Real Estate

5 Common Contingencies in Real Estate Offers

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As a home seller, when deciding to accept an offer on your home from a buyer make sure you understand the different contingencies the offer may have.

Contingencies are contractual items that must be met before the sale can be successfully completed.  Most offers have at least one contingency.

Here are 5 typical contingencies you will find in a Florida sales contract:

  • Home inspection contingency. This gives the buyer the right to have the home professionally inspected and request repairs by a certain date — typically within 10 to 15 days of the contract being signed. Most repair requests are negotiable, though, so you have the option to negotiate with the buyer which fixes you’re willing to make.
  • Appraisal contingency. For a lender to approve the buyer’s mortgage, the home must pass an appraisal — a process during which the property’s value is assessed by a neutral third party. The appraisal verifies that the home is worth at least enough money to cover the price of the mortgage.
  • Financing contingency. A financing contingency protects the buyer in the event their lender doesn’t approve their mortgage. The Florida As-Is contract has a 30-day financing contingency.
  • Sale of current home contingency. Depending on the buyer’s financial situation, their offer may be contingent on the sale of their current home.  This could delay your moving plans because the closing is dependent upon the closing of the buyers home.
  • Title contingency. The lender will require a “clear title” — a process in which the title company reviews any potential easements or agreements that are on public record. This ensures the buyer is becoming the rightful owner of the property and the lender is protected from ownership claims over liens, fraudulent claims from previous owners, clerical problems in courthouse documents, or forged signatures.

Your agent should be able to guide you on any contingencies the offer you are considering has.  If you have specific or technical questions you should consult a good real estate attorney.

Kelly Harden, Realtor

Mihara & Associates, Inc.

813-244-9688

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Real Estate

Why is pricing my home right so important?

MoveRealtor.comPricingPyramidWhen selling their home all home owners have the same goal- to sell their home for the most money in the shortest amount of time possible.

The best way to do that is to price your home correctly to begin with.

Proper pricing ensures plenty of buyers will look at your house.  If a home is priced even 10% above market rate half of the available buyers will not look at it, while a properly priced home may generate multiple offers.

Buyers and their agents are smart enough to know when a home is overpriced and if they decide to submit an offer it will be lower than your asking price, reflecting their knowledge of the market.

If your buyer is financing their purchase, their lender will require an appraisal to determine the current market value of the home.  If the appraisal does not come in at the contract value the buyer will have to come up with the difference or the seller will have to lower the price of the home to meet the appraised value.

If your overpriced home does not get enough buyer interest you will wind up lowering the price to where it should have been priced to begin with.  The problem is now your listing is considered stale by most buyers and they will try to negotiate an even lower price if they make an offer.

A good real estate agent will suggest a proper sales price based on the current market conditions to help you sell your home in the fastest time possible for the most money possible.

Kelly Harden, Realtor®

Mihara & Associates, Inc.

813-244-9688

 

Design

Tips to Beautify the Rooms in Your Home

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Judy Garland told us “There’s no place like home”, so why not make your home the most beautiful and cozy place you can stay in?

Here’s a few tips that aren’t a lot of hassle and can help showcase the best features of every room in your home:

 

ADD SOME COLOR

Going with a neutral scheme can never go wrong, but if you’re feeling like your room is a little drab, don’t be afraid to go with a bold color. You can do an accent wall that compliments the current color scheme or use your furniture or accent pieces to bring a touch of color. Color doesn’t have to mean clutter, you can keep the rest of the room simple and add the dramatic touch with a few elements.

 

USE SOME MIRRORS

Bringing in some mirrors can add light and room to your space. Using mirrors in staging is known to help the room look like it’s much bigger than it is it. Add a few accent mirrors, preferably right across the room from a window, to brighten up your space and keep it from feeling too tight and small.

 

PLAY WITH ACCESSORIES

Furniture can get expensive, but there is so much you can do with a room by getting creative with accessories. Get some unique decorative pieces and let your room tell a story around them. Make at stop at your closest antique store and look for some pieces that are bold and speak to you.  Stores like Hobby Lobby or TJ Maxx have beautiful and unique pieces that are incredibly affordable.

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ADD SOME GREEN

Nothing gives a space some life like some life, literally. Add some plants to your rooms, lots of green ones that are easy to keep alive, to add a unique touch to the room. You’d be surprised how much a room looks “finished” when you add a beautiful tree to the corner of a room.

 

EMBRACE THE LIGHT

Don’t block out your windows with heavy drapes or hide them behind furniture. Decorate around your room in a way that compliments the windows and brings the natural light in.

 

ADD TEXTURE

Use fur throws or pillows, use patterns in your fabrics, etc. Don’t be afraid to add unique textures throughout your home or even metallic finishes. Just add a few pieces, don’t use too many textures or they can get overwhelming. Select a few textured items that complement each other and put them around your room.

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REMOVE CLUTTER

Something I say often, get rid of all the clutter to make your room feel more open and welcoming. If you have a hard time walking around your room or your tables are so full of things you cannot see the wood, it may be time to get a few boxes and start cleaning out the things that don’t really belong.

Kelly Harden, REALTOR

Mihara & Associates, Inc.

813-244-9688