When working with buyers and sellers, one common question we get is, "How do energy efficient items affect my home value?" Add a solar electrical system. You can buy or lease a solar system. If you do lease the solar system, the appraiser cannot get any value for the system on the appraisal report because the system is considered personal property. However, there will be a UCC filing on the title report if you choose to sell your home or refinance it. If you choose to sell the home, the solar system lease will have to be transferred or paid off. Before you lease a solar system, see how the solar company handles home sales so you know what to expect if you sell down the line.
There's also a program called the Home Energy Renovation Opportunity. This program has over 900 energy items you can add to your home. These items will be added to your property taxes and paid through the tax bill. Again, if you plan to sell your home, it's important to pay attention to the cost of these items. Some can be transferred through the sale, and some may need to be paid off at the time of the sale. Hopefully, this answered a few basic questions about energy efficient items and home value. If you have further questions, give us a call or send us an email. We look forward to hearing from you!
Today, I want to share contract timeline guidelines to help de-mystify the process a bit. It all starts with an offer and the acceptance of that offer by the seller. The clock then begins ticking, and the buyer then has three days to get the deposit check in. Typically, the verification of down payment and the pre-qualification letter is provided with the offer, but if it isn't, the buyer has three days to get those things to the seller as well. The seller then has seven days to get all the disclosures to the buyer. These include the Seller Property Questionnaire and Transfer Disclosure, among others. Next, the buyer has 17 days after the accepted contract to have their appraisal done, their home inspection, and review all the disclosures provided by the seller. The seller cannot cancel during this contract period, but the buyer can cancel the contract and get their deposit back within the contingency periods.
Twenty-one days after acceptance comes the removal of the loan contingency. If everything goes smoothly, the buyer has five days prior to the close of escrow to verify the property's condition and to see if any repairs have been completed. If everything is done and ready to go, we go to close of escrow and the property is finally sold! Something critical to keep in mind is the rights of the buyer, which in my opinion outnumber those of the seller. The buyer can cancel during this period, but the seller cannot cancel unless the buyer does not perform! I hope this gives you a bit more clarity regarding the contract timeframes. If you are looking to buy or sell a home, or if know someone who is, please don't hesitate to give us a call. We would love to hear from you!
