Our Instructor:  Cliff Colby is a Licensed Florida Real Estate Instructor, Licensed Real Estate Broker, and Business Broker. Aside from Real Estate, Cliff Colby also has expertise in math, business writing, and technical sciences.  Cliff has been teaching all over the world since 1996.   read more

The Furnishings Trap

"I was so mad I could just scream!" A REALTOR related to me just the other day.  She just lost a sale on a nice Townhouse because the buyer and seller just went loggerheads over some used furniture (The Furnishings).  "You sell Real Estate, not furniture - What Happened?" I asked.

Try to avoid this situation.  Writing personal property into the contract is troublesome.  Firstly, Lenders don't want to see it on a contract even if it is assigned zero value.  Better to have the seller and buyer make a deal outside of the Real Estate contract.  Better still for the seller to liquidate the furnishings and convey no personal property.  Seller's remember what they paid for the furnishings new and they think it is worth much more than the buyers are willing to pay.  Of course there are exceptions like condos where moving the furnishings is more difficult.  But, writing furnishings into the contract is a trap best avoided.  You don't want to lose the sale because the sellers think the buyers and short changing them on furnishings.  Simplify your contract.

Terms to know

Material Fact:  A piece of information that affects the value of Real Property and is relevant to a person making a decision about the property.  As a transaction agent, you must disclose all known facts about a property that affect the value of the property.

Procuring Cause Agent:  A Real Estate Agent whose efforts are the cause of an executed sales contract, regardless of who actually writes the contract.

Colby School of R.E.A.L.* Thought

*Real Estate Advanced Learning

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