Arizona Purchase Contract For Limited Personal Property

Underwriting guidelines in the past would allow personal property (typically furniture) to be included in the contract as long as it was indicated on the contract or addendum that the personal property conveyed without any value.

That is no longer the case. Be careful if you are thinking of adding personal property to the contract. You may end getting a call from your lender asking you to either remove the personal property from the contract OR you’ll need to get a 3rd party to document the value of the personal property and then that $ amount would have to be accounted for in the appraisal. Bottom line is, guidelines will no longer allow us to say that the personal property will convey with ‘no value’.

To clarify, the Arizona purchase contract allows for limited personal property items to convey as seen on page 2, line 41-45 of the purchase contract. Those listed are acceptable to convey without any issues.

On a side note, looks like 2015 could be shaping up to be the best year for home sales since 2007.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s