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Tip from an Underwriter

Posted on March 4th, 2020

First, What's an Underwriter?

The people who evaluate a loan application to determine the risk involved for the lender. Underwriters also analyze the borrower’s creditworthiness and the quality of the property itself. (See here for more mortgage terms)

During a Real Estate deal sometimes there will be a personal items that a buyer may request to be left with the home or a seller may just not want to take with them. 

Usually those items will be added to a part of the contract. 

If so, these items need to be noted as "no value."

Why? 

Underwriters will see that as a seller concession. 

What kinds of Personal Property are we talking about here?...

Riding Lawnmowers, Extra Flooring, Patio Furniture, Trampolines, Curtains, Water Fountains...

Suggestion: Either leave the personal property out of the contract or note "no value" next to the listed personal property.

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