Frequently asked real estate questions

KNIEPER REAL ESTATE

PAM KNIEPER

Pam Knieper, Broker/Owner of Knieper Real Estate, is and has been the #1 Top Producer for more than 15 years in Hood County and running. She is known as the Waterfront Expert and the Authority on Real Estate.

IF THE BUYERS MARKED ‘AS IS’ ON THE CONTRACT, HOW CAN THEY ASK FOR REPARIS?  There is a section in the TREC contracts titled “Property Condition’ where a buyer can choose to accept the property ‘AS IS’.  Sounds great, HOWEVER, that is a somewhat ambiguous clause, which is often misunderstood.  If the buyers have selected and paid for an Option Period, they have the unrestricted right to terminate during that Option Period.  That is when they will have inspections and do their due diligence.  Should items appear on the inspection they want repaired they have the right to ask for repairs, compensation in lieu of repairs or to terminate the contract and have their earnest money refunded. So, in a very large percentage of contracts that statement basically means the buyers didn’t see anything obvious they wanted to ask for up front.   

WHY CAN’T I DO MY OWN REPAIRS?  The TREC contract states that Repairs and or Treatments must be performed by persons who are licensed to perform such repairs or treatments, or if no license is required by law, are commercially engaged in the trade of providing such repairs or treatments.  Sellers take note, when negotiating repairs, if you plan to do some of the work yourself, be very sure you document that in a written and signed Amendment to the contract.  Otherwise, you could have a nasty surprise the day of closing when the buyers ask for repair receipts that you can’t provide because you did the work yourself.

WHY MUST I DISCLOSE THAT I HAVE VIDEO AND/OR AUDIO SECURITY IN MY HOME? When looking at houses, would you want the sellers listening in on your conversation without your knowledge?  But it’s not just about invading buyers’ privacy, it can also give a seller an unfair advantage in future negotiations.  In this age of technology and smart homes, security is fabulous, but it is important to disclose if you have the ability to observe and listen to potential buyers.  Since I am clearly not a lawyer (lol) I can’t speak to the legal ramifications should you fail to disclose but failure to disclose seldom ends well in any situation. 

AND SPEAKING OF SMART HOME DEVICES…Unless otherwise agreed to in the contract, be prepared to leave them with the house you are selling along with access codes, usernames, passwords, and applications buyer will need to access, operate, manage and control the Smart Device, and to terminate access and connections to accessories from any of your personal devices such as cell phones and computers.  I had a client a few years back who spent three long, hot days moving into her new home with no air conditioning.  THE REASON was, the seller controlled the thermostat remotely and had failed to terminate that connection or to transfer it to the new owner. 

Buying or selling a home is for most people the largest SINGLE financial transaction they will ever make.  How often do you buy or sell a single item for half a million dollars?  So please ask questions and keep asking questions until you are satisfied you understand what you are signing.  And since we at Knieper Realty love talking about Real Estate, we would love to answer those questions.  Give us a call at 817-219-0456 or visit us online at www.WeSellGranbury.com.

pamK@knieperteam.com | 817-219-0456