Selling a Home with Cement Asbestos Tiles, Termites, or Vermiculite

Selling a home may seem like a challenge for the homeowner who has discovered termite damage, vermiculite, or asbestos components. A home that contains harmful building materials or that has been treated for termites can be sold, however, if certain steps are taken. If you know your home has been treated for termites or contains vermiculite insulation, asbestos siding, or asbestos cement tiles, or if the buyer's inspection reveals one of these issues, knowing the facts can help make your sale go more smoothly. As a seller, you're generally required by law to disclose what you know about your home's termite damage, asbestos tiles, vermiculite insulation, or asbestos siding. The regulations governing disclosures of material facts vary from state to state, but most sales do require a signed statement of known issues.

Selling a Home with Cement Asbestos Tiles

The first key to selling a home with cement asbestos tiles is to know the facts. Asbestos contamination is an issue that's received a lot of attention in the last few decades, but asbestos is only dangerous under certain circumstances. Asbestos is a mineral silicate, once admired for its fire-resistant and insulate properties. While it is no longer used in the United States due to the dangers of inhaling the glass-like dust particles, it exists in an undisturbed state in many American homes. Asbestos tiles, if left alone, are not dangerous. It is generally inadvisable to tear up cement asbestos tiles, and selling a home with cement asbestos tiles that are undisturbed and intact may in fact be easier than selling a home with airborne construction debris. You do have a legal obligation to disclose known asbestos in your home, but buyers should know that asbestos tiles are common in older homes. Friable flooring is flooring that can be crushed or turned to dust by hand. Cement asbestos floor tiles are only dangerous when particles can be inhaled, so your potential buyer may agree that leaving the floor undisturbed is the best option when dealing with asbestos.

Selling a Home Treated for Termites

Selling a home that's been treated for termites should not be particularly hard if you can demonstrate how the problem has been controlled, how the damage was repaired, and how you've continued to protect the home from ongoing termite damage. Potential buyers may ask to see paperwork, which could include descriptions of the termite damage, bills from termite treatment professionals, or inspection reports showing the extent of termite damage. If the buyer's certified termite inspection reveals untreated termite infestations or previously undetected termite damage, steps will generally need to be taken to control the problem before the sale can go through. Termite abatement should be handled by a skilled professional for reasons of safety and effectiveness as well as for the sake of adequate documentation. If a termite inspection reveals evidence of termite damage but no live insects, the home will still be considered infested unless there is proof of prior treatment. It is to your advantage, as a seller, to have a termite infestation professionally treated before selling your termite-damaged home.

In some states, there will be specific questions on seller disclosure forms which relate to termites. Oklahoma, for instance, asks sellers to answer if they are "aware of treatment for termite or wood-destroying organism infestation," and if there is a "termite bait system installed on the property." No matter where you live, your obligation as a seller is to be honest in answering all questions about termite infestations and treatment.

Selling a Home with Asbestos Siding

As in the case of cement asbestos tiles, asbestos siding is dangerous when it's damaged, crushed, or turned to dust. As long as the asbestos siding on your home is intact and in good repair, buyers may wish to cover rather than replace the siding. Whether or not you cover asbestos tiles before selling your home, you are required by law to disclose their presence to any potential buyers. Buyers may want to know what condition the tiles are in, and many inspectors will recommend simply covering asbestos tiles with vinyl or HardiPlank siding rather than undertaking an expensive removal process. The most common management procedure for undamaged asbestos siding is to encase or cover the asbestos tiles with new siding. Since many homes were covered in asbestos tile siding in the 1970s, most home inspectors will be familiar with the most affordable and safe management methods.

Selling a Home with Vermiculite

Vermiculite is a mineral substance that is often found in attics, especially as insulation in the spaces between joists. The product, which looks like course sand or gravel, is made by heating tiny mineral flakes to create puffy particles with fire-resistant and insulating properties. While vermiculite insulation can be excellent at retaining heat, it can also be dangerous: before 1990, most of the U.S. vermiculite supply came from an asbestos-contaminated mine. The mine, near Libby, Montana, produced vermiculite under the brand name Zonolite. Since so much vermiculite was produced at the Libby, Montana mine and is contaminated with asbestos fibers, it is generally advisable for homeowners to treat all vermiculite insulation as a potential source of asbestos dust. As in the case of asbestos siding or asbestos tiles, vermiculite insulation is best left undisturbed. If it can be left alone, it should be - this means not walking on it, not spending time in the attic or using the attic for storage, and not attempting to remove vermiculite insulation without consulting a professional. As a home seller, your responsibility is to disclose the presence of vermiculite insulation to potential buyers. You may want to research the cost of vermiculite removal, especially if it is in a high-traffic area or if the home is going to be remodeled. Working around vermiculite insulation can be dangerous, and renovations should be undertaken with care.

If you've discovered termite damage, asbestos tiles, asbestos siding, or vermiculite in your home, then as a seller, you have the legal responsibility to disclose these issues to a potential buyer. With appropriate management, however, asbestos, vermiculite, and treated termite damage can become minor issues that won't stand in the way of a successful home sale.

*** For more real estate market tips and resources, visit TulsaHomeGuru.

How to Negotiate: 7 Clever Home Buying Negotiation Tactics

Getting the house you want at the price you want can be tricky – even in a buyer’s market. Sometimes a home seller just isn’t willing to budge on price. Don’t despair! There are other ways to sweeten the deal and drive it to close in a buyer’s market. Here are seven tips on how to negotiate with a home seller.

Get the Dirt on the Home Seller

Learn as much as you can about the motivations and situation of the home sellers. For instance, if they’re living in the house and they need flexibility around the closing date, you could offer to be flexible on closing if they move on terms. In the case of estate properties, take some time to learn about the heirs - where they live, what kinds of houses they live in and whether or not they are in legal or financial trouble. It sounds creepy, but most of this information is available for free online once you have the names of the home sellers. You can also research obits and marriage documents that are in the public domain. The more you know, the more leverage you have when it comes time to negotiate.

Know What the Property is Worth

Work independently or with your agent to research comparable sales in the immediate area of the home, then make an offer at least 10 percent below what the market says it’s worth. Dig into the details to figure out how the home you want to buy stacks up against comps, and look for ways to communicate the legitimacy of your offer or requests by backing it up with data. For instance, if all comparable sales have a pool, waterfront property or updated kitchens and the house that you want doesn’t, point that out. Use this data to justify your offer or other requests to create value if they won’t budge on price.

Don’t be Afraid to Ask

If there are things that you want or need to feel comfortable with the deal, ask for them. The home seller can always refuse, but if you don’t ask, you don’t know. If you’ve created leverage by learning about the property and the seller’s situation, you can use this information to ask for things, such as repair of items found during the inspection period or appliances that weren’t listed on the original contract for the house. Don’t make assumptions. Even if your realtor balks at the idea, always ask.

Offer a Quick Close

The faster a deal gets done, the more quickly the home seller can cash out their asset and move on with life. Homes that remain on the market or unsold for extended periods of time become costly to sellers (especially if they’re unoccupied) and start to decline in condition. Offering a quick close builds confidence with the seller as it means that there’s less time for things to go sour with the deal. If you’re situation allows for this negotiation tactic, you might be able to either lower your price or get other benefits in exchange.

Make an As-Is Offer and Ask for the Furniture

If you want to make a reasonable but low offer on a property, consider the pros and cons of presenting an “as-is with right to inspect “ offer. The upside is that you can walk away from the deal if the inspection frightens you. The downside is that what you see is what you get, leaky plumbing, termites, mold and all. If you really want a property and are willing to take it as-is, but aren’t really comfortable with the seller’s floor price, ask for the furniture or other non-fixed assets that make the deal more palatable such as a boat or fitness equipment.

Ask the Home Seller to Cover Closing Costs

If you’re apart on price for the home itself, one way to get around the cash crunch and get a deal done is to meet the home seller on price, but ask them to cover all or part of the buyer’s closing costs. Some home sellers might balk, but if they’re able to do this and want to finish the deal with a sale at a particular price point, this technique can work.

Be Willing to Walk Away

Buying a home can be an intensely emotional experience, but at the end of the day it is really just a business transaction. This means you can’t get attached, and you have to be willing to walk away if you’re unable to negotiate with a home seller or if the seller becomes unreasonable. If the seller’s agent senses desperation or over-eagerness on your part, they might interpret that as a signal that they have the upper hand. Silence can be your friend. Hold your cards close and always be willing to walk away.

*** For more real estate market tips and resources, visit TulsaHomeGuru.

New Houses vs. Old: How Do You Know Which is Right for You?

Finding your perfect home is not always as easy process. With the surplus of homes for sale in most cities, buyers may find there are many properties –both new and old - that meet their search criteria. Choosing whether to renovate an old house or buy a new one can be a tricky decision for some.

Should I Completely Renovate an Old House or Buy a New House?

When deciding on which type of house is right for you, it’s important to take into consideration the following factors:

Style – For many, the allure of an older home is its character and uniqueness. Many of the homes being built today are tract houses that lack personality and quality of construction. An older home will have the charm that many buyers are looking for, rather than being a “cookie cutter” model that someone else has. However, they require a lot of TLC that many buyers aren’t cut out for. Knowing whether to choose an old house or buy a new one largely depends on your style preferences. Do you prefer clean lines, open concepts and a modern look, or are you into a more traditional floor plan with closed rooms, built-ins and nooks?

Lifestyle – Think about how you like to spend your free time. Do you enjoy working on projects, building or creating things at home? Or would you rather spend the evenings and weekends outside of the house, traveling, hiking or shopping? If you answered the latter, an old house may not make sense for you in the long-term as they typically require more maintenance and care.

Resources – Aside from the funds needed to purchase the home, do you have the budget and resources to update and maintain an old house? Even an older home that has been updated can be expensive to maintain due to scarce availability of certain building materials and original fixtures. Many buyers become “house poor” after making their down payment and buying a house. With no savings they have little budget left over for these house updates. If you don’t have the resources to dedicate to updating and maintaining the home, it may be a better choice to buy a new house. Newer houses typically need no initial repairs, no additional budget and are move-in ready.

Patience – Old houses have character, but maintaining that sense of charm doesn’t come easy. Unless they were recently updated, older homes require time and energy to restore. Because they were built in a different time period, older houses may require custom or hard-to-fit materials, appliances and fixtures that many contractors are not skilled in using. These material and construction delays can greatly extend your project deadlines.

Knowledge – Are you knowledgeable about construction and home improvement? Knowing how long restoration and maintenance projects will take and how much they will cost is a major prerequisite for purchasing an older home, especially if you’re planning to completely renovate an old home. If you’re tight on budget and resources, are you able and willing to do some of the work yourself?

An older home can be a quality investment with long-term potential and timeless style. A newer home can be a no-hassle, peaceful retreat that doesn’t require extra money or time to move in. If you do the right planning and homework ahead of time, you’ll be able to find the house that fits your needs, budget and lifestyle and relax, knowing you made the best decision in choosing your new home.

*** For more real estate market tips and resources, visit TulsaHomeGuru.