Donna Dumont-Foley's Blog
Once you sign a purchase agreement, whether you are the buyer or seller, it is very difficult to back out of it. However, as a buyer, you are able to back out if your real estate agent drafts the contract properly. Real estate agents use a standard contract. That does not mean that you have to accept the contract as it is written. You, as a buyer or seller, may make amendments to the contract. If you do make amendments, don’t get so crazy that the other party will file it in the round file.
Almost every real estate contract you see will have exceptions. In most cases, the buyer or seller has to add the exceptions. An exception is a condition that the buyer or seller has to meet. If the buyer or seller cannot meet that condition, the contract gets canceled and the buyer gets their earnest money back. Some examples of exceptions include:
Pending the buyer’s ability to obtain financing;
Pending a termite inspection;
Pending a home inspection; or
Pending clear title.
These are the most common exceptions, though buyers and sellers are not limited to only these. As for home inspections, buyers and sellers often negotiate repairs. If the repairs are significant, the buyer may ask the seller to grant a credit or to make the repair to keep the contract. If the seller refuses and the home inspection is listed as an exception, the buyer may back out and get their earnest money back.
Natural Disasters and Accidents
If Mother Nature rips down the house with a tornado or does extensive damage with a hurricane, the buyer may choose to back out of the contract without forfeiting their earnest money. If a fire burns the house down, whether it’s a forest fire or arson, the buyer may back out, as long as the buyer had no hand in the arson crime.
Other reasons a buyer may back out without forfeiting their earnest money include:
Extensive damage by trespassers;
If the buyer finds that the house is full of mold;
If the buyer finds that the seller did not disclose that the house had lead paint or asbestos.
Some contracts are written so that the buyer cannot back out because the seller did not disclose lead paint or asbestos. It is up to the buyer to ensure the clause in the contract is written so that they may back out of the contract. In fact, if asbestos or lead paint is a major concern for the buyer and the house is older, they may want to add that as an exception.
Always read real estate contracts carefully, including disclosures made by the seller. Amend the contract with exceptions if you are concerned about anything that may devalue the property.
For first-time home sellers, promoting a residence to the right groups of homebuyers may prove to be a major challenge. Lucky for you, we're here to help first-time home sellers streamline the process of showcasing a house to prospective buyers and accelerating the property selling journey.
What does it take to promote a house effectively? Here are three tips to help first-time home sellers do just that.
1. Understand Your Home's Strengths and Weaknesses
A first-time home seller should evaluate a house's interior and exterior closely. By doing so, this property seller can identify any potential problem areas and work to address such issues accordingly.
Typically, a home appraisal offers a great starting point for home sellers. This appraisal ensures a property inspector can assess a house both inside and out and offer expert insights into a residence's strengths and weaknesses.
After a home appraisal is completed, a home seller can use the appraisal report findings to prioritize assorted home improvements. That way, a home seller can commit the necessary time and resources to transform various home weaknesses into strengths.
2. Improve Your House's Curb Appeal
It is paramount for a first-time home seller to consider the homebuyer's perspective. In fact, doing so may make it easy for a home seller to uncover ways to bolster a residence's curb appeal.
Consider what homebuyers will see when they view a house for the first time. This will enable a home seller to identify potential issues and work to resolve such problems without delay.
For example, a home with long, uncut grass or chipped paint on the exterior may be an eye sore. As a result, homebuyers might shy away from this residence after they see it for the first time.
On the other hand, a house with a pristine front lawn and a dazzling exterior may make a great first impression on homebuyers. This means a homebuyer probably will view this house in a positive light – something that may lead a property buyer to submit an offer.
3. Collaborate with a Real Estate Agent
When it comes to promoting a house, there may be no better option than hiring a real estate agent. Together, a real estate agent and a first-time home seller should have no trouble promoting a residence to the right homebuyers, at the right time, every time.
A real estate agent will teach a home seller about the housing market and help him or her plan ahead for any potential home selling pitfalls. Plus, this housing market professional will provide honest, unbiased home selling recommendations to ensure a home seller can maximize the value of his or her residence.
Perhaps best of all, a real estate agent will assist a home seller in any way possible. And if a home seller ever has housing market questions, a real estate agent will respond to these queries immediately.
Take the guesswork out of promoting your residence to homebuyers – use these tips, and a first-time home seller can stir up interest in his or her residence as soon as it becomes available.
A homebuyer must stay focused throughout the property buying journey. Otherwise, a buyer risks missing out on an opportunity to acquire the right house at the right price.
Now, let's take a look at three tips to help you stay on course during the homebuying journey.
1. Craft a Homebuying Strategy
Creating a homebuying strategy enables you to outline the steps that you'll need to take to make your homeownership dream come true. Plus, with a homebuying plan in place, you'll be better equipped than ever before to streamline your house search.
Think about where you want to live and what you want to find in your ideal residence. Then, you can make a checklist of home must-haves and wants. And once you develop this list, you can enter the housing market with a plan in hand.
2. Get Pre-Approved for Home Financing
Home financing plays an important role in a buyer's ability to acquire a residence. If you ignore home financing as you move along the homebuying journey, you may struggle to get the finances you need to purchase your dream house.
Oftentimes, it helps to get pre-approved for a mortgage so you won't have to worry about home financing as you move along the property buying journey. To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. That way, you can learn about all of your mortgage options and select a mortgage that matches your finances.
As you review your mortgage options, don't hesitate to ask questions. Banks and credit unions employ home financing specialists who can remove the guesswork commonly associated with getting a mortgage. These specialists are happy to respond to your mortgage concerns and questions and ensure that you can make an informed home financing decision.
3. Work with a Real Estate Agent
When it comes to staying focused during the homebuying journey, it generally is a good idea to hire a real estate agent. This housing market professional can offer plenty of assistance throughout the property buying journey. And by doing so, a real estate agent will ensure that you can seamlessly navigate the property buying journey and achieve your desired results faster than ever before.
A real estate agent understands the challenges that buyers frequently encounter when they pursue houses and can help you plan accordingly. Furthermore, a real estate agent will guide you along each stage of the homebuying journey and do everything possible to help you avoid potential pitfalls.
Also, a real estate agent provides comprehensive support as you get ready to finalize a house purchase. He or she will help you get ready for a home inspection, appraisal or closing and ensure that you can purchase your ideal house at a budget-friendly price.
Don't lose focus as you pursue your dream residence. Instead, use the aforementioned tips, and you can stay on course and accomplish your homebuying goals.
As a home seller, it is important to do everything possible to make your residence an attractive choice for buyers. Because if your home stands out from the pack, you may be better equipped than other sellers to enjoy a fast, seamless and profitable house selling experience.
Ultimately, there are many ways to make your home an attractive option for buyers, and these include:
1. Perform Home Improvements
If your home has a leaky roof, defective heating and cooling system or other problems, there may be no time like the present to perform house upgrades. That way, you can transform assorted home weaknesses into strengths.
For home sellers who are uncertain about how to upgrade their residences, it may be beneficial to conduct a home inspection. This evaluation enables a home inspector to review your residence both inside and out. Then, a home inspector will provide a report that details his or her findings, and you can use the report results to prioritize home improvement projects.
2. Remove Clutter
If your home is full of antiques, furniture and various personal belongings, it may be tough for homebuyers to envision what life may be like if they purchase your residence. Conversely, if you eliminate clutter from your home, you can show off your living space's full potential to buyers.
Oftentimes, it helps to rent a storage unit before you list your residence. This unit will allow you to store a wide range of personal belongings in a safe place until your house sells.
It also may be a good idea to host a yard sale or sell excess items online. By doing so, you can simultaneously remove clutter and earn extra cash.
3. Boost Your Residence's Curb Appeal
Your house's curb appeal is a difference-maker in homebuyers' eyes. If your home boasts a pristine front lawn, flawless siding and other dazzling exterior features, your residence may stand out to buyers as soon as they see it. Comparatively, if your house has a messy front lawn, damaged siding and other noticeable flaws, your residence is unlikely to make a positive first impression on buyers.
Allocate time and resources to bolster your house's curb appeal – you'll be happy you did. If your home makes a positive first impression on homebuyers, you may receive lots of interest in your residence. And as a result, you may be able to accelerate the house selling cycle.
Lastly, as you search for ways to distinguish your residence from other available houses, you may want to hire a real estate agent. This housing market professional can offer expert recommendations and suggestions to help you enhance your residence. Plus, if you have any concerns or questions throughout the home selling journey, a real estate agent will always be available to address them.
Ensure your residence is an attractive option for buyers – use the aforementioned tips, and you can differentiate your house from the competition.
Home woodwork is not for everyone as it requires a minimum amount of safety. Furthermore, you could get really hurt when working with wood because of the power tools involved. It is for this reason that not everyone should work with wood at home. Here are some specific safety measures that are advisable for home woodwork:
Protect your body
When working with wood, you have to take into account the number of particles that fly off, some in flames (sparks), and the enormous speed at which the automatic sanding blades move. The saw, meanwhile, can be dangerous without proper use, like the hammer and nails.
Consider something unthinkable to cut wood without protective glasses, and the consequence is sawdust spilling to your eyes. This can leave you blind in a matter of seconds. With transparent glasses, unless you have to use a metal torch, you are protected from sawdust and small particles that may be very disastrous.
Another sense to keep in mind is one of the ears, something that already you will have noticed if they have done works at home or near. The continuous screech emitted by the radial saws can end your eardrums and your sanity, so you should put on some soundproofing helmets, or some plugs, that prevent the loud noise from affecting your ears.
Protection of fingers and skin
Unfortunately, the most common accidents in the work of wood, are produced with electrical appliances such as radial saws or electric sanders. Although there is no specific material to avoid accidents altogether, wearing gloves and appropriate clothing will probably mitigate any disaster you may have on your hands or the rest of your body.
Breathing during woodwork
As we have already noticed before, when cutting wood, millions of particles fly out into the air, which can enter almost any hole in the body. Sawdust easily gets stuck in the airways and does not allow breathing, so you should always cover your mouth and nose with some mask. Above all, if you work in closed areas, where there is not much air, try to maintain proper ventilation and low temperature, because working with wood can be very hot.
As in any job, you must keep your space well organized to have everything at hand. However, it is an essential element in home woodworking because it works with dangerous instruments, and a mistake can have terrible consequences. So keep the place where you're going to work the wood clean and organized.