Angela Aull

Metro Atlanta Real Estate

Risks of Removing Buyer’s Contingencies

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Typical real estate offers include a wide variety of standard contingencies. These can include home inspections, appraisal, and loan approval. In a fast-moving, seller’s market, one of the ways to make an offer more appealing is to remove contingencies.

Real estate contingencies are intended to protect the buyer from unforeseen issues. Once these contingencies are removed, the buyer typically has no recourse from these issues. The most important contingencies include:
• Home Inspections – including mold, well/septic, structural, geological
• Lending Approvals – including appraisal, title, loan rate and terms, final loan approval
• Property Condition – this relates to the final walk-through, ensuring the property has been maintained during the escrow period

Any, or all of these items can create problems during, and even after, the closing period. Without the contingencies in place, the buyer is obligated to conclude the sale and any financial costs incurred by the seller for not doing so, including the forfeiture of their deposit.

Regardless of what’s happening in  your local market, ensure you thoroughly review all contingencies or the waiver of them with your agent prior to making an offer.

What is a Title Search?

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It may seem like there are a million steps to the closing process when buying or selling a home. A title search is just one of the many stages and title problems may account for almost 10% of closing delays. As a seller, doing a preliminary title search can help avoid costly delays at the end. So, what is a title search and what does it disclose?

In the simplest form, a title search identifies who owns the property. This may obvious, but surprisingly, sometimes the party selling the home may not actually have the legal right to do so, at least on paper. For example, in the case of a married couple, the property might be in only one spouse’s name. Another example would be a property held in trust or probate; it could take some paperwork to correct title to allow a sale.

A title search also uncovers any existing liens on the property. This would include any current mortgages and may find old debt or unreleased loans. Items which must be paid off or removed prior to sale. Finally, a title search will list any deed restrictions, such as easements or property restrictions.

If the title search does find any issues, the seller will need to remove them before the closing can occur. Once the sale is closed, title insurance ensures the new owner against any title issues that were not discovered during the search.

No one wants unexpected delays during closing. A seller can help mitigate title issues by running a preliminary title search at the time of listing. This gives them plenty of time to address any outstanding title issues before it costs buyer and seller valuable time in delays.

Can’t Sell Your Home in a Seller’s Market?

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It’s no secret that most of the country is experiencing a strong seller’s market. With more homebuyers than inventory, most sellers have been delighted to sell quickly and often with multiple offers. Yet, some homes are still sitting on the market and these sellers may be wondering why.

Here are 7 reasons why your home listing is not selling:
1. Overconfidence – While many homes are being snapped up on day one, this does not mean you can avoid the basics of good marketing, professional photos, and open houses.

2. Overpriced – In a seller’s market, home prices do advance, but a dramatically overpriced home will still sit unnoticed.

3. Appearance – With low inventory, homebuyers will compromise on some issues, but properties in need of major TLC or extensive deferred maintenance will not hold mass appeal.

4. Title Problems – Title issues are more common than you think. Old judgments or messy probate can take time to resolve and in a fast-paced market, buyers will often just move on.

5. Stinky – Smelly homes simply do not sell. Fortunately, there are professional options that can eliminate most odors.

6. Lazy Agent – The hard truth is that in a seller’s market, some agents just get lazy, assuming the home will sell without much effort. Your agent should still be doing all the right things – open houses, listing pictures, follow-up, and personal showings.

A seller’s market is exciting for homeowners ready to move. If your listing is just sitting without much activity, it is time to take a hard look at what you’re doing wrong and make changes.

Save On Housing Costs in Retirement

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Retirement is a time of freedom; it’s something people look forward to most of their lives. As you prepare for retirement, it’s natural to consider ways to reduce your housing costs. Fortunately, there are some great ways to enhance your lifestyle while reducing costs.

6 Ways to Save Housing Costs in Retirement

  1. Downsize – The most common way to reduce costs is to downsize. Many older Americans find they can greatly reduce or eliminate monthly payments while reducing upkeep.
  2. Home Sharing – If you are single, consider finding a housemate.
  3. Retirement Communities – 55+ communities offer a lower-cost, low maintenance lifestyle.
  4. Retire in Phases – Plan for the stages of retirement, including possible assisted living. Buying into these multi-stage communities can save thousands throughout your retirement.
  5. Look at Your Mortgage – Make your current monthly payment more affordable by refinancing at a lower rate. You might also consider a reverse mortgage. Federally insured reverse mortgages can provide income to supplement your retirement savings.
  6. Sell Your Home – Maybe you no longer need to own a home at all. Selling a home and pocketing the proceeds can give you the freedom to travel more and rents may be less expensive than owning.

If it’s finally time to retire, or if you are in the final planning stage, consider the cost of housing. Saving money on monthly expenditures is the best way to make the most of your hard-earned retirement.

Buyers and Sellers – Stay Focused on Your Goal

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Buying or selling a home can be stressful, even in normal times. Right now, when the housing market is moving at a frenetic pace, both buyers and sellers are making quick decisions and are feeling extreme pressure. As the tension rises, it can be easy to overlook the end goal; right-sized home, relocation, dream home, etc. Try not to lose focus!

Buyer Challenges
Facing a very tight inventory of available properties, buyers have limited time to arrange to tour homes and knowing they must make a quick decision once they have. Buyers do not have the luxury of a second look or hesitation and often are competing against multiple offers, adding to the pressure.

Seller Challenges
Sellers are also feeling the challenge of the frantic pace. While it is nice to have multiple offers from which to choose, the fact that the offers are at times being made sight-unseen means that some of the offers may not be the buyer’s first choice and they could lose a “real” offer by choosing to work with the wrong one. In addition, if the seller intends to buy another home, then they will be in the same position as the buyers once they enter that side of the competitive market.

The bottom line in each case, however, is to stay focused on the end goal. Why are you looking to buy or sell? Working with your agent, and relying on their experience, keep your eye on the prize and recognize that the goal will be worth the effort.

10 Signs You Have Too Many Houseplants

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A somewhat unexpected trend this past year has been an increased interest in owning houseplants. Decades ago, our parents’ homes were filled with pots of ferns, flowers, and even trees. This décor element is back! No longer are plants relegated to the herb pot in the kitchen. As we strive to use more natural décoproducts, homes are once again filled with living design features. But have you gone too far?

10 Signs You Have Too Many Houseplants

1. You live in a jungle – Boho designs often include plants, but if you’re pushing aside leaves to walk around your home, you’ve gone too far.

2. You panic when you see a dead leaf – Remember, leaves do die to make room for new growth.

3. You have “plant babies” – Do you hire a plant-sitter for weekend trips?

4. Your plants have names – Are you inviting friends to a Zoom birthday for your rhododendron? This could be a problem.

5. You have a plant wall – Have you replaced your bookshelves or family photos with a wall of plants?

6. You talk to your plants – As long as they don’t talk back, you could still be okay.

7. You post throwback plant pictures – Nobody needs to see your monthly plant milestone pictures on social media. “Remember when it was just a little seedling? Aww…”

8. You take plant family selfies – You might have too many plants if every selfie includes your plant family.

9. You have a plant tattoo – Is your favorite plant immortalized on your forearm?

10. You have a favorite plant – Enough said, you have too many plants.

It’s good to “go green”; houseplants can purify our air, improve our mood, and bring a taste of the outdoors inside. But if your home looks like it needs trimming—or mowing—you may have too many houseplants.

Angela Aull | HomeSmart

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