Category: Offers & Counters

  • Seller's Guide to Financing Terms

    By Home Bay

    Posted on October 14th, 2014

    To list your home for sale on the MLS, you will need to indicate the type of buyer financing you are willing to accept. Read on to learn about common real estate financing terms and find out what each one means. Types of Financing: * Traditional Financing: All sellers should indicate they are willing to accept "Cash" and a "Conventional Loan". A conventional loan is the most common loan for buyers. * Owner Financing: This type of financing means you're willing to accept monthly payme

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  • When you list your home on the MLS, you have to state what type of ownership you have. This post will explain the two main types of ownership and will also provide detailed definitions for additional, less common types of ownership. Read on to learn more! The two most common types of real estate ownership are "Condominium" and "Fee Simple". Here are the specific definitions for each: * Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and c

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  • Real estate has lots of terminologies and it can be difficult to keep it all straight. This post will take a look at sales restrictions and will explain what they are, how they work and how they can impact your real estate purchase or sale. First, let's define what a sales restriction is. When a property has "sales restrictions", it means there are specific conditions that must be met in order for a property to be sold. For example, in some cases, only certain buyers may purchase the property.

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  • The real estate term for an item that sells with a property is "convey". In every home sale, there are a number of default items that convey at closing. This post will provide some insight on what items typically sell along with a property. Fixtures and Fittings: The first category of items that convey with your property, titled fixtures and fittings, is outlined in your real estate contract [https://www.homebay.com/tips/everything-home-sellers-need-to-know-about-real-estate-offers] . If any of

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  • The Liquidated Damages clause in a real estate contract is a reasonable and agreed upon amount that would be awarded to the seller, should the buyer breach the contract. Liquidated damages typically do not exceed 3% of the purchase price. Read on to learn how this clause protects both the buyer and the seller. Once contingencies are released, many sellers begin to pack their home, schedule the movers, put a deposit down on a new home and maybe even leave their job. There could be real financial

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  • In a real estate transaction, buyers and sellers are sometimes faced with an issue they cannot resolve on their own. Rather than litigate (i.e. go to court), the parties can agree to mediation or arbitration. These alternative methods of resolving issues are typically faster and less expensive for both parties, making them preferred options over litigation. The decision to use mediation and arbitration (vs. litigation) is written directly into the Offer to Purchase Real Estate. Mediation vs. A

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  • There are typically two types of Title Insurance: an Owner's Policy and a Lender's Policy. This post will explain what each policy is for, who and what it covers and who pays for it. Owner's Policy: The Owner’s Policy insures the homeowner against defects in the title that were not found during the title search. It is a one-time fee paid at closing and covers the owner or his heirs as long as they have an interest in the property. Hidden title problems that may later arise include: * Forgery

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  • Your home sale may not go as expected - and the resulting stress and anxiety can cause you to make unwise decisions. Avoid mistakes by giving careful consideration to the questions below and use your answers as a  guide on what to do to turn your situation around. Buyer Activity is Low: If you don’t see much buyer activity, first read about why your home may not be selling as quickly as expected [https://www.homebay.com/resources/sell-my-home-fast-tips] and adjust your pricing and/or expectatio

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  • Unless you are inundated with many offers, you should respond to every offer to purchase real estate, even if you get a “lowball” or contingent offer [https://www.homebay.com/resources/contingent-offer/]. Read on to learn why. 1. Bad Offers Can Turn into Good Offers: If you don't respond to an offer or if you outright “reject” an offer, you have effectively stopped future communications with the buyer who submitted it and they will most likely refrain from reaching out to you ag

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  • Evaluating a California residential purchase agreement can seem daunting, but there are really just a few key things you need to take a look at to determine how to respond. Read on to learn what those things are and review your offers with confidence!You should focus on the following when you receive an offer: 1. Price: Remember, on average, home sellers believe their home is worth 8% more than it actually is - so keep that in mind as you evaluate the price. 2. Close of escr

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