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Home Buying in 10990 : Real Estate Advice

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  • Home Buying7
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Activity 7
Wed Apr 6, 2016
Jan-luc Vandamme asked:
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Thu Mar 3, 2016
Ellievdavis55 answered:
Anything that helps the home be more energy efficient is going to be a good option. The added value is mostly derived from the fact that it will save the owner a significant amount of money on utility costs. Solar is one of the more costly options in that group though. The panels aren't cheap to install, and they likely don't increase the value of the home enough unless you'll be living there for a few years before selling. I would definitely suggest doing some things to make the home more energy efficient, solar panels just might not be that thing.
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Sun Apr 19, 2015
Kathy Burgreen answered:
I'm a retired real estate salesperson and the answer is yes, the seller should continue showing the home & make every effort to sell it. As for the buyer, if the buyer is working with a licensed realtor, the 1st question during the vetting process should have been "How are you paying for your new home?" Any buyer planning to buy a home is either financing it with a mortgage OR paying cash or a combination of the two. The buyer must provide proof with either a pre-approval or proof of funds (cash sale). If the buyer has to sell their home prior to purchasing a new home, then the buyer MUST wait until the contract is signed by both parties BEFORE submitting an offer on a new home. Realtors are well aware that contracts can fall thru for a variety of reasons and a contingent offer should only be for a home inspection or appraisal.

The issue in this situation is if the buyer puts a contingent offer before his house is sold and the deal falls apart, then the seller of the new home could sue because that seller lost valuable marketing by removing the listing from sale.

During the preparation of the contract, it can be written that the closing date will be dependent on the closing of the buyer's home. This will give the seller a guarantee that the sale will go thru.
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Sun Aug 18, 2013
Victoria Aloia answered:
My feeling is that it is the seller 's responsibility to provide the Certificate of Occupancy for the basement. Many times, a basement is finished to cover water issues, mold issues, foundation issues, electrical, and the list goes on.
Most likely, the Town will be happy to work with the seller to achieve the C.O. in order to close.
There may be a few bumps in the road that both the seller and the buyer may have to address, but if the the house is ideal for you and you really like what the basement is offering....
I would dedicate the time to see what the town's perspective is....
Perhaps, the town will pass the basement with some simple documentation from the original contractor.
The fees involved are rather nominal in the whole scheme of things.
The main objective in a situation like this is obtain a C.O. to ensure that there are no defects , no hazards that may be life threatening and equally important is to have the ability to sell the home in the future with a 100% marketability status.
Hope that this helps!
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