Closing and Contingencies

//content.jwplatform.com/players/qH3NPhUn-E9iOO95u.html

Once you’re moving towards closing on a home, either as a buyer or a seller, there are a few things to know.  Your Realtor® will help you with all of these, but it’s good to know the timeline of how things will pan out.

There are deadlines for the contingencies listed in the offer.  If they are not heeded on time, there are consequences for both the buyer and the seller.  Inspection contingencies have a ten day period where the buyer and seller must agree to whatever may need to be fixed.

Once the inspection is completed, the buyer will need to look in to acquiring homeowner’s insurance.  This is required by lenders.

The buyer may also be interested in purchasing an extra home warranty that will protect against unforeseen defects and repairs that may pop up in the first year after purchase.

There’s a lot involved in the purchase and sale of a home.  Your Realtor® will help you with all aspects and will put your mind at ease, knowing all deadlines and paperwork will be sure to be completed on time.

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net   RE/MAX RESULTS

Making An Offer

//content.jwplatform.com/players/ncBQjAA9-E9iOO95u.html

You’re ready to make an offer!  Woo hoo!  These are exciting times for you!

Some tips to remember:

  • Inspections are totally normal and expected and should be done by buyers
  • Once you make your offer, the offer can be accepted, rejected or countered
  • Ask your Realtor®, but serious offers should be within 90% of asking price, if not higher in this market
  • Most houses are selling within 95%-98% of asking price in this area
  • Make sure your Realtor® has done a CMA (comparative market analysis) on the home you want to make an offer on, to assure the home is priced right

Good luck!!!

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net   RE/MAX RESULTS

Contingencies

//content.jwplatform.com/players/6sIjDSiH-E9iOO95u.html

Once you make an offer and it is mutually agreed upon, there are contingencies in place to protect the buyer and the seller.  Here’s a short list of some common contingencies:

  1. Financing
  2. Appraisal
  3. HOA rules and regulations
  4. Inspection

Buyers are protected with a financing contingency that states they are not liable to owe the seller anything if their financing falls through.  There are dates written in the contract that must be met by your loan officer to let the seller know when final approval is scheduled.

The bank loaning the money is protected by an appraisal, which must meet the sales price offered in order to get financing.  If the appraisal comes in lower than the amount offered, the buyer would otherwise be liable to make up the difference without an appraisal contingency.

If the home is a Townhome or a Condominium, there will be rules and regulations set by an association.  There is a contingency that once these rules are received by the buyer, there is a ten day period in Minnesota where the buyer can walk away if the rules do not meet his/her needs.

Buyers purchasing a home they plan on living in should always have an inspection performed.  Your Realtor® will have a list of inspectors he/she recommends.  Not having an inspection will put the buyer at risk, so I highly recommend having one.

Watch the above video for even more valuable tips.  Really, I watched it, myself, and there’s good stuff in there!  It’s only a few minutes long, and well worth your time.

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net   RE/MAX RESULTS

Closing Time

//content.jwplatform.com/players/bT9Q4noO-E9iOO95u.html

You’ve made an offer and you’re ready to close!  Yee Haw!

So, get your coffee and your energy bars stocked because you’re going to need them!  Oh yes, closing is a long, tedious task, but it will get you your keys to your new home!  So, hang in there soldier.  You can do this!  Grab a hand squeezer exercise thingy to strengthen up those writing muscles and get ready to sign your life away!

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net  RE/MAX RESULTS

Before You Buy…

//content.jwplatform.com/players/th3xfXD6-E9iOO95u.html

There are some serious steps you need to take before you dive into buying a home, or even getting pre-approved.  Be aware that the process, itself, of getting approved will affect your credit.  In order to get pre-approved, your loan officer will need to run a credit report, which will, in turn, ding your credit.  The more times your credit is checked by companies, the more it is affected, so keep that in mind.  Don’t just willy nilly have your credit checked every month by other companies to see how your rating is if you are looking to buy a home soon.

Use this same advice for applying for any new credit cards.  Restrain yourself from applying for new credit cards to “save that extra magical percent off your next purchase”!  Department stores are notorious for these kinds of offers.  You must resist!!  It will affect your credit rating in a bad way to have open credit cards, so close the ones you don’t use and pay off the ones you do use.

Banks look at debt-to-income ratios, so be informed as to what yours needs to be by asking your preferred loan officer.  If you don’t have a loan officer, your Realtor® will happily refer you to a good one.  You may need to work on paying off some debt before going further in your home buying process.  Have no fear though, it might not take as long as you think!

Watch the video above to get extra tips as well.  Enjoy!

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net  RE/MAX RESULTS

Minnesota In Top 5

According to Wallet Hub, Minnesota ranked number four for raising a family.

The Best States to Raise a Family in 2017

WalletHub’s research team compared the 50 states and the District of Columbia based on 40 key indicators, such as housing affordability, the unemployment rate, median family salary, education, health and safety, and more.

Here are the states that emerged on top as most family friendly for 2017:

  1. North Dakota
  2. New Hampshire
  3. Vermont
  4. Minnesota
  5. Nebraska
  6. Massachusetts
  7. New Jersey
  8. Iowa
  9. Connecticut
  10. South Dakota
  11. Wisconsin
  12. Utah

Contact me if you’re thinking of relocating to the Twin Cities in Minnesota. It’s a great place to raise a family!  lisa.maxwell@results.net  RE/MAX RESULTS

Happy Mother’s Day

Show your Mama you know what you’re doing.  When you make your mom happy, everybody is happy!  Sell your home with me, and I’ll take care of the rest!

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net    RE/MAX RESULTS

Know What You Can Afford

It is important to know what you can afford before you start looking at homes.  Make sure your new payments do not go over one third of your income.  Make sure any promised raises in your pay are in writing or already in effect before implementing into your proposed budget.

You will also need a down payment, so make sure you have that set aside.  Your loan officer will be able to tell you exactly how much you’ll need.  Work closely with your Realtor to make sure all bumps and obstacles are smoothed out for you along the way.  lisa.maxwell@results.net RE/MAX RESULTS

Click Here to follow me on Facebook

Click Here to follow me on Twitter

Click Here to search for your next home

Contact me at: 651-683-2467 or lisa.maxwell@results.net