Whether you are buying a home or you are selling one, one of the things that you need to understand are contingencies. When it comes to buying or selling a piece of real estate, a contingency is a condition that needs to be met before a contract can be considered to be valid or final. A contingency needs to be agreed upon and signed off on by both parties when entering into the real estate contract. As a result, these should not be surprises. However, if you are not familiar with contingencies, finding out what some of the more common ones can help you better prepare for any during your home buying or selling adventure. These are just a few of the more common ones today.
Contingent on the Sale of Another Home
This is a very common contingency for home buyers to make if they are trying to sell their home at the same time, whether it's in an area like Carolina Forest or elsewhere. This is something that is done because they do not want to be left with two mortgages at the same time so they add a contingency to the contract that states that the purchase of their new home will not be considered final until the sale of their current home goes through closing.
This is usually a contingency that is in place...
Selling a home often calls for a great deal of documentation. Some of this paperwork is generated and managed by a real estate agent, but others may require the seller to collect and maintain. With this list, sellers will know which documentation to watch for while selling their homes.
When people decide to sell a home, they quickly realize that the process of selling can be very complicated. A real estate agent usually handles paperwork related to the actual sale, and includes:
- listing agreement for the property, which indicates how the agent distributes payment for services
- marketing plans to attract attention to the home
- purchase contracts offered by buyers and signed by both parties
- mandatory disclosures about the condition of the property
- home buying contingencies placed by the buyer
- occupancy agreements
Much of this paperwork may need to be completed more than once, if the seller ends up going through the process with more than buyer.
Inspections and Appraisals
In order to sell the home, most lenders require an appraisal to estimate the property's current value. Many home buyers also choose to request a home inspection...
Just like knowing which fork to use at a banquet table, selling your home comes with all sorts of hidden rules about good manners. Learning the rules of home selling etiquette will make the process feel a lot smoother, and you may find that knowing how to behave during open houses and showings helps you sell your house a little bit faster. Here are the top five home selling rules to go by when selling your home.
Most rules about good manners have to do with making the people around you feel comfortable and relaxed — in the case of selling your home, your behavior should be determined by what is most likely to make people shopping for a new home feel like they're welcome into your home, yet under no pressure to buy.
Although this may sound complicated, there are a few easy ways to ensure buyers feel at home when visiting your home. Here’s what you should know to make a good impression.
1: Make Yourself Scarce
One of the many benefits of working with a real estate agent is that you don't need to come in contact with prospective buyers during showings. It's not that meeting them is outright rude or anything, but your presence on the property is a big reminder that you're the owner. Most buyers won't want to offend you by commenting on your choice of kitchen cabinets, so they won't feel free to discuss your home or voice their opinions to their own real estate agent if they feel you hovering in the background.
It's also much easier for...
For some people, a fixer-upper is the ideal home because it allows them to start with something old and turn it into something new that suits their tastes exactly. When looking for a new fixer-upper home, it’s important to know what to look for to avoid buying a home that’s in such poor condition it isn’t even worth renovating, so here are a few things to keep an eye out for when looking at fixer-upper homes.
First: How Much is Too Much?
When considering a fixer-upper, it’s important to take into account how large of a project it’ll be. Not all fixer-upper homes are created equally, and it's important to proceed as you would in any home buying process. Some may just have a couple big jobs that need to be done to make it feel like home, while others may need to be completely gutted and reworked from the inside out. Before committing to a fixer-upper, all buyers should decide just how much work they’re willing to do on a home before beginning their search for one.
How the home is configured can be one of the most difficult things to change when it comes time to start renovating. An example of bad home layout is having bedrooms directly beside the family room or living room. When looking for a fixer-upper home, finding one with an acceptable layout can save the buyer a lot of money and...
Building in extra insulation, or replacing old home insulation, is an excellent way to save energy and money on heating or cooling. In fact, improving home insulation is one of the most efficient ways to increase home value. These tips help homeowners understand how to decide if they need more insulation, and which kind might be best.
When Does a Home Need More Insulation?
There are a couple of ways homeowners can determine that they need more insulation. The first involves an analysis of the home's heating and cooling, and the second concerns the actual condition and thickness of the existing insulation. Homeowners may already have some sense that their insulation is not up to par. Certain rooms feel uncomfortably hot or cold, and using the HVAC system does not seem to make a difference. Using an infrared thermometer may be an easy way to identify certain thermal irregularities in the walls.
For a more complicated and thorough inspection, homeowners can get into their home's insulation and see if it meets local standards. The attic insulation is a good place to start. Every type of insulation has a different level of protection, known as R-value. Homeowners can find the R-value that is needed for new construction in their area, and determine if they have enough insulation to suit. If they do not, they should consider adding more.
How Does R-Value Work?
All insulation is measured in what is called “R-value.”...