Real Estate by Brent

Home seller and Buyer tip Did you know the majority of home sales in GA include a due diligence period in the contract (also known as a free look)? This is a time frame for the buyer to conduct any inspections, research, etc. and to make sure they are satisfied proceeding with the home purchase. There usually are about 10 calendar days from the date the contract is signed, the amount of days can be negotiated for more or less, buyers usually want more days, sellers want less.... This is also the time for the buyer to negotiate with the seller any concerns the buyer may have proceeding with the purchase of the property. The buyer can terminate the contract at any time within the due diligence period for any reason at all and receive their earnest money back. This is a brief summary of the due diligence period.

Home sellers tip If you must sell your home first in order to buy another home consider the following. This may seem obvious: when you decide to sell your home always have a plan B for where you will go until you find your next home. Some people believe that they will find a home first and then get the seller to take a contingency upon the sale of your home. Nowadays you may be hard pressed to get a seller to take that contingency. You may have a better chance to find a sell...er that will if you already have a contract on your home. Then you run into the problem of being rushed to find a home quickly and you also loose a little negotiation power by asking them to take a contingency. Don't forget the seller has to have time to pack and move. Usually closing time is anywhere between 25-35 days once under contract (can be sooner if paying cash). Also, it makes a difference if the house you're buying is vacant. You will have to be more flexible when buying a home with a contingency upon the closing on your home because of the time frame and finding a home that the seller will agree to take a contingency on. You can always set the closing date of the home you're selling out a little further to give yourself more time if the buyer will agree. Remember you have to be out of your home by the closing date unless other arrangements have been made with your buyer. Loan delays, title issues etc. can also be a problem. Sometimes it goes smooth and sometimes it doesn't. So always have a Plan B for a temporary place to move. There are many other factors in which a seller may or may not take a contingency on the sale of your home this is just the most common possibility's to consider. If you have any questions please call me.

Home sellers tip When selling a home the majority of the time the buyer will have a home inspection performed and a termite inspection (some buyers will have other inspections done also). The home inspector will inspect many parts of your home looking for defects etc. After the home inspection the buyer may ask for and negotiate with seller to make repairs or reduce the price for repairs that the home inspector has found. Your Realtor should be able help you with these negot...iations by considering many things such as contract price accepted, what lenders reactions may be, safety, appraisers, time involved to get repairs done, how long the home has been on market, sellers market or buyers market, how many offers, showings, buyers qualifications, is what the buyers are asking for in line with price they're offering etc. However you are not obligated to do any repairs, but there are usually some negotiations according to what the inspector(s) finds. The buyer can also terminate the contract during this time if the home is sold with a due diligent period, which most are. I think it's best if you know of any problems or items that need to be addressed and if possible to have those items repaired before you put your home on the market. Once under contract you end up having to rush to get any repairs made and could get into a bind. It's hard to get contractors on a short notice and can cost you more by not having the time to shop around and find someone at a good price. Once under contract most buyers also put in the contract: all repairs to be performed by licensed contractors with proof and receipts. Some sellers have a pre-inspection. A lot of inspectors offer a pre-inspection before you put your home on the market, that way you will know what to expect and may find some things you didn't know about. If you have any questions please call me. This tip is for Georgia residents only

TIP FOR HOME SELLERS! Did you know that most Realtors want to get you the most for your home that they can. They should show you other sold homes similar in size and condition in your vicinity to come up with a price that’s close to what buyers are actually paying (i.e. market price If you really want to sell). If you overpriced your home you stand a chance of getting less then than you originally would have, because when you put your home on the market that’s when all the b...uyers that’s looking for a home will see yours and compare to what they have seen. After a few weeks if not many showings or any offers your home could get stale because buyers start thinking something is wrong with it and you might get lowball offers or not any at all. Then you may have to reduce your price one or more times and end up getting lower offers then you could have received. So it’s very important to try to price your home at the best price for you and close to market price in the beginning. Just one tip to get the most for your home. See more