What Are Seller’s Disclosure Forms, and How Do They Work?

When you sell your home, you’ll be asked to fill out a seller’s disclosure form. But what is that all about? Today, I’ll explain.

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Though some people dread seeing the document, the seller’s disclosure form isn’t something to afraid of. It is, however, very important to fill out properly.

When you put your home on the market, your agent is going to ask you to fill out the disclosure form. It’s a way to disclose the things you know about your home so that the buyer can move forward with the transaction (or not) fully informed about your home.

The document will ask about things like the age of your roof, the appliances, the heating and air systems, and so on. It will also ask about whether all the systems and appliances are in working order. Further still, there will also be some odd-sounding questions, such as whether or not you have a nuclear waste facility in your backyard, and so on.

Seller disclosure forms are there to protect both you and the buyer, and they can serve as a great selling tool.

It’s important that you answer these questions as truthfully as you can, and your agent isn’t supposed to fill it out for you—they can give you advice, but as the homeowner, it’s your responsibility.

If you’re not sure about an item on the document but want to be sure you’re disclosing everything about your home, I suggest getting a home inspection done up front; while they aren’t perfect, a home inspector will document 99% of what’s going on with your home so you can be sure you’re fulfilling your disclosing duties. If there’s something serious that needs to be fixed, go ahead and fix it, and keep the paperwork so that you can show your buyer proof. Pre-inspections will also help the buyer feel more comfortable with your listing.
 
The bottom line with seller disclosure forms: They’re there to protect both you and the buyer, and they can serve as a great selling tool.

If you’d like more advice about this or other aspects of the real estate process, feel free to reach out to the Charlotte Mabry Team. We’ve got you covered.

Is It a Good Idea to Roll Your Student Loan Debt Into Your Mortgage Payment?

Consolidating your student loan debt and your mortgage might seem like a good idea, but the drawbacks outweigh the benefits.

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Is refinancing a student loan and consolidating your student loan debt and mortgage a good idea? While this does bring with it certain benefits, there are many drawbacks to doing it too.

For one thing, reshuffling your debt is great, but it doesn’t make that debt go away. All you’re doing is moving it from one plate to another. It might make you feel better, but all you’ve really done is taken equity out of your home by increasing the debt on your mortgage.

For example, if you were to add $27,000 worth of student loan debt to a 15-year mortgage with a 5% rate, you’d add about $214 per month to your mortgage payment. And here’s the kicker: By setting that up on a 15-year loan (assuming you stay in the home the whole 15 years), you’d add $11,400 in interest to the life of your loan.

Also, if you lose your job while having a separate mortgage and student loan debt, your student loan payments could be deferred or slowed down. For a mortgage, though, there is no such provision if you lose your job, so if you have both debts rolled into one, you’ll have to keep paying your mortgage payment and your student loan debt.

If you were to add $27,000 worth of student loan debt to a 15-year mortgage with a 5% rate, you’d add about $214 per month to your mortgage payment.

On top of everything else, if you roll too much student loan debt into your mortgage and the market changes and decreases your home’s value, you might end up owing more for it than it’s actually worth.

So be cautious about rolling another payment into your mortgage or doing anything that might pull equity out of your home. It might seem like a good idea on the front end, but I think it’s probably a mistake on the back end.
 
If you have any questions about this topic or you’re thinking of buying, selling, or investing in real estate, don’t hesitate to reach out to me. I’d be happy to help you.

Prepare Your Home Now for the Coming Cold

Now's the time to prepare your home for the cold winter months. Today I have some places for you to start your fall home maintenance.

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With fall right around the corner, now is a great time to think about certain home maintenance tasks.

First and foremost, you should clean out your gutters. As leaves begin to fall, it is a good idea to clear your gutters of everything that fell into them during the summer. This task can be handled by a professional, if you choose to hire one.

You should also check your chimney and fireplace to ensure that they are in good, working order. I was just reading this morning that it is recommended to have your chimney professionally cleaned every 50 to 70 uses. So if you're regularly burning real wood in your fireplace, you probably will want to get a professional to check it out.

While you're checking on that, why not check your roof as well? During our summertime storms, roofs can sustain damage. I would advise having a professional roofer come out and check yours before the end of the year. This usually costs between $100 to $150, and some can even check your shingles with drones.

It's always good to walk around the exterior of your home and look at what could cause problems or injuries once the weather turns bad.

You also want to make sure all your doors and windows are sealed up to prevent moisture and critters from getting in. You want to keep pests from taking up residence in your home during colder months.

If you're anything like me, you leave the garden hose out during the summertime. Now's a great time to disconnect them from the faucet, and maybe cover the faucet, to prepare for cooler weather.

It's always good to walk around the exterior of your home and look at what could cause problems or injuries once the weather turns bad such as tree limbs falling on your roof.

If you have any questions about maintaining your home this fall, or if you're interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.