Tag Archives: selling

All About Contingencies: BHHS Hodnett Cooper Real Estate

All About Contingencies

As you browse listings on BerkshireHathawayHS.com or realtor.com, you may find homes you like that appear to be unavailable, due to some kind of contingency. If you find the perfect home, but it’s labeled Active Kick Out or Contingent, should you pursue it or forget it?

The reality is that contracts fall through sometimes. If you have a back-up contract, you can buy the home should it come “Back on Market” or “BOM.”All About Contingencies

Active kick out
Active kick out means the seller has accepted a contingent offer, such as the buyer has a home to sell before they can close on the seller’s home. The seller can reserve the right to accept a better offer and “kick out” the previous buyer. They must give the first buyer 48 to 72 hours to either remove the contingency and move forward with the purchase, or back out of the contract.

Contingency
Nearly all offers-to-buy have contingencies. Typical contingencies include provisions that the home must meet the appraised value by the mortgage lender’s third-party appraiser, or it must pass a professional third-party home inspection to the buyer’s satisfaction. The buyer may make the contract contingent upon the lender funding the purchase.

Option period
Option periods give the buyer time to get financing and complete home inspections and the appraisal. Unless the buyer acts on a contingency, the home is considered out of option but it can still fall out of escrow.

To learn more, contact your Berkshire Hathaway HomeServices network professional.

Home Buyers and Sellers: Hold Off On the Realtor Until You Do These Things

Home Buyers and Sellers: Hold Off On the Realtor Until You Do These Things

It doesn’t matter if you are in the market for a new home or trying to sell your current home – the first thing most of us think to do is call up a realtor. While a realtor is definitely an expert in the process, there are several things you can do before hiring one to make your life and their job easier. Once you are ready, real estate agent Pat Cooper suggests that you pick a realtor who has a proven record, a fantastic reputation, and a company that is behind the agent with the tools and marketing to get the job done. This will ensure that all your prep work pays off.

From a Buyer Standpoint:

Tackle the Mortgage

Just uttering the word “mortgage” is enough to make anyone shudder but it is a necessity when you are buying a home. Cooper recommends that buyers talk with a mortgage lender or their bank to see what they qualify to borrow. A word of caution: don’t go with the first lender you come across. In addition to getting mortgage pre-approval, look into other ways to finance your new home, such as first-time homebuyer loans, VA loans, or builder financing programs – this article explains in greater detail.

Know What You Want

Looking at homes is fun and exciting, but you’ll make better use of everyone’s time if you know what you need in your future home. Perhaps you’d like a patio or granite countertops, but instead of focus on things that can be added later, think about the future. For example, if you plan to expand your family, you might need an extra bedroom or two. If you have a family member with mobility issues or plan to age in place, a one-story home might be a better option. Look at things outside of the home itself, such as the location, which is a factor that can’t be changed. Is the potential home close to work and school? Child-friendly? Pet-friendly? Safe? Easily accessible? Close to important amenities such as healthcare, recreation, shopping, etc.?

From a Seller Standpoint:

Home Buyers and Sellers

Prepare Your Home

Once your home is on the market, the requests for showings will start pouring in, so it’s best to get a head start on getting it first-impression ready. Cooper recommends that homeowners declutter as much as possible. They should make sure the exterior of their home and yard make a good first impression as that is the first thing buyers will see. To put it simply, you need to clean the entirety of your home, including those places you don’t often think about, such as the tops of high cabinets, baseboards, and ceiling fan blades. Everything should be cleared off of counters and have a place other than stuffed in a closet. If necessary, put items in storage, or host a yard sale so that potential buyers can see the storage potential. Spruce up the outside of your home as well by adding curb appeal with these budget-friendly ideas.

Get an Inspection

After all the cleaning and decluttering, it might seem like your home is in good working order, but there could be underlying issues. It is recommended by Cooper that sellers should prepare their home by either having an inspection done by a professional, or at the very least, making sure that all of their systems, appliances, plumbing, and roof are in good condition. By having your home inspected, you can uncover any problems and make repairs, or reduce your asking price to compensate. It is up to you to decide what repairs to make, but any big issues – such as a leaky roof or a busted HVAC – are worth fixing. If you choose not to make repairs, keep in mind that most states require full disclosure of any known problems.

A Pet-free environment

Now that your home is ready for the public, be sure that your dog, or other pets, are out of the house when you have an open house or when potential buyers are viewing your home. Even though you’re an animal lover, everyone who comes into your home may not be, or they may simply have allergies to your breed. If your schedule won’t allow you to take your dog during a viewing, opt to board your dog with someone you can trust, or ask a friend to take your pooch for a walk.

Finding your new home or selling your current one is exciting and scary all bundled into one. By following the tips above, there is no need to fear. You’ll feel prepared, and your realtor will be ready to take the lead.

Article provided by Natalie Jones from HomeownerBliss.info.

Five Must Do Home Improvements For Resale

Wondering What Home Improvements For Resale Are Best?

Most buyers want a move-in ready home that’s clean, updated and functional and they’re willing to pay more to get what they want. Here are just a few improvements you can do that will go a long way with buyers.

  1. Update the finishes. If you’re going to improve a room, update everythiHome Improvements For Resaleng, even the light switches. Get rid of popcorn ceilings, which are universally reviled by buyers. If you have wood floors, pull up your old carpet and polish the wood until it gleams.
  2. Reconvert the conversions. Conversions are usually awkward, such as garages turned into living spaces. The house and garage elevations are rarely the same, the driveway leads nowhere, and there’s no place to park cars away from the next hailstorm. Offer to reconvert on request.
  3. Paint neutrally. Nothing improves a home like fresh paint. Your Berkshire Hathaway Home Services network professional can help you choose sellable colors and finishes.
  4. Fix obvious problems. If you can see it, your buyer will see it, too, so fix the sticking door, the running toilet, the leaky faucet, the busted sprinkler head, the wobbly ceiling fan, the loose doorknob, and so on. Buyers are so turned off by dirt, so plan to deep clean every nook and corner.
  5. Say “Welcome!” with curb appeal. Fresh modern paint on the front door, a new welcome mat, potted flowers, shiny new porch lights all show pride of ownership – something you want your buyers to feel, too.