Things To Consider Before Downsizing
Whether you are an empty nester looking to reduce your footprint or just don’t want a large house downsizing may be a great way to save money and be more stress free by not having to deal with the extra expenses. Smaller homes can mean smaller mortgages and smaller utility bills. Depending on the new location too more opportunities may open up to live in an area that is more walkable or that may have close by shopping thus making the home more convenient. Whatever the reasons or desires for downsizing homeowners need to consider a number of aspects to make sure the decision is right for them.
When going from a larger house to a smaller house the first consideration to be made relates to how much stuff one will be taking to the smaller house. Furniture, kitchen wares, decorations, and other household items can easily be downsized since a smaller house will not have the space for all those items a larger house does. Before even listing the larger house for sale the homeowner should sell or giveaway those items that are not needed or will not fit in the new house.
Heirloom items can be passed onto children or other relatives who can make better use of them. Money obtained from selling collectibles that others may not have the appreciation for can be put to better use by the homeowners themselves. As many who are downsizing are also close to retiring if not already retired extra money in a bank account from selling off excess items can make a great travel fund or rainy...
What Should Buyers Be Reviewing On The Property Disclosure Form?
The property disclosure is an important document that sellers provide to potential buyers. With the property disclosure the sellers are listing out details about the condition of a home. Most states have laws governing the use of the property disclosure form as a means to help inform buyers about the house they wish to buy. Generally homeowners are required to disclose known (or should have known) conditions about the home they are trying to sell. Buyers should carefully review the disclosures because even if the home that looks great on the internet it may be one they wish to avoid if there are major issues disclosed about the home. This article looks about what buyers should know about the property disclosure form.
Use The Disclosure Form As A Screening Tool
Before a home buyer goes to visit a home they should be asking their real estate agent for a copy of the property disclosure form. The property disclosure form is often uploaded into the local MLS along with other disclosure documents to which their real estate agents have access to. Buyers should review the disclosure form for any condition they may consider to be a deal breaker before they visit the home. If the property disclosure forms mentions mold, foundation issues, bad roof, water leaks or something else many buyers may not want to view those homes as some of those conditions can prevent the buyer from...
Do I Have To Give Earnest Money When Buying A Home?
When buying real estate often times the buyer is expected to give some earnest money as part of the transaction. Earnest money is usually paid up front when the offer is accepted and is held in a trust account with the listing broker, the buyer’s agent broker or with the title company. The earnest money stays in a trust account until the real estate transaction is closed or when both parties agree to terminate the transaction and there is agreement as to where the money should go to. While earnest money is not a requirement it is highly recommended and this article will explore more about earnest money works in a real estate transaction.
Should You Give Earnest Money When Making An Offer?
Earnest money is in essence a good faith deposit that a home buyer or investment real estate buyer is giving that shows they have true interest in purchasing certain property. While earnest money is not a requirement it is highly recommended since it can show the level of interest a buyer has. It is in essence a down payment put towards the purchase of a home. Earnest money can be refundable depending on the terms of the real estate purchase contract. If the real estate purchase contract conditions the purchase on a home inspection, appraisal and/or the buyer being able to get a loan to purchase the property then the language of most standard contracts state if those conditions cannot be met the earnest money should be returned to the buyer.
In some commercial real estate transactions sellers will sometimes require some or all of the earnest money to become “hard” or non-refundable due to the time...