Throwing Away That Repair Invoice Could Prevent You From Selling Your Home One Day

Throwing Away That Repair Invoice Could Prevent You From Selling Your Home One Day

When working with sellers, it has been interesting to learn how often homeowners have no idea where they have put paper work that may be needed in the sale of their property (e.g., significant repairs and replacements during their ownership). Sellers don’t seem to realize the value of this paper work when a buyer comes along.

Did you know that an incomplete Seller’s Disclosure Notice form equals no seller’s disclosure? Disclosure of a property’s condition is pretty important; in fact, it is the law under the Texas Seller’s Disclosure Act so it is especially important for everyone (sellers, buyers and their Realtors) to carefully read all of the Seller’s Disclosure Notice on a property of interest to make sure sellers
have completed, initialed and signed the form.

Sellers should be given direction by their listing agent about the importance of providing prior inspection reports from the time of their purchase, in addition to other inspections, repairs and replacements during their ownership. Failure to disclose places a seller at risk.

In addition, if homeowners obtained permits as required by their city when having certain types of maintenance, replacement and updating work done on their house, the permit can be a plus at resale time. If in doubt about the type of repairs requiring permits, most city websites will have that information; but if not, a call to the city offices should work.

Some situations exempt an owner from providing a Seller’s Disclosure Notice and, if in doubt, ask your Realtor. Some heirs of estate properties think that the exemption from disclosure for an estate also applies to information they have as a result of property maintenance or repairs made to the property.

They are mistaken.

With all of the issues that can happen when we do things “right”, why risk more issues by taking shortcuts on a property as expensive as your house?

Becky Hopkins, SRES, GRI
CENTURY 21 Judge Fite Company

Serving the Dallas/Fort Worth Metroplex

www.50andholding.com

Double Agents, Are They Good For Your Home Buying/Selling Experience?

Double Agents, Are They Good For Your Home Buying/Selling Experience? Home Buying and Home Selling Tips in Dallas, Texas by Becky Hopkins

Be careful about agents who work both sides of the table.

Thanks in large part to the internet, today’s buyers and sellers are more informed than in years past – which is a good thing.

While catching up on reading recently, an issue of Texas Realtor magazine with statistics from a 2009 survey caught my eye. According to the survey, 38% of buyers and sellers worked with a Realtor who represented both buyer and seller in a transaction. This is known as “dual agency” and although it is legal in the State of Texas and was disclosed to the buyers and sellers, I have to ask myself
why an informed buyer or seller would want their agent to also represent the
other guy.

My question: Did these buyers and sellers understand how dual agency would affect them in the transaction and especially during the contract negotiation phases?

I need to disclose that I am not a lawyer and am not attempting to practice law, but it seems to me that dual agency is a conflict of interest and really is a buyer or seller common sense decision. With dual agency, there is not the same line of open communication between a Realtor and his client because the Realtor has
made the same type agreement with the opposing party(ies). With dual agency, the Realtor can’t advise either client so it isn’t unlike working with one hand tied behind his back.

The next time you are preparing to sell or buy property, be sure to (i) read what you are asked to sign and (ii) ask about anything you don’t understand before signing. In Texas, contract forms don’t use the words “dual agency” but you can ask your Realtor about this and say that you don’t want dual agency in your
transaction.

Sales teachers may tell their agents to sell the sizzle – but in real estate at least, my suggestion is to go with the steak – or substance.

Becky Hopkins, REALTOR®, SRES, GRI
CENTURY 21 Judge Fite Company

Direct: 469-568-7654

www.50andholding.com

Serving the Dallas/Fort Worth Metroplex

5 Things You’ve Always Wanted To Know About Roofs – Home Ownership

5 Things You’ve Always Wanted To Know About Roofs – Home Ownership Tips in Dallas, Texas by Becky Hopkins

Whether you are a buyer or seller, the roof is a significant part of the transaction. An older roof or a poorly installed roof may give the buyer some leverage in negotiating a contract, whereas, a newer, well installed roof is a plus for the seller.

So what about the matter of overlays of which there are still more than a few?

Roof Replacement in Dallas, Texas

Wood shingles were a mid-century version of trendy. When they became dry and split, owners would often install a composition roof over the wood shingles because it was less expensive than first removing the wood shingles. However, about 10-12 years ago, changes in municipal codes required removal of the old decking.

More recently, insurance companies have stopped approving homeowner’s insurance for overlay roofs.

So – this is an important piece of information. If you are a buyer, you want to make sure a property’s roof isn’t an overlay or you can be prepared to replace the roof after you have closed, the title transfers to you, and it is policy renewal time.

Until the closing, the property will be covered by the seller’s insurance. However, even if you can get insurance and financing approval in order to close on your purchase, you still can be denied coverage for the older roof at renewal time.

If the Notice of Seller’s Disclosure says the roof is not an overlay – nevertheless, if the roof is older or looks questionable, it is a good idea to be proactive and have the roof inspected by a home inspector and/or reputable roofing contractor. Or occasionally a seller will agree to having his insurance company inspect the roof for replacement purposes.

If you are an owner planning to sell your house, one piece of information you should be prepared to disclose is whether the roof is an overlay; and if you have an older roof or a cheaper overlay job, you may need to budget for replacing that roof prior to
placing the property on the market. And, sellers, a new, well installed roof is a pretty big bargaining tool when you find your buyer.

Becky Hopkins, Realtor®, SRES, GRI
CENTURY 21 Judge Fite Company

Direct: (469) 568-7654

www.50andholding.com

Serving the Dallas/Fort Worth Metroplex

Truth or Consequences Has Never Been More Relevant – Home Selling Tips

Truth or consequences has never been more relevant – Home Selling Tips in Dallas, Texas by Becky Hopkins

In another lifetime there was a popular TV show called “Truth or Consequences”. As a little girl, I just understood the basic rules of the game: players attempt to guess which is being told – a true statement or a false one. However, this theme has become more
sobering as it appears there is a growing number of people in one of two categories: (1) those who don’t understand the meaning of honesty, or (2) honesty is not taken seriously.

“Why?” you may ask would this be in a real estate blog? I would answer “why not”?

Either dementia is truly epidemic, or the epidemic lies within our core – with our loss of integrity, basic honesty, our personal ethics.

There is something called the Texas Seller’s Disclosure Act which requires most property owners to disclose everything they know about a property they are attempting to sell. When an owner wants to sell, generally the dominant thought in the owner’s head
is “how much can I get for this property?” That’s it. Of course, buyers have a different mindset, but this is about sellers.

Owners would be advised to understand that withholding known information about their property can create more grief than they can imagine. It also can make a serious dent in their bank account, depending upon the nature of undisclosed information, whether the buyer experiences damage to the property, and to what degree the damage occurs.

Becky Hopkins, REALTOR®, SRES, GRI
CENTURY 21 Judge Fite Company

Direct:

www.50andholding.com

Serving the Dallas/Fort Worth Metroplex

469-568-7654