Bethania Camilo - Coco,Early & Associates Star Division LLC

Posted by Bethania Camilo on 3/11/2018

When a house is sold, it’s generally expected that the seller will take all of their personal belongings along with them. This includes furniture, pictures, cleaning supplies, and appliances that weren’t included on the deal. This is all in the expectation that the buyer will have a clean property to move into. 

If a seller does leave personal property behind, what are the rights of the buyer? Buyers may wonder if they can move in and actually take possession of the home if belongings have been left behind. There are a few reasons that buyers may leave property behind including:

  • The item is actually a fixture and not considered personal property
  • The item could belong to a tenant (or former tenant)

In these circumstances, each state determines different rights and procedures that must happen in order for the property to be secured without hassle by the buying party.

What If There’s So Much Stuff It Impedes On Moving In?

In the case that a seller has left so many things that a buyer cannot even comfortably move into the property, the contract may be refused. If there’s an inordinate amount of furniture, trash, and personal belongings, you certainly have a good argument to not sign the final contract for the property. Your rights as a buyer do, however, depend on what exactly was written into the purchase contract for the home you’re buying. 

Hidden Items

If an item has been deemed hidden or buried, the buyers have a different circumstance on their hands. Many times, a buyer is obligated to hang onto these items for the seller. The items were not technically abandoned by the seller to the buyer. The buyer becomes what is called a “bailor,” or a keeper of the property, who needs to be an agent in the change of possession of the items.  

Possession Unknown

If the ownership of an item is unknown, the terms of the contract are held up. Standard contracts generally state that any items left behind by the seller have been forfeited to the buyer. If the contract says nothing about personal property, the buyer generally takes on the role of “bailor” again in this instance.

If The Property Owner Has Died Or The Property Has Been Abandoned

If a property has been abandoned due to foreclosure or bankruptcy, or the property owner has died, any personal property that is left behind is a bit more of a risk for both parties. These circumstances generally state that a buyer will be taking on a property “as is” and essentially anything left is the buyer’s problem. 

If a property owner has died, the executors generally take on the responsibility of removing items from the property to be distributed to the rightful beneficiaries. Occasionally, this process doesn’t work out due to family quarrels. In this case, personal property of the seller goes into the category of forfeiture. 

Personal property is just one reason why you need to understand your legal rights when you’re buying a home.

Posted by Bethania Camilo on 12/17/2017

In your search for a home, there’s one option that you may be overlooking. That is the act of sharing a home with others. It can help you to divide the expenses of homeownership and even put you on a faster path to homeownership. When you do decide to share the cost of homeownership with others, there’s a few things that you should know.

There’s so many different advantages to co-buying a home with a relative, even as a married couple. You do need to make sure that the arrangement is well thought out and planned ahead of time. 

The Title

When you buy a house, you receive what’s called a title. In the case of co-ownership, it explains how the buyers are sharing the title. The way the title is set up could have consequences down the road, especially when it comes to one person exiting the house, and parting ways with the agreement.  

When Sharing A Property With A Non-Spouse

When you’re sharing the property with a non-spouse, you have a few options. These include:

Tenant In Common

With this option, there’s no need for a 50/50 split. Buyers are allowed to own unequal interests in the property. If one of the co-owners were to pass away, their ownership would be transferred to one of their beneficiaries. For this reason, tenant in common is the most popular way that buyers who are not related agree in guying a property together and take on the title.     

Joint Tenants With Right Of Survivorship

With this option, co-buyers have no option but to own equal interests in the property at hand as a 50/50 split. If you bought a home with two other people, you’d each have one-third interest in the home, and so on. If one tenant passes away, the remaining owners gain the deceased owner’s percentage of interest in the property. There’s no need for a court proceeding or probate, this happens automatically. Even if the deceased owner has a will designating their portion of the property be given to someone else, the request is null and will generally be refused.   

Both of these co-ownership options allow for an undivided interest in a property. All owners are co-owners as a part of the entire piece of property. If one owner wants to sell, for example, they would be selling their tenancy or part interest in the property.       

Important Things To Do:

  • Create a co-ownership agreement
  • Clarify who owns what percentage
  • Decide who pays the ongoing expenses
  • Give options if any owners want out in the future

You could draft one of these agreements with a qualified attorney. It’s a good idea to sit with everyone before the purchase of the property is made to talk and lay out all of the expectations. Everyone should have one of these agreements in writing, however. 

While sharing a property purchase can reduce your debt, it’s important to make smart agreements and understand whether the decision makes sense for you and all parties involved.

Posted by Bethania Camilo on 12/10/2017

Let's face it – homebuyers often face intense pressure. In many instances, dozens of homebuyers may compete for the same residence. And if you don't act quickly, you risk missing out on your dream house to a rival homebuyer.

Believe it or not, it sometimes can be beneficial to take a wait and see approach to buying a house. Some of the key reasons for homebuyers to consider deploying a wait and see approach include:

1. You can determine exactly what you want in your dream house.

Differentiating between must-haves and wants can be tough, particularly for homebuyers who are shopping for residences for the first time. Fortunately, if you take a slow, gradual approach to homebuying, you can view a variety of residences and narrow your search accordingly.

Oftentimes, homebuyers can benefit from attending open houses and getting a firsthand look at myriad residences. Each open house provides an opportunity to analyze a home, review its pros and cons and determine whether a residence is right for you. As such, homebuyers can attend many open houses to better understand what they want from a dream residence.

2. You can get your finances in order.

Although you know you want to buy a house, getting your finances in order may prove to be hassle. Luckily, homebuyers who implement a wait and see approach can find a mortgage that matches their finances perfectly.

Ideally, a homebuyer should meet with several banks and credit unions and explore all of the mortgage options at his or her disposal. During each meeting with a mortgage lender, a homebuyer can receive expert insights into many mortgage options.

A homebuyer may want to get pre-approved for a mortgage as well. If a homebuyer embarks on a search for the right mortgage today, this individual can move closer to entering the housing market with a budget in hand and simplifying his or her home search.

3. You can find the perfect real estate agent.

Ultimately, the real estate agent that you select may dictate the success of your quest to find your dream residence. If you allocate the necessary time and resources to hire a hardworking and experienced real estate agent, you should have no trouble streamlining your home search. On the other hand, if you rush to hire the first real estate agent that you meet, you risk making the wrong choice.

When it comes to finding the perfect real estate agent, it pays to be patient. By spending some time learning about various real estate agents in your area, you can select a top-notch housing market professional to guide you along the homebuying journey.

Lastly, don't forget to select a real estate agent who is available to respond to any homebuying concerns and questions, at any time. With this housing market professional at your side, you can boost your chances of discovering your ideal residence.

There is no need to rush to find your dream home. Instead, take a wait and see approach to buying a house, and you may reap the benefits of your decision for years to come.

Categories: Buying a Home   buying tips  

Posted by Bethania Camilo on 12/3/2017

When you hire a realtor to be your buyer’s agent, you want to make the most of the resource that you have. If you learn a bit more about realtors, it can help you to work with your agent in tandem to get the best deal on the property that’s right for you. Below, you’ll find some tips to help you navigate working with your realtor and make the whole process quite smooth. 

Be Punctual

You should keep your appointments and be on time when meeting with a realtor. While he works for you, you shouldn’t assume that you’re the only client he has. Yes, you’re important to him, but understand that your realtor is very busy and his time should be respected. If you’re running late or need to reschedule an appointment, always make the effort to call your agent to let him know what’s going on.

Let Your Agent Do The Work

While there are plenty of things that you can do to help your agent through the process of helping you buy a home, you should let him do his job. This means that you should never call a listing agent if you have signed on with a buyer’s agent for yourself. Understand that a buyer’s agent could also get passed on commission if the listing agent believes that you are under a dual agency agreement and do not mention your buyer’s agent. It’s important that all contacts are done through your agent. That’s what they are there for! 

It’s also important to note that you should try and avoid going to property showings and open houses without your agent. If you do need to go to an open house on your own, you should let your agent know so he can make the proper arrangements ahead of time. You should expect to sign an agreement with your agent once you decide to hire him as your buyer’s agent. 

Let Your Agent Know What You’re Looking For 

It’s important that you’re honest and upfront with your buyer’s agent. Buying a home is no small task and your agent is your advocate throughout the process. Your realtor will have a basic understanding of your finances, what you’re looking for in a home, and will even know a bit about your family structure. 

So that your agent can best help you to find the home that’s right for you, don’t try and sugarcoat anything. If you see a house you’re not fond of, say so. If a home seems out of your budget, you need to discuss it. The easiest way to find the property to fit your needs is to relay your desires and circumstances to your realtor.        


Categories: home buyers   realtor  

Posted by Bethania Camilo on 10/2/2017

Understanding how much your home is worth is important for a number of reasons. For one, when you go to sell your home, you’ll have an idea of how much equity that you’re working with. You may need to either refinance your home, take out a loan, or line of credit. Knowing the current market value of your home can give you a good idea of your finances and what to expect. Many people believe that their home is worth more than it actually is. In reality, your home is only worth what people will actually pay for the property in a certain time frame. 

Some websites offer basic ideas of how much your home is worth. You can also use the Internet to search for comparable properties and see what has been sold, how much it has been sold for, and how much other homes that are similar to yours in the neighborhood are worth. You’ll need to be sure that the comparing properties include the same types of features as your own home in order to get a good estimate. 

Consult A Realtor

Experienced realtors in your area are great resources for helping you to determine your property’s value. Many agencies offer free market value analyses, which can help you to see where your home would fall in the current real estate market. Realtors don’t get paid unless your home sells. They can use their many resources to work with you on the sale of your home and help you to price it appropriately.

Hire An Appraiser

If you want to dig a bit deeper in the pricing of your home, you’ll need to shell out a bit of cash. You could hire a certified appraiser who will dig deep into your property to determine the value. Once you find a buyer, another appraisal will happen on the property. The buyer pays for this. If you really want a good idea of how much your home is worth, hiring an appraiser beforehand is key. Keep in mind that appraisers may come up with slightly different estimates for the same home.      

Know The Key Things That Affect Home Value

There are a few big factors that influence just how much your property is worth. While you may love your big kitchen, it goes a lot further than that. Factors that contribute to how much your property is worth include:

  • The amount of land that you have
  • The neighborhood your home is in
  • The schools your home is near
  • How many square feet your property is
  • The condition of your home
  • Any updates that have been made to the home
  • The types of appliances you have
  • Has the home ever been foreclosed on? 
  • Is your home energy efficient?

Based on all of this information, you’ll be able to get a good idea of what your home is worth. Beware of things that can cause a major financial setback on your home’s value like an urgent need for roof replacement, dated windows, or an unknown crack in the foundation. Getting an idea of what your home is worth is a great way to keep on top of your own assets whether you’re prepared to sell or just curious about numbers.

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