Updated: Jan 31
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.
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.