Thursday, August 05, 2004

Not quite gone yet

Of course, the second I post that nothing much is happening, something happens..

My agent called me today and faxed me a bunch of paperwork. I got copies of the earnest money check and the signed, final counter offer. I also got an info sheet to fill out for the escrow company to help them do their job - who my mortgage was with and the account number, etc. And finally, the standard residential Seller's Property Disclosure Statement.

The SPDS is a 6 page document that asks you all sorts of questions about the property. It's looking to uncover any knowledge you have about problems with the house, land, liens, etc. It also tells the buyer who provides what utilities, etc. No big deal here either. But a little birdie did give me one tip that is useful for investors - the last page of this document has a section where you can write in additional information. If the property used to be a rental, it's a good move to cover your butt by writing "Owner never occupied property. Knowledge is limited."

Also, since my contract states I will pay for the appraisal and will be reimbursed for it in escrow, I need to send a check to the appraisal company. My agent tells me she now understands why this was done. It turns out the buyer is another investor who is buying this property as part of a 1031 exchange.

This just in! While typing this, I got another call from my agent. She just received the buyer’s inspection notice. This is a document that is filled out by the buyer after the buyer or something the buyer has hired, has inspected the property. It contains a list of items the buyer wants fixed. As the seller, I can agree to fix all, some, or none of these items. If the buyer does not like my response, he can back out and still get his earnest money back. Haven’t had a chance to go over the list yet.. More later..

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