Lender tips for Real Estate Agents -- This will be a quick one today. There’s a lot of confusion about what can and cannot be included in a purchase contract with regard to personal property or chattel. The Colorado contract allows for the conveyance of personal property but as a general rule lending does not. There are certain things that are customary and never questioned, items such as appliances and window coverings. However, when the contract includes furniture, big screen TVs, barstools, etc. I can guarantee that a lender will want it removed or have the sales price reduced by an independently verified value of the property included in the contract. Not to put too fine a point on it, but Fannie, Freddie, FHA, and VA (the four entities makes up about 90% of mortgage financing) do not finance furniture, they finance real property. Comments?
Posted on: Tue, 09 Jul 2013 17:56:19 +0000
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