I get a lot of questions regarding this issue...Personal Property in the Contract:?
- IF the contract contains "All furnishings and furniture," then we require an Estate Appraisal to be completed – because I know of no other option to take into consideration ALL furnishings and furniture. A Consignment "appraisal" is not a true appraisal, as they are only telling us what the Consignment company can sell certain items for in their store and certain items that they would NOT sell in their store. An Estate Appraisal can be costly, but is the only way to make certain that ALL personal property has been considered.
- Obtaining a listing and eBay or Craig’s Listings for each item is not acceptable for these types of items.?
- IF the contract calls for a specific Room of Furniture or specific Items of Furniture or specific furnishings, then the Listing Agent and Seller should provide a list of those same items and an eBay or Craig’s Listing of same items (same items) being offered for sale and at what price will be reviewed and considered.
- IF the contract includes items like Speed Boats, Ski Boats, Jet Ski’s, Pontoon Boats, Motorcycles, Riding Mowers,Golf Cart's then those will need to be documented as to the make, model and year so that a value of the item can be looked up.
- Lastly, removal of the items from the contract is NOT allowed.? Commentary on the contract that the personal property has "no value whatsoever" is not acceptable. ?
A dollar for dollar reduction of the lower of the Sales Price or Appraised Value will then be made and the loan amount adjusted, accordingly, to take into consideration these items.?
Eaisiest SOLUTION....Don't put it on the Contract....
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