Terminating A Real Estate Contract
The real estate market is always in a state of change. Whether it is a buyer’s market or a seller’s market there are times when one party to the transaction wants to cancel it. Up until the closing paperwork has been signed there is always the ability for one party to walk away from the transaction. Whether the walking away can be legally done within the terms of the contract is another story. This article looks at how buyers and sellers can terminate a real estate contract.
Buyer Termination Within the Terms of the Real Estate Contract
The buyer in a real estate contract usually has more options that allow them to terminate than the seller does. Depending on how the contract is written the buyer can terminate during the inspection period, due to a low appraisal, inability to get insurance on the property, and the inability to get financing. Those situations do not usually result in an automatic termination though (depending on the contract language). Instead the buyer needs to take active steps to sign a release of contract and then send over to the seller for their signature. The contract release basically provides that both the buyer and the seller agree to terminate the contract and go their separate ways.
The contract release will usually contain...
How Large Multi-Family Buildings Should Be Marketed
Large multi-family buildings need a different marketing strategy than a typical home for sale would get. Owners of these properties often times go with who they know and end up listing their property with a real estate agent who specializes in residential real estate. That real estate agent may be an expert in their field of residential real estate but large multi-family buildings (5 or more units) fall into the commercial space and require a different set of skills. The owner of such large multi-family buildings who wants to sell their property would be better served by a real estate agent who understands the buying and selling of large multi-family buildings. This article explores the ways a large multi-family building should be marketed when putting it up for sale.
Get The Price Right
When looking for comps for large multi-family buildings sometimes looking for similar properties in the same neighborhood may not be feasible since there may not be any recent sales. Instead owners of large multi-family buildings need to be looking at what is the going price per unit or price per door for the building and use that to come to the asking price. The price per door that is set as the final price does need to take into account any deferred maintenance, the need for updates and more. Afterall one should not price their building at a premium and expect good offers when there is still...
Tips For Saving Energy In and Around The House
With energy prices increasing along with the cost of everything else, saving energy in the home should be a priority for homeowners. During the extreme periods of hot and cold weather homeowners can save quite a bit of money but making energy efficient improvements in their home. As with anything the homeowner needs to weigh the cost of making the improvement versus the potential savings. Spending five dollars to save one dollar on a one-time basis is a bad investment. On the other hand spending five dollars to save one dollar a month for the foreseeable future would be a good investment. This article provides some tips on how to save energy in and around a home.
Adjust Your Thermostat
Are you used to cooler temperatures in the summer and warmer temps in the winter? Adjust the thermostat one degree above or below your normal setting is a great way to save on the heating/cooling bill. It will take a little getting used to body comfort wise but once changed and forgotten the money savings can add up over time. Couple that with using a programmable or smart thermostat and additional savings can be had. Some smart thermostats know when no one is home and can automatically adjust the temperature up or down to save money.
Mind Your Windows
When the weather outside is mild opening one’s windows is a great way to let the fresh air into the home. Inside air can get stagnant with cooking, household...
May 2022 Greater Cincinnati Luxury Real Estate Market Report
Luxury home sales increased from last month even with rising mortgage rates. This can be explained with the fact that most homes that close in a particular month are usually contracted one to two months prior. In those prior months mortgage rates were lower as compared to May 2022. Homes going into contract in May will show up in June/July results. Prices for luxury homes in the Greater Cincinnati have been holding steady for the 2022 time frame.
Additional Articles To Read
- May Housing Bubble Update - See which markets had a run in prices and sales during the month of May 2022.
- Home Prices Set A Record - This article takes a look at home pricing and how it relates to CPI (Consumer Price Index which is a measure of inflation).