You should never sign a contract without knowing what it says—especially when it is a real estate contract. But unless you’re a lawyer, it can be difficult to understand some of the terms that are typically found within a Goldsmith real estate contract. Make sure you know what you’re agreeing to by learning these terms:

Closing

Every real estate contract will include information on the closing date, which is the date that you will officially “close” the deal. This is the final step in the process of buying a home and the point where the ownership of the home will be transferred from the seller to the buyer.

Contingencies

Some real estate contracts may contain contingencies, which are conditions that must be met for the deal to go through. If one party fails to meet a contingency, the other party can back out of the deal.

What contingencies will you typically find in a real estate contract? The buyer may include a contingency that he will only move forward with purchasing the home if there are no issues with the inspection. The buyer could also include a contingency that states the seller must make certain repairs before the closing date. There are many different contingencies that can be included in a real estate contract, so make sure you go over each and every one with your agent. Learn about home sale contingencies: what buyers and sellers need to know.

Disclosures

There are certain things that a seller must tell a buyer before he takes ownership of the home. For example, anyone who is selling a home that was built prior to 1978 must include a disclosure that informs the buyer of any lead-based paint or lead hazards in the house. It is a violation of federal law to not provide this disclosure or to include inaccurate information on it. Make sure you work with your real estate agent to get a better idea of which disclosures should be included within the contract, and what each of them says.

Appraisal

Buyers who are planning on financing the home will need to have it appraised before closing. During an appraisal, a professional will visit the home and estimate its value. If the appraised value is not close to the listing price of the home, the lender may not want to move forward with the deal.

Effective Date

You may see the term “effective date” used in various places throughout the contract. This refers to the date that the last party signed the contract. For example, the contract may say that the buyer has 14 days from the effective date to schedule an appraisal. This means you must schedule an appraisal within 14 days of the last person signing the contract in order to comply with the terms of the contract.

Are you ready to find your dream home in Goldsmith? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

Labor Day marks the unofficial end to summer—and it also happens to be the end of the busiest real estate season as well. Every year is different, but the market typically changes after Labor Day, which is important to know if you are planning on buying or selling a home. Here are some of the University Park market trends that are expected now that Labor Day is behind us:

Lower Competition

Many families prefer buying a home by the month of August so they can be settled in before their kids go back to school. But, if you don’t have kids or don’t mind moving in the middle of a school year, you can take advantage of the fact that there are fewer buyers looking for homes. With less competition, buyers may be able to score better deals since sellers no longer will be in control of the market. Learn about a buyer’s market.

Sellers Are Ready

Some sellers that listed their homes in the spring and summer may not have been fortunate enough to close a deal by Labor Day. But, after several long months of waiting for offers to come through, these sellers are ready to negotiate just so they can close this chapter of their lives. Buyers should look for homes that have been on the market for months if they are trying to find a good deal. Sellers who have waited this long will probably be more willing to negotiate than sellers who have recently listed their homes.

Real Estate Agents Are Available

Now that the market has slowed down, real estate agents will have fewer clients and listings to juggle, which means they will have more time to spend with each client. This is the perfect time for first-time buyers or buyers who aren’t sure what they’re looking for to get in touch with a real estate agent. During the fall, your agent will have more time to walk you through the process step-by-step and help you find the home of your dreams.

Closing Dates

There are not many people who want to be in the middle of a move during the holiday season. What does this mean for the real estate market? Both buyers and sellers will be eager to close the deal as soon as possible so they can be settled into their new homes by the holidays. However, if you make a deal too close to the holiday season, it’s possible that the seller or buyer will suggest closing after the holidays, which may mean a longer wait. Be prepared to accommodate others’ busy holiday seasons if you are buying or selling a home this fall.

Now that you know what to expect for the rest of the year, are you ready to find your dream home in University Park? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

Many people don’t understand why hiring a Lowry real estate agent is so important. That’s mainly because people aren’t familiar with the role the agent plays in the process of buying or selling a home. What exactly does an agent do? Here are some of the ways that an agent helps buyers and sellers:

Provides Information

Do you want to know about an up-and-coming neighborhood in your community? Are you wondering how much homes are selling for in your area? A real estate agent can answer these questions with ease. Getting this information from a trusted source makes the process of buying or selling a home much easier and more efficient.

Network

Real estate agents are very connected with other agents in the community. This means if you are selling a home, your agent can reach out to his network of agents to promote your listing. Without an agent, it may be difficult to attract potential buyers to your home because you won’t be able to reach other agents as easily.

This network is also valuable for buyers. If you’re having a hard time finding a home that fits your needs, an agent can contact other agents in his network to let them know about your situation. Then, the other agents can contact your agent if a home that meets your requirements is about to hit the market.

Negotiations

An agent will also represent you during negotiations with an interested buyer or seller. Your agent has your best interests in mind, so he will work tirelessly to negotiate a favorable outcome with the other party. If you don’t work with an agent, you will have to negotiate with a skilled agent representing the other party who will take advantage of your inexperience. Read 11 things you need to know about real estate negotiations.

Paperwork

A real estate agent will handle all of the paperwork that’s involved with your transaction. Why is this important? If you handle the paperwork on your own, it’s very likely that you will make a mistake. Every mistake that you make could lead to delays if the paperwork needs to be resubmitted. Even worse, a mistake could mean that you agreed to something that was not intended. For this reason, it’s important to work with an agent who knows the ins and outs of real estate paperwork.

Watch Your Back

A good agent will not let you get involved in a bad deal. For example, an agent will not recommend that you put an offer on a home with severe water damage that will require extensive repairs. If a seller is unwilling to negotiate on the price of a home, a trustworthy agent will tell you if it’s a good idea to pay the listing price. The best agents will always have your back, which is one of the most important reasons to hire one.

Are you ready to find your dream home in Lowry? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

The real estate market is booming right now, which means investors may be having trouble finding a home at a good price. It may be a sellers’ market, but these homes are still out there—you just have to know how to find them and how to seal the deal when you do. Here are some tips to help local investors shopping on the Goldsmith real estate market:

Don’t rely solely on listings.

Work with a real estate agent who is well connected within the community and has experience working with investors. Why is this so important? Many landlords that have decided to sell their properties never officially list them on the market. They do this so the tenants do not realize that ownership may be changing in the future. To find these off market listings, you will need to rely on your real estate agent to connect you with sellers in the community.

Pay in cash.

If you find a home that you are interested in investing in, make an all cash offer if it’s possible. Cash offers are attractive to sellers who want to quickly close the deal without worrying about a buyer’s financing falling through. Even if there are other buyers interested in the home—and willing to pay more—you may win it by making an all cash offer.

Be willing to put in work.

In general, buyers are interested in move-in ready homes, so if a home needs a lot of work, there probably won’t be a lot of other buyers to compete with. If you’re interested in investing in a home, you may want to look at these listings. But, be sure that you carefully calculate how much it will cost to improve the condition of the home. Consult with a contractor who can give you estimates of the work that needs to be done before you make an offer.

Be the first…

Buyers who make the first offer on a property are often the ones who end up getting the home, so move quickly if you find a property that seems like a good investment. Buyers who are eager to find a home don’t wait until the weekends to see a listing—make time during the week if possible. Read 4 simple tips for finding incredible real estate deals.

…Or the last.

If a home has been on the market for a long time, the seller will probably be more willing to negotiate on the price. Look for homes that have spent months on the market and submit low offers. You probably aren’t the first buyer to submit an offer, but the seller may accept your offer if he is worried that you will be the last buyer who submits one.

Are you ready to invest in a property in Goldsmith? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.

Many buyers think their search for a home is over once they’ve made an offer on a listing and the seller has accepted it. But unfortunately, an accepted offer does not always mean the deal is done. Here are some of the many reasons why a sale may fall through in Observatory Park in Denver:

Low Appraisals

In order to get a loan, a buyer must get the home appraised before closing. But, if the home appraises at a value that is much lower than the sales price, the lender will most likely back out of the deal. The lender may give you an opportunity to ask the seller to lower the price or to get a second appraisal, but even if you are given this chance, the deal may still fall through. Learn how to avoid a low home appraisal.

Buyer’s Remorse

It may take weeks or even months to officially close on a home after an offer has been accepted. During this time, the buyer may start to rethink his decision to purchase the home. He may realize that he can’t afford monthly payments on the home in addition to the other costs of homeownership. Or, he may find another home that he believes is a better deal. Either way, if the buyer starts to have remorse before the deal is done, it’s possible that he will pull out of the deal.

Inspection Issues

Before closing, the buyer will need to hire an inspector to take a closer look at the home. Sadly, you may discover that the home has problems that you were not aware of. For example, the inspection may reveal that the home needs a new roof or has mold or structural damage. These issues can be incredibly difficult—not to mention expensive—to repair. Some sellers are willing to fix these issues before closing, but others aren’t. If the seller is not interested in fixing the issues, the lender may back out of the deal.

It’s important to note that buyers are only required to get an inspection if they are getting a mortgage, but that doesn’t mean you should skip this step if you are paying in cash. It’s in your best interest to know about any problems a home has before you invest in it.

Contingent On Buyer’s Home Sale

Buyers often try to sell their current home at the same time that they are buying a new home so they can use the cash they get from the sale to purchase the new home. A buyer who wants to do this may include a contingency in the offer that states he will back out of the deal if he is unable to sell his current home by a certain date. But unfortunately, the buyer is not always able to find a buyer for his home by this deadline, so many deals fall through as a result of the contingency.

Are you ready to find your dream home in Observatory Park? If so, get in touch with the professionals. Contact Elevation Realty to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.