Tony Lewis, Summit Real Estate Group Valencia & Aliso Viejo (Summit Real Estate Group)

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Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

homeowners need to be educated on the negatives of purchasing solar panels with a long term note..... that's a payment that could cost a homeowner a sale in the future....

Jul 17, 2016 09:33 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Not a danger with solar, sometimes a danger with the way they set up the deal. And the fossil fuel dealers will spend millions to try to scare away energy that they cannot sell.

Jul 17, 2016 01:32 PM
Rainmaker
2,775,931
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I did this twice. Once, I financed and paid it off. The second time cash. The small print hurts your eyes....lol

Jul 17, 2016 10:09 AM
Ambassador
3,339,604
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Buyers and Sellers need to proceed with their eyes wide open ... in my area many agents market the property has solar but fail to mention that it is not paid for may cause issues with the sale. 

Jul 17, 2016 09:39 AM
Rainer
352,976
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

You certainly can't sell something that is not owned and I agree unless you own the system it can become an issue.  We added solar in 2105 and purchased the system.  My only regret is not doing it sooner.  I think the conversation with sellers should be if you lease your solar system let's discuss the alternatives if the new buyer doesn't want or can't qualify to take over the lease.  Some sellers will pay it off and others will have the solar company remove if this becomes an issue.  Solar is here to stay and we need to have reasonable solutions for our clients.  Good topic as it comes up often.

Jul 17, 2016 09:37 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Tony.  Not all solar installations are leased panels.  There are a wide variety of different options around the country.

Jul 18, 2016 03:34 AM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

You seem to have an agenda.

Jul 17, 2016 12:03 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Those long term agreements are no good. It doesn't come up much in my area, but I'm aware of this situation and would certainly have my buyers look into it. 

Jul 17, 2016 11:50 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have never sold a home with solar. The cost is so high in my area that is is not an option homeowners choose.

Jul 17, 2016 11:42 AM
Rainmaker
908,708
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

People keep promoting solar in this area, but they forget to mention long term leases and liens. People need to be wary of and " Easy Financing " and " $10,000.00 tax cedit" sales lingo.

Jul 17, 2016 11:33 AM
Rainmaker
4,901,834
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I have them read up on it.

Jul 17, 2016 10:54 AM
Rainmaker
4,554,400
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

It's a discussion but danger is not a part of the conversation.  

Jul 18, 2016 05:07 AM
Rainmaker
1,498,448
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No, they don't ask me.  I do counsel to avoid listings with solar panels though.

 

I do however advise when asked on NextDoor not to lease them.  Buy them out right. 

Jul 18, 2016 03:22 AM
Rainmaker
108,016
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

The word "Scam" comes to mind. Most people wind up in a 20 year contract on leased equipment that will be obsolete in 3-5 years. Many utilize the HERO program which then makes it impossible to refinance their homes. Fannie issued a bulletin on this very recently. homeowners also face a bigger problem if they go to sell their property. The new owners can either agree to assume the terms of the remainder of the lease, or the seller will have to pay for it out of the sales proceeds--which is often between $10,000 to $20,000. The solar company records the contract against title so that they are notified that a change of ownership or a financing change is taking place.

I blogged about this a few years ago...

Jul 18, 2016 03:01 AM
Rainmaker
1,722,926
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

We do discuss it and I am sure folks quickly forget.

Jul 18, 2016 12:36 AM
Rainmaker
5,192,989
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Many pitfalls to solar including the long term costs before benefits kick in!

Jul 17, 2016 11:57 PM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Solar is very popular in Arizona since we have a lot of sun. It depends on the deal itself.

Jul 17, 2016 11:55 PM
Rainmaker
1,390,113
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Typically we don't meet clients until after the deed is done and they're ready to sell.

Jul 17, 2016 11:17 PM
Rainmaker
4,853,482
Richard Weeks
Dallas, TX
REALTOR®, Broker

No, has not been an issue for me.

Jul 17, 2016 11:17 PM
Rainmaker
2,169,925
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

was not aware

Jul 17, 2016 10:58 PM
Rainmaker
987,152
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Danger with solar panels? Doesn't make sense, are we sure it's not a problem with intallation?

Jul 17, 2016 10:31 PM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

WIthin the last year it has exploded here in NH. I have not listed a solar home yet so have not faced it head on. I have though heard the rumblings

Jul 17, 2016 10:28 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you.

Jul 17, 2016 09:31 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

We don't pursue listing homes that have leased solar...

Jul 17, 2016 09:30 PM
Rainmaker
7,793,699
Roy Kelley
Retired - Gaithersburg, MD

Many home owners are shocked when told that the outstanding balance must be paid at settlement when they sell.

Jul 17, 2016 09:27 PM
Rainmaker
5,096,366
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

No, I'm not. I just don't see it in my area so it's not apoint of discussion.

Jul 17, 2016 09:16 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tony Lewis - sometimes  some homes come with it... you just can't change that!

Jul 17, 2016 03:41 PM
Rainmaker
4,136,405
John Pusa
Glendale, CA

Tony Lewis This is very good helpful report on installing solar on a home.

Jul 17, 2016 02:45 PM
Rainmaker
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Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

Great thread, thanks all for this discussion.

Jul 17, 2016 12:36 PM
Rainmaker
4,975,717
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I agree with Barbara Todaro ..education is the key!

Jul 17, 2016 12:04 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

There is very little solar in this area, but I do give them information to check out.

Jul 17, 2016 11:32 AM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thanks for heads up Tony Lewis 

The PA contracts identity leased items such as propane tank or security system.  I am not aware of any residential property with solar panels yet.

Just saw electric fence powered by small solar panel.  Purpose: keep the black bear away from six bee hives in western NY.  We were attending family gathering at relatives home

 

 

Jul 17, 2016 11:25 AM
Rainmaker
1,237,495
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Those lease systems can be a rip off.  I get one call a month soliciting..... 

It is unpopular at the moment. Came back from Solar Engr Exhibit/convention.

Jul 17, 2016 09:50 AM
Ambassador
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Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

I believe sellers need to have a solution if they ever decide to sell their homes, and they are still making payments for those solar panels.  More folks are getting these panels for energy efficiency.  

Jul 17, 2016 09:42 AM