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Mooers Realty Blog

Latest Maine Real Estate News, Local Community Area Events From Mooers Realty. Help With Buying, Selling Property Listings Process.

Personal Property In A Real Estate Sale | What Stays, What Goes?

Personal Property In A Real Estate Sale | What Stays, What Goes?

The personal property in a real estate sale, what can go, what has to stay?

The listing for a property should spell out if the appliances stay and which ones. Including the make and model so no swap switcharoo helps make it crystal clear. And to avoid an inferior or broken appliance geting added to the sale.dining rm 19 deerfield dr

If the listed price with added personal property items is not met, then none of the personal property has to stay.

What is the difference between personal property and a fixture? When you don't buy and sell real estate often, confusion can happen about what is expected but does not happen. No one should have to wonder what stays, what goes in a real estate sale. Don't leave it to a verbal list that not all the parties remember. And make sure besides spelling it all out on the purchase and sale agreement to warn family members, friends. To leave the property alone... for the seller to make sure nothing evaoporates after the ink is dry on the purchase and sale agreement spelling out the terms of the transfer.

Oil pro-ration is as important as the calculation for the real estate property taxes.

The money lost hurts whoevers pocket did not get the chunk of change. Whatever party gets left out of the reimbursement feels cheated. And when fuel oil in the tank costs are high per gallon, the need to pro-rate is a strong one when there is a considerable amount of oil left at the property for sale. Less hassle happens when there is under a quarter of a tank and the seller says close enough. Don't hassle them with the nickel and dime. But when there are two 275 or 330 gallon oil tanks and they are filled to the brim, the seller should feel the desire to get reimbursed for the fuel oil.

In our real estate list and sale experience it is better when there is not personal property that is wrestled over. When someone helps themselves to items. The appliance left behind often has issues too that adds to the tension. One electrical burner on the cook stove does not work. The freezer in the refrigerator does not do it's job to keep everything frozen. Unless new appliances, under warranty that transfers with the title to the property, broken appliances in need of repair are better to escort out of the building before they are included in a sale.

Often the focus moves far left or right of a real estate property sale and the personal property tug of war over the lawnmower, the swing set or trampoline, hot tub, whatever takes center stage. It can suck the fun out of the house sale when a buyer is excited but suddenly feets cheated because of how the personal property items are handled. Or if they are left behind because they don't work as they should.

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The Skinny On Flood Insurance On Maine Real Estate.

The Skinny On Flood Insurance On Maine Real Estate.

You are eye-balling a property listing, some Maine real estate and the question comes up about flood insurance.

Do you need flood insurance or is the property in a designated flooplain? Time to bone up on the terminology!  A floodplain is a region next to the waterfront that swells and the real estate is affected from high dischanges of water.

How do you tell if a property for sale is affected by flooding, if it is in the floodplain? Check out the flood zones from the FEMA maps. More on the purpose of flood insurance and why it is needed in some cases. Homeowner's, renter's insurance do not typically cover flood damage. Flood damage is one of the most common natural disasters that can wipe out the home sweet home pretty picture.maine map

Sure hurricanes, tornadoes, hail and winter storms can ravage a Maine house and the land around it.

But floods, the force of runaway water gaining speed and volume causes extensive damage. That unlike a freak hail storm where one exterior wall of vinyl siding needs replacement, floods can cause major soil erosion, sweeping a structure down a river to end up at a new property address. Or mold, water logged floors, furnaces under water that were not built to operate in those condition, damage from trees uprooted and slamming down on a roof all make the fix and repair from flood damage highly costly. 

Also, flooding can re-occur year after year unlike lightning strikes or a gale force windstorm repeating the toll on a property. The cost for flood insurance protection would be too high for the average home owner to carry coverage against so Uncle Sam stepped in to the picture. To provide coverage so lending institutions will write mortgages on the real estate.

More than twenty percent of flood damage clains happen to areas outside the floodplaine too. So accurate flood maps are key and being able to determine if flooding does not happen yearly, predicting when it will happen is so important. 

In my Maine real estate area of practice, the FEMA (Federal Emergency Management Agency) maps are studied when listing a waterfront property. Something on the river, bordering a pond or lake, backed up against a stream.

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Continuing Education Credits To Renew Your Maine Real Estate License.

Learning never stops and continuing education credits to renew your Maine real estate agent or brokers license is part of professional standards.

Any real estate agent or broker wants to be up to snuff on the many facets of listing, selling property. And with dealing with the buyers and sellers, the financing, the legal end of the real estate profession too. real estate blog photo1

So what is the deal in Maine? So many states mirror the same requirments for continuing education credits.

The state and national REALTOR groups also help create what is needed surrounding the code of ethics, the reason for the beginning of the trade association. 

In Maine, here is what is needed once you have your real estate agent or broker's license hanging on a wall somewhere.

To keep it current and to be in licensure compliance, 21 credit hours every two years are required. Of that hour amount of education, 3 credits are mandatory, 18 are elective.

Repeating the same couse in a two year period is great to sharpen your knowledge in the area, but the completed sessions don't provide credit hours you can apply to your license renewal. More from the Maine real estate commission on license renewal, the continuing education process.

The correct core courses, ethics courses are continually being updated and improved. And an agent, broker must make sure they are current on the most up to date requirement of each training session. To successfully be complete on what is needed at the time of license renewal. More on available continuing education coures for Maine real estate licensees.

A lot of the education while sitting through a live class is the table talk between sessions, the questions and answers that are part of the take away beyond just getting a slip for 3 more credit hours. The licensing fulfillment requirement is for a reason. To stay current, sharp and continue to reinvent the ever changing real estate list and sell process. 

How to avoid legal hot water, what to do and when to cover the hind end. Understanding all the options to match up the buyer with the best lending program.

A real estate agent or broker does more than shoot images, collect property listing information and upload it all to the Internet or post real estate in local publications. Like most areas of life, the real estate profession has become much more technical requiring continuing education to stay on the top of the property peddling profession. Every agent or broker is a dealer of real estate listings. How they use social media, how to make sure Fair Housing HUD standards are met... it all takes time and study to be in compliance today.

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Granny Flats, She Sheds, Man Caves | Auxiliary Real Estate Structures.

Granny Flats, She Sheds, Man Caves | Auxiliary Real Estate Structures.

Every one has different real estate needs and what works best in a property fit changes with time.

Granny flats, she sheds, man caves are just some of the auxiliary structures added to properties we list and sell. The real estate improvements where you hang your hat is all about the quality of life right? Space that we don't have to share with others but that is ideal for a hobby or life interest pursuit. Everyone needs a big helping of that on a regular basis in their real estate surroundings right? mainephotoslider64

So granny flat, what is that?

Some call a granny flat a secondary suite. It is a revolution in the backyard. Just mention the two words, the term "granny flat".

The first thing that comes to mind for me is the Beverly Hillbillies and what that famous, feisty low to the ground granny would pick for the perfect property structure. An open porch for the rocker, a log cabin shanty space for a big wood cook stove to stir up grits, possum, gravy and chitlins. Personally I am not a big fan of pig intestines when I sit down with the knife and fork in the two hands to dine.

A granny flat is a space to create privacy and maintain independence for an elderly family member. But the structure is within eye or earshot of the primary residence where usually a younger family member lives and is available to check in on the gray or blue hair older relative who does not quite live under the same roof line.

The granny flat helps maintain the sense of living day to day on their own and preserves a person's independence.

But with under a watchful eye for peace of mind and a helping hand of a neighbor with the same DNA. A granny flat like any personal space is a spot to retreat, to say leave me be when it is time to stop the life merry-go-round and stop the world for a time. To collect your thoughts, to regain your bearings. To not be under foot but still handy. To be able to help each other out.

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You Need To Sell Real Estate ASAP | Why The Property Sale Is Delayed.

You Need To Sell Real Estate ASAP | Why The Property Sale Is Delayed.

The sale of real estate in Maine, no one likes to wait around.

Unless they are having doubts about a sale and still getting use to the idea of letting go, moving on. More on seller's remorse because it does not just happen to buyers of property. Cold feet occurs because buying and selling property is life changing decision and highly stressful.

In most sales, the clock is ticking loudly. Some sellers understand the delays in a sale when a real estate professional takes the time to explain the causes. And suggests ways to remove the stumbling blocks keeping a real estate sale from happening. clock 273 dark cove rd

Here is a seller's email while waiting for a sale to happen so they can get on with their life. 

"Hello.  Any interest in the house yet?  We have been thinking  about taking the house off the market at the end of September. Maybe you could use that to get some interest in this place.   If we do that we are not sure about listing again in the spring or not. 
 
(NOTE - Telling the public this place won't be on the market much longer does not force a sale to happen quicker. It takes times for a buyer to prepare to purchase and if a place is going off the market soon, they look to properties that will still be available when they are all set to move forward with a sale.)
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