Don’t Depend On The MLS Comments
November 1, 2007 | By Kelley Koehler | Filed Under Home Buying
”Seller will give a $2000 flooring allowance at close of escrow.”
…but only if you buy it for full price.
“Roof will be placed prior to closing.”
…but not if you buy it at the ‘as is’ price.
“All fogged windows will be corrected before closing.”
…and by that, we mean we’ll give you money and you can go fix them.
“The barbeque and patio furniture convey with the house.”
…except when you show up at the walkthrough and they’re gone.
Many, many times, there are comments made in the MLS regarding an incentive offered by the Seller that just aren’t completely true. Unfortunately, you can’t depend on getting these kinds of incentives unless you specifically negotiate for them in the offer.
If you want the roof fixed, or a flooring allowance, or really really want their patio furniture, you’d better be asking explicitly for those things and securing a decision that is recorded in a purchase contract. Most often, offers made via MLS comments aren’t enforceable (at least as far as my company’s legal counsel is concerned – if you’re in the middle of one of these situations, get your own legal advice.).
Personally, I think those Sellers ought to be just making those repairs and removing those items as negotiating tools. Go replace the floors or the roof or windows, so that a Buyer can’t use those things during a negotiation to get a lower price for the house.
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Does it matter? Really, they will have to do this stuff sooner or later. With less than 1000 sales… the sellers better get on the clue train if they want to sell.
It matters if you’re in the middle of negotiations for a house, or planning to be in that situation soon. Some sellers have advertised incentives and will honor those no matter what. Others advertise incentives and only intentend to honor them if, for example, they have a full price offer.
Great post. Watch out for comments like “all appliances convey”. The buyers see beautiful kitchen appliances, but then the sellers take the nice appliances and put in junkers before closing. On the contract it is a good idea to write the make and model of the appliances that are to be conveyed.
If it is not in the contract, you can not depend on it happening!
That which is stated in the MLS, as the verbal agreement; it’s not worth the paper it’s written on. Even then, make sure it is all done prior to closing.