Can personal property be included in the Purchase Agreement?

Personal Property Swing Set

Underwriters are always blamed for being picky but when they see personal property listed on the first page of a Purchase Agreement, they get super crabby.  The underwriter will claim that that the loan will not be insured if there is personal property included in the sale. Here is an example:  The agreed upon Purchase Price of a home is $200,000.  In that $200,000 agreement, the Seller has included an outdoor play set in the backyard. The Play set is not considered “real property” but is considered “chattel” which is…

Read More

12 First Time Homebuyer Mistakes to Avoid

Buying a home

As the housing market and economy continue to strengthen, many folks feel they are back on their feet and are looking to buy their first home.  The price for renting a home continues to increase as well, adding urgency to many young adults. Understanding the Home Buying Process Buying your first home is an intimidating process.  Not only is this uncharted territory, this is usually the largest financial purchase you will make in your lifetime.  Plus, there are a lot of moving parts including finding a home, making the offer,…

Read More