ....

nothing..

correct?
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Old 06-28-2012, 08:01 PM
 
Location: Cary, NC
31,648 posts, read 55,388,070 times
Reputation: 30194
Quote:
Originally Posted by Zippyman View Post
You've also established *in writing* that everything you just got in the deal has no value.

soooo... if something is taken away by the seller, that *both* parties have agreed "has no value"...(but the buyer wanted included in the deal)...

you could go to court and sue for ....

nothing..

correct?
It is right in our standard form that listed personal property conveys at no value.

"The following personal property shall be transferred to Buyer at no value at Closing:______________ "

Three points:
1. Minimize red flags for the appraiser.
2. Try to keep the transaction focused on real property, not personal property.
3. Anything in the blank had better be necessary for running a household, i.e., refrigerator, washer, dryer. No tractors, hot tubs, or pool tables, etc.
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Old 07-03-2012, 03:59 PM
 
Location: Issaquah & Snoqualmie, WA (Greater Seattle)
136 posts, read 280,870 times
Reputation: 116
A lot of this depends on the laws of the state you are in as well.

In Texas, we were supposed to list personal property on a separate contract. However, in Washington state, it seems like anything goes with regard to including personal property in the contract - by way of a blank form (which makes me nervous).
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Old 07-04-2012, 09:59 PM
 
Location: New York
158 posts, read 449,089 times
Reputation: 157
Hey my area we include furniture a lot. The lender we usually work with recommends simply listing it on a separate piece of paper as an addendum to the contract and not forward it to the bank. Underwriters and appraisers do not want to mess with furnishings. Keep in mind you could lose house that you obviously like a lot over furniture if another buyer comes along.
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Old 07-05-2012, 09:09 AM
 
Location: Randolph, NJ
265 posts, read 463,376 times
Reputation: 204
The homes I sell are usually sold without furniture. Regardless of whether I am representing a buyer or seller, when the subject of furnishings comes up I suggest leaving it til after the home negotiations. No need to have a deal go south over the price of a sectional in the family room... and that HAS happened.

BTW, I believe that "no value" means no sales tax is due.
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