Selling a Home - What Personal Property Stays?
The home selling and buying process can be confusing,
particularly when it comes to figuring out what items stay with
the home. This is especially true when it is a FSBO (for sale by
owner) operation. It's even tougher when neither the seller nor
the buyer is in the real estate business. This article sorts out
what personal property stays with the home when it is sold.
Personal Property
Although every state has slightly different rules, there are
general guidelines to what goes and stays when a house is sold.
Typically, any items attached to the home stay with it while
non-attached items are considered personal property and go with
the seller. For instance, the seller typically takes personal
property such as tools and potted plants.
Certain personal property items, however, don't always go with
the seller. In Virginia, items such as stoves, washers and
dryers, refrigerators and built-in microwaves usually stay with
the home when the buyer moves in.
If you're a seller and you don't offer the items generally
expected to convey, you make your property less attractive than
the competition. With the red-hot real estate market, it may not
matter. You may still sell your property quickly and easily.
Conversely, if you're a buyer, you can gain an edge with a
seller who wants to keep an item of personal property. Allowing
them to haul off a particular item is a good way of building
good will. When deciding how you want to approach your options
here, consider how competitive the situation is and the monetary
value of the item. You always want to keep the big picture in
mind.
As with most things related to the real estate buying and
selling process, keep in mind the relationship between the
parties. The buyer and seller are not enemies and all items on
the table don't carry equal importance for both parties. If you
are willing to be reasonable, there is almost always a win-win
solution.
Selling and buying a home can be an emotional rollercoaster. If
the parties work together, it doesn't have to become a scary
one.