August 1st, 2022 at 11:00 am
Buying things is normally a pretty straightforward exchange: a seller puts a price on something, a buyer pays the price, and the seller gives the thing to the buyer. Of course, real estate doesn’t work quite so simply. There’s often more than one potential buyer in the mix, prices get negotiated, and even when a buyer and seller agree to terms, the house may not be sold.
That leads us to the issue of under contract vs pending and what those terms mean in real estate.
Sale pending vs. under contract both refer to periods when a buy and seller have agreed to terms but before the house is officially sold. At a glance, when a home is listed as “pending,” that means the home is in the final stages of a sale. If a home is “under contract,” there are still a few details that the seller and the buyer are waiting to finalize (such as appraisal value), before the sale can continue into the pending sale stage.
(more…)July 25th, 2022 at 11:00 am
Purchasing a new home can be a very exciting time. It can also be very complicated, especially when it comes to figuring out how you’ll pay for this purchase. You’ll probably be looking into financing, which means taking out a mortgage. Which means paying interest on your home loan. Your interest payment could come down to the type of mortgage loan you take out, so you need to choose between a fixed vs. adjustable-rate mortgage.
(more…)July 25th, 2022 at 11:00 am
Real estate transactions, in some ways, can make you feel like a big Hollywood star. There are people taking pictures of your house. You may have staging that you need to do. People ask you about how you live and what your area is like. Yes, the best agents know how to give their clients the celebrity treatment.
But when it comes to choosing agents and understanding their different roles and responsibilities, what’s the difference between a listing agent and a selling agent?
Simply put, a listing agent (also called a sellers agent) helps clients put their properties on the market to be bought by a potential buyer. Selling agents (also called buyers agent), help clients who are looking to purchase a home. However, there’s a lot more to what each real estate agent does than just that.
To clear things up, let’s take a look at listing agent vs. selling agent.
(more…)July 6th, 2022 at 11:00 am
There are many stages to buying or selling a home. For sellers, the process begins when you first decide to sell and start readying your home for inspections, appraisals, and viewings. For buyers, it begins when you start looking at listings, considering your funding options, and visiting potential properties.
(more…)July 4th, 2022 at 11:00 am
Acceleration is a word we generally associate with speed. You hit the accelerator of your car and take off, adrenaline flowing, heart pumping, as you start flying down the open road.
An acceleration clause in real estate may also get your adrenaline flowing and heart pumping, but for different reasons.
So what is this acceleration clause real estate? At its most basic level, it’s a part of your mortgage that allows your lender to call in the entirety of the loan. Unlike amortization in real estate, that means you have to pay everything now. Thankfully, there’s a bit more complexity and lenders can’t just trigger an acceleration clause on a whim. Let’s look at some of the details of how mortgage acceleration clauses in real estate work.
(more…)
