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Contingency Clauses A contingency clause is a condition that must be met in order for a real estate contract to become binding. To become part of the sales contract, both parties (the buyer and the seller) must agree to the terms and sign off on the contract. Some of the most common contingencies included in real estate contracts are: Financing contingency A financing contingency, or a mortgage contingency, gives the buyer time to apply for and obtain financing to purchase the property. This contingency protects the buyer by giving them the ability to back out of the contract. It also...
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Selling a Home: The Cost Many people save for and anticipate the costs associated with buying a house. However, not everyone thinks about the costs associated with selling a home. Here are the common costs associated with selling a home. Real estate agent commission Most agents don’t receive a salary, so this fee pays for the time and resources the agent put into selling your home. A commission typically costs between 5-6% of the total sale cost. The agent commission is split between the buyer’s agent’s brokerage and the seller’s agent. The cost may be split evenly between the two...
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Value Range Pricing Value range pricing, or variable range pricing (VRP), is an alternative way of listing your home for sale. Instead of listing the home at a certain price, sellers put up a range instead. While this pricing method is rare, it’s growing in popularity. Benefits for sellers Home prices are almost always negotiable, even when the price is listed at a set price, so why not overtly show that flexibility? Value range pricing also allows more buyers to see a listing. Buyers often search for listings by price. If you list your home at $550,000, you’ll be missing...
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Selling a Home on a Busy Road Selling a home on a busy street can be difficult. Whether it’s for safety concerns or because of noise, buyers can be turned off by a home in a bustling location. Here’s how to sell a home on a busy road. Make the inside quieter Little things can help to cancel out some or all of the noise made by outside traffic. Consider playing soft music or having a fan blowing during a home showing. This works especially well in rooms with windows. In addition, a set of heavy drapes can help to...
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Financial Advisors and Financial Planners There are many different investment professionals that consumers can take advantage of. Two of these are a financial advisor and a financial planner. These two professionals help people manage their money. What is a financial advisor? A financial advisor is a broad term for any professional who helps you to manage your money. You hire a financial advisor, and in turn, they help you with any money-related tasks. They may help you to manage investments, broker the sale and purchase of stocks and funds, help to create an estate and tax plan, or any other...
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Selling Your Home in the Winter It’s no secret that homes sell better in the spring and summer. However, this doesn’t mean that you can’t sell your home in the winter months! Here are some tips and tricks to sell your home in the winter. Combat the cold One thing to pay attention to when showing a home during the winter is the temperature of your home. Make sure the thermostat is set at a comfortable temperature. If needed, add insulation or caulking to eliminate any drafts. If it snows, make sure to shovel all outdoor paths and put down...
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What is Bitcoin? Bitcoin, created in 2009, is a cryptocurrency that exists in a digital form. Recently, Bitcoin has become more popular in the U.S. and international markets, even extending into the real estate market. One of the biggest draws of Bitcoin is that it holds more volatility than traditional money, such as euros, dollars, and yen. Bitcoin and the real estate industry Many companies are starting to experiment with allowing cryptocurrencies to be used for transactions such as rental properties or to buy property. An example of this is ManageGo. ManageGo, a New York-based company, provides technology to residential...
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Withdrawn Listings A withdrawn listing means the home has been removed from the Multiple Listing Service (MLS) by the homeowners and is no longer available for sale. However, this doesn’t mean that the home has been sold. If this were the case, the listing would say it was under contract or sold. There are many different reasons for a person to withdraw their listing. Reasons a homeowner withdraws their home They’ve decided not to sell their home Whether for personal or financial reasons, the homeowner’s may have decided not to sell their home. Perhaps they put the home up just...
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What Makes Your Home Hard to Sell? There are many things that might make your home harder to sell. While these things may be a home run for some potential buyers, they can make others want to run for the hills. A central location Some people will love having stores and restaurants just outside their door, but other much prefer a quieter lifestyle. Additionally, homes on busy streets tend to have less value. Proximity to a school While this may be a dream for buyers with a family, it can be a nightmare for others. For people without children, the...
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Seller's Market A seller’s market happens when the demand for homes overcomes the supply. Typically, a market becomes a seller’s market when there are three sales for every five listings. The opposite of this is a buyer’s market, which typically has fewer than seven sales for every twenty listings. What causes a seller’s market? A major factor that causes a seller’s market is a drop in interest rates. This allows more people to be qualified to buy homes as well as more expensive homes. Other things that factor into a seller’s market are population growth and increased employment opportunities. Finally,...
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