Dana Claflin - ERA Key Realty Services



Posted by Dana Claflin on 10/15/2020

Selling a home takes patience. Especially when youíre balancing your time between settling into your new home, and keeping up with your work and family life. So, when youíve finally gotten to the point of accepting an offer on your home, youíll probably breathe a sigh of relief--and you should!  However, there are still a few more things that will need to happen and a couple of things to consider before closing the deal on your home sale.

Contingencies on the purchase contract

A purchase contract typically includes contingency clauses that are designed to protect the interests of both the buyer and the seller. These clauses mean that the contract is contingent upon the actions being completed before it can be legally valid.

There are three main contingencies that will likely be included in the purchase contract before closing--inspection, financing, and appraisal.

Inspection contingency

The inspection contingency allows the buyer to have the home inspected by a professional before closing (the time should be specified within the contract, but the inspection should usually occur no more than two weeks after you accept the offer). A home inspection lets the buyer know what to expect in terms of repairs that the home needs now or will need in the near future.

Financing contingency

Since the vast majority of buyers will be purchasing their home through a loan, a financing contingency is included to allow the buyer time to secure their mortgage. Getting pre-qualified and pre-approved makes this process easier, but the buyer will still have to finalize and close on their mortgage before their financing is official.

This clause exists to protect the buyer in the event that their mortgage application is denied, ensuring that they arenít penalized.

Appraisal contingency

The third contingency most often found in purchase contracts is a home appraisal. The buyer will order an appraisal and then the appraiser will reach out to you to find a day to come and value your home.

If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.

Walkthrough and closing

Once the appraisal and inspection have been met and financing secured, the buyer will have a chance to do a final walkthrough of your home. The walkthrough usually occurs no more than two days prior to closing on the sale. A walkthrough allows the buyer view the home one last time to ensure that the condition of the home hasnít drastically changed since the home was inspected or appraised. So, make sure the buyer is aware of any changes you planned to make to the home before closing.

Now youíre ready to close on your home sale. Youíll receive a disclosure form to review (read it carefully!) and sign. Once closing is complete, ownership of the home is officially transferred to the buyer.

While the closing process does include several steps, itís important to be available and cooperative along the way to ensure a smooth sale and transition into your new home.





Posted by Dana Claflin on 9/24/2020

If you intend to sell your home, you should develop a plan. That way, you can identify any potential home selling hurdles and take steps to address such issues before they escalate.

Now, let's take a look at three tips to help you execute a house selling plan to perfection.

1. Establish a Timeline

You know you want to sell your home, but it is important to understand that it may take several days, weeks or months to complete the house selling cycle. Fortunately, if you establish a home selling timeline, you can set realistic expectations for the property selling journey.

Think about how long you will need to relocate from your current residence to a new one. For instance, if you need to pack up your personal belongings, you should account for this factor as you develop your home selling timeline.

When it comes to selling a house, it generally is a good idea to give yourself as much time as you can. Remember, if you have sufficient time to clean your residence and upgrade your house's curb appeal, you may be able to speed up the property selling cycle.

2. Remain Flexible

Although you may devote significant time and resources to craft an effective home selling strategy, you need to keep in mind that problems may arise during the property selling journey. In some instances, these issues may be unavoidable. However, if you maintain flexibility, you can address any home selling issues and prevent them from slowing down or stopping a house sale.

If you encounter a problem during the home selling journey, try not to stress about it. Conversely, tackle a home selling issue head-on, and you can overcome this problem without delay.

3. Consult with a Real Estate Agent

If you are unsure about how to plan for the home selling journey, you can always hire a real estate agent. Because if you have a real estate agent at your side, you can receive expert guidance at each stage of the house selling cycle.

A real estate agent knows what it takes to sell a residence, regardless of the current housing market's conditions. First, he or she will meet with you, learn about your home selling goals and help you plan accordingly. And when you have a home selling strategy in place, your real estate agent will help you put this plan into action.

As you execute a home selling plan, a real estate agent is ready to provide tips and recommendations as well. If you ever have concerns or questions as you navigate the home selling journey, a real estate agent will respond to them immediately.

For those want to streamline the home selling journey, it helps to craft a plan. Thanks to the aforementioned tips, you can create a first-rate home selling strategy. And as a result, you can use a home selling plan to promote your residence to buyers and maximize your house sale earnings.





Posted by Dana Claflin on 9/10/2020

Photo by Randy Fath on Unsplash

Although spring and summer are real estateís busiest selling seasons, donít think you have to give up your plans to sell until next year after the Labor Day weekend. While conventional wisdom may indicate you should wait, September to December might be the right time to sell your home. Although families typically settle in for the school year, buyers without children may be more motivated than ever to make a purchase. So the real question is, how do you attract those buyers?

Get real about outdoor maintenance:

When marketing your home during the fall and winter seasons, you canít afford to let maintenance slip. Since green lawns give way to brown and leaves fall off the trees, your homeís curb appeal relies more on your efforts. Buyers notice exterior issues more easily, so take care that your sprinkler systems, paint and trim, window screens, gutters, and downspouts are all in outstanding shape.

Make special note of these:

  • Put away outdoor furniture that youíre not using and store your barbecue and lawn toys. If you have a portable above-ground pool drain and dismantle it for storage. Keep leaves and detritus out of inground pools and add a protective cover. Add some color to your porch with pots of fall flowers like carnations, mums, alstroemeria, pansies, or marigolds. 

  • Wait to prune the trees and shrubs until late winter, just before they begin to grow in the spring. For best results, speak to a nursery or arborist about the best way to prepare them for the chilly weather. Protecting their roots with colorful fresh mulch also brightens up your flowerbeds and tree-bases.

  • Keep leaves raked and bagged. Avoid leaving them in piles on your lawn since an errant wind can blow debris around, reducing your curb appeal. If you can, mulch the leaves into the lawn as you mow so that they decompose and nourish the grass through the season. Check with your municipality or waste utility about the disposal of leaf bags so that they do not pile up around your yard.

  • After the weather cools and you no longer need to water, drain your sprinkler system so that the inground pipes do not freeze or break. Older homes rarely have frost-proof exterior faucets, so use a shut-off valve to clear out moisture. Drain and roll up hoses and store them in the garage.

  • Check your gutters for backed up debris and leaves, and for sagging sections. Also, examine the downspouts to make sure they are not dented and that they divert water away from your homeís foundation.

  • If your roof has missing shingles or damage, it will show up more after the nearby trees shed their leaves. Have a roofing contractor inspect your shingles and replace any that are missing. If your home was subject to a hailstorm, contact your homeownerís insurance to see if it can be repaired or replaced under your policy. Doing so increases the value of your home.

When you plan to have your house on the real estate market after Labor Day, follow the advice of your real estate professional.




Categories: Selling Your Home  


Posted by Dana Claflin on 5/7/2020

A home seller may face a variety of dilemmas as he or she tries to get the best price for a residence. However, a seller who prepares for potential problems may be better equipped than others to enjoy a fast, profitable property selling experience.

Now, let's take a look at three tips to help you get ready for potential home selling dilemmas.

1. Upgrade Your Residence

You may believe your residence will sell quickly, but the housing market offers no guarantees. Fortunately, if you allocate time and resources to upgrade your residence, you could differentiate your home from comparable houses in your city or town.

Removing clutter will make it easy for you to show off the true size of your home's interior to prospective buyers. Furthermore, you should clean each room of your home. If necessary, you may want to hire a professional home cleaning company too.

Don't forget to trim the hedges, mow the front lawn, repair cracked or damaged siding and perform other home exterior upgrades, either. If your home boasts amazing curb appeal, potential buyers may fall in love with your residence as soon as they see it.

2. Establish a Competitive Initial Asking Price for Your Home

If your home's initial asking price is too high, you risk alienating potential buyers. But if you analyze the real estate market closely, you can use housing sector data to establish a competitive initial home asking price.

Take a look at the prices of recently sold houses in your city or town, as well as the prices of available residences that are comparable to your own. This information provides a glimpse into the current state of the housing market and can help you determine how to price your residence.

It may be beneficial to conduct a home appraisal as well. In fact, a home appraisal report includes a property valuation that you can use to set a competitive initial asking price for your residence.

3. Collaborate with a Real Estate Agent

A real estate agent understands what it takes to sell a home in any housing sector, at any time. As such, he or she can offer expert guidance to help you identify and overcome home selling dilemmas.

Oftentimes, a real estate agent will meet with you, find out why you want to sell your house and craft a personalized home selling strategy for you. He or she next will list your residence and promote it to prospective buyers. And if you receive an offer to purchase your house, a real estate agent will help you determine how to proceed with this proposal.

A real estate agent also is ready to provide immediate responses to your home selling concerns and questions. That way, you can receive plenty of support as you navigate the home selling journey.

Ready to add your house to the real estate market? Use the aforementioned tips, and you should have no trouble addressing potential home selling dilemmas and enjoying a seamless property selling experience.





Posted by Dana Claflin on 2/13/2020

Although being a first-time buyer can seem overwhelming, there was one advantage to the entire process: You didnít need to sell another property. If you would like to move out of the home that youíre currently living in and are in the process of buying a new place, your life is about the get complicated! Hold tight to your realtor and get ready for quite the ride. 


Since itís often unrealistic to pay two mortgages at once, thereís a certain way that you must complete the transactions so as not to cause a huge financial headache when moving from one place to another. Unfortunately, youíre going to have to deal with buying a new home and selling your current one simultaneously in most cases.    


The good news is that it can be done! Read on for tips to find out how you can make the process go as smoothly as possible. 


First, youíll want to understand the housing market that youíre in. Youíll know what strategies you need to employ if you understand the type of market that youíre dealing with. If the two homes are in completely different areas, this research will be even more important to you. 


Buying


While youíre searching for a new home and selling your current one, youíll want to leave your options open. That means not locking yourself down to just one home. Of course, youíll only put in one offer at a time, but knowing whatís out there for you to buy is important in case the purchase falls through on the first prospective home. This way you wonít have much chance of being ďstrandedĒ once your old home sells. 


Selling


You want your home to be sold in a timely manner. This means that your old home should be well-priced and ready to sell. Work with your realtor on staging, pricing, and holding open houses. The more effort that is put into marketing your home, the better chance youíll have of selling it. Extra time on the market means that youíll have a bigger headache when it comes to buying your new home. Selling quickly is not a bad thing so long as you have some other place to live. You can also put a contingency in the sale stating that you need to find suitable housing before you can move. Realtors can do a lot when their sellers are cooperative and proactive.           


Should You Buy First?


If you sell your home first, youíll have an easier time getting a mortgage on a new home. The problem here is that youíll need to find some sort of temporary housing before you even head out on the house hunt.


If you buy a home fist, your buying power may be less than if you sold your current home. Your debt-to-income ratio will be higher, giving you less money to spend on a new home.


While buying and selling a home simultaneously can be complicated, if you strategize correctly, youíll be able to go through the entire process with ease.   

 





Tags: Buying a home  
Categories: Selling Your Home   Mortgage  




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