Around the House with Kelly

 

July 31, 2018

Making An Offer With A Contingency

In this Sellers Market, we are seeing more Contracts with the contingency of Buyers having to sell there existing home before closing on the new one.

 

Why is this?  Because home buyers that have a home to sell are afraid to put their home on the market because they may have a place to go.

 

A good option to this dilemma is to write a contingency offer.  So,  start looking for your new home and once you find it, write a contingency offer, that states your house has to sell before you can close on the new home.

 

Now, In order to get such an offer accepted by a seller, we have whats called the Buyers First Right of Refusal Document. This document gives the seller the right to continue to market their property.  This lowers their risk of waiting on you to sell your home..

 

For the buyer, it gives you the First Right of  removing your contingency if they get another offer or cancelling  the contract.  It can be a good option for both Buyers and Seller in this market.

 

The secret is to try and find a win/win for both buyer ad seller.

 

In the event that you are needing to relocate, upsize or wanting to downsize your home, call me and I will help you discover your best options to move forward.

 

Kelly Davis

First Realty Co

931-528-1573

July 3, 2018

3 Tips for FSBO's

In this wonderful Sellers Market we are having, I see lots of homeowners trying to sell their properties on their own.  We call you fabulous and motived home sellers FSBO’s (For Sale By Owners).

 

 

You may or may not realize, but Realtors help each other sell one another's properties.  So, I wanted to give all you FSBO's the same courtesy.  I have put together a few tips that I hope will help you sell you home and stay safe.

 

 

1. To keep you safe, before you show your property to complete strangers, have them to email you a lender pre qualification letter or a bank letter stating they have funds to close.   To get a home loan, they have to disclose who they are, where they live and where they work to a lender.  It is a bit of a safety screening for you.  Also, you know that they are more serious about buying your home if they have already taken a step in that direction.

 

2. To keep you our of court disclose what stays and what doesn't.  In Tennessee, there is a State Law that Home Sellers, that have been living in the home must disclose certain details like HOS's and things about the home’s condition.  To start, make a list of the items that stay with the property like outbuildings and appliances.  And if you know of any defects about the property, I would recommend that you disclose those too!

 

3. To keep your contract from falling thru, know what type of loan your home qualifies for, or more importantly, doesn’t qualify for.  This can cause a major hiccup in getting your property closed if you have sold it to someone getting a government backed loan, like VA, FHA or Rural Development.  Government backed loans have appraisers report a check list of things they consider possible hazards or repairs.  Know what those are before you  go under contract with a buyer that is getting a government backed loan.

For more information about getting your home sold, in the least amount of time and for the most amount of money, contact me, Kelly Davis at First Realty Co. 931-528-1573

Kelly Davis

Posted in Home Selling Tips
March 25, 2010

Prioritize Your Home Improvement Dollars

Are you considering investing into home improvement projects next year? If so, how do you prioritize the dollars you spend on your home?  Here are a few tips to help you prioritize your investment.

 
1. Safety first.  Safety items include handrails on stairs that have more than four steps, loose railings or boards on decks, high retaining walls with no barrier to keep children from falling and hot water heaters with no pressure release valve.  These are important items for buyers too.  Some mortgage lenders will not approve  loans on homes with  some of these safety issues.
 
2. Reliability is the next priority.  Reliability items cover things like heat units that are long past their life span, garage doors that do not open properly or even door locks that need replacing.  Anything that is not working well or as efficiently as it should is your next thing on the list.
 
 3. Annual maintenance needs to be addressed next on your list.   Set money aside every year for annual maintenanceDSC00033 and pest control. Although maintenance items may not be the most glamorous way to increase the overall value of your home, they will increase the desirability of it.  Spending thousands of dollars to upgrade a bath might not give you the return you had hoped for when the gutters are overflowing, the driveway needs to be re-sealed and there is termite tunnels on the floor joist.  Maintenance is a constant annual expense.  Plan ahead and don't let these items pile up on you.
 
4. Once safety,reliability, and maintenance issues are handled, then the really fun stuff can begin. Cosmetic improvements are what you have been saving for the longest.  The new tile, upgraded kitchen appliances, hardwood floors, we all love these exciting additions.  These items make the home feel new all over again.   For me, cosmetics are usually the first thing I want to spend money on, but I have to remind myself that my home is an investment.
 
Plan and prioritize next years home improvements to not only keeping it looking good but to also maintain your homes value.
 

 


 

 

Posted in Home Improvements