Chad Goldstein - Gold Key Realty LLC



Posted by Chad Goldstein on 6/10/2019

Selling a home takes patience. Especially when youíre balancing your time between settling into your new home, and keeping up with your work and family life. So, when youíve finally gotten to the point of accepting an offer on your home, youíll probably breathe a sigh of relief--and you should!  However, there are still a few more things that will need to happen and a couple of things to consider before closing the deal on your home sale.

Contingencies on the purchase contract

A purchase contract typically includes contingency clauses that are designed to protect the interests of both the buyer and the seller. These clauses mean that the contract is contingent upon the actions being completed before it can be legally valid.

There are three main contingencies that will likely be included in the purchase contract before closing--inspection, financing, and appraisal.

Inspection contingency

The inspection contingency allows the buyer to have the home inspected by a professional before closing (the time should be specified within the contract, but the inspection should usually occur no more than two weeks after you accept the offer). A home inspection lets the buyer know what to expect in terms of repairs that the home needs now or will need in the near future.

Financing contingency

Since the vast majority of buyers will be purchasing their home through a loan, a financing contingency is included to allow the buyer time to secure their mortgage. Getting pre-qualified and pre-approved makes this process easier, but the buyer will still have to finalize and close on their mortgage before their financing is official.

This clause exists to protect the buyer in the event that their mortgage application is denied, ensuring that they arenít penalized.

Appraisal contingency

The third contingency most often found in purchase contracts is a home appraisal. The buyer will order an appraisal and then the appraiser will reach out to you to find a day to come and value your home.

If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.

Walkthrough and closing

Once the appraisal and inspection have been met and financing secured, the buyer will have a chance to do a final walkthrough of your home. The walkthrough usually occurs no more than two days prior to closing on the sale. A walkthrough allows the buyer view the home one last time to ensure that the condition of the home hasnít drastically changed since the home was inspected or appraised. So, make sure the buyer is aware of any changes you planned to make to the home before closing.

Now youíre ready to close on your home sale. Youíll receive a disclosure form to review (read it carefully!) and sign. Once closing is complete, ownership of the home is officially transferred to the buyer.

While the closing process does include several steps, itís important to be available and cooperative along the way to ensure a smooth sale and transition into your new home.





Posted by Chad Goldstein on 10/22/2018

If you find lots of great homes are available and cannot decide which residence to buy, there is no need to stress. Rather than submit multiple offers to purchase various houses, you should hone your home search. By doing so, you can discover the right residence, at the right price.

Now, let's take a look at three tips to help you narrow your home search.

1. Define Your Dream Home

Think about the features you want in your dream home. Then, you can make a list of "must-have" home features and search for residences that offer these features.

Furthermore, consider where you want to reside. If you prefer big city living, for example, you may want to focus exclusively on city houses. On the other hand, if you want to reside in a small town, you can search for residences in myriad small towns.

2. Conduct a Preliminary Housing Market Review

Let's face it Ė searching for a home can be overwhelming, regardless of whether you are a first-time or experienced homebuyer. But if you perform a preliminary housing market review, you can get a good idea about the volume and quality of available residences. Next, you can use this real estate market information to map out your homebuying journey.

Of course, it may be beneficial to attend open house events as well. These events enable you to get an up-close look at assorted residences. They also can help you understand the features you want in your dream house so you can further refine your home search.

3. Consult with a Real Estate Agent

When it comes to navigating the housing market, it helps to have a real estate expert at your side. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you acquire a superb residence at an affordable price.

A real estate agent understands what it takes to help you find a quality home that won't force you to break your budget. First, he or she will learn about your homebuying goals and teach you about the real estate market. A real estate agent next will help you analyze the real estate market and explore a broad range of houses. And once you find a house you want to buy, a real estate agent will help you craft a competitive offer to purchase this residence.

Let's not forget about the guidance a real estate agent provides throughout the homebuying journey, either. Purchasing a house is no small feat, and a real estate agent will take the guesswork out of the homebuying cycle. Best of all, a real estate agent can respond to your homebuying concerns and questions at any time.

If you want to discover a home that matches your expectations, it helps to plan ahead for the property buying journey. By taking advantage of the aforementioned tips, you can streamline your house search and find your ideal home faster than ever before.





Posted by Chad Goldstein on 6/11/2018

An offer to purchase represents a key milestone in the homebuying journey. Ultimately, it helps to plan ahead to ensure you're ready to submit a homebuying proposal. Because if you know what it takes to put together a competitive offer to purchase a house, you can boost the likelihood that a home seller accepts your proposal.

Now, let's take a look at three tips to help you get ready to submit an offer to purchase.

1. Study the Housing Market

The housing market fluctuates frequently. As such, you may enter a real estate market that favors buyers but slowly shifts into sellers' favor, or vice-versa. But if you examine the real estate sector closely, you can differentiate a buyer's market from a seller's one and submit an offer to purchase that accounts for the current housing market's conditions.

If homes are selling quickly at or above their initial asking prices, you may be working in a seller's market. Comparatively, if houses linger on the real estate market for many weeks or months before they sell, you may be operating in a buyer's market. As you start to craft an offer to purchase a house, you should analyze the real estate market. By doing so, you can submit an offer to purchase that matches a seller's expectations.

2. Get Your Finances in Order

Entering the housing market with a budget in hand usually is beneficial. If you get pre-approved for a mortgage, you can narrow your house search and stick to a budget as you pursue your dream residence.

Banks and credit unions can teach you everything you need to know about fixed- and adjustable-rate mortgages. Perhaps best of all, lenders employ mortgage specialists who can respond to your mortgage concerns and questions. If you collaborate with a lender today, you can get the financing you need to buy a house. Also, you can conduct a search for homes that fall within your price range and reduce the risk of submitting an offer to purchase that surpasses your budget.

3. Avoid a "Lowball" Offer

Submitting a "lowball" offer to purchase a home may seem like a good idea at first. Yet submitting a homebuying proposal that falls short of a seller's expectations is unlikely to help you acquire your dream house.

In most instances, a seller will instantly reject a lowball offer to purchase. And if you receive an immediate "No" from a seller, you risk missing out on the opportunity to purchase your ideal residence.

Allocate time and resources to craft a competitive homebuying proposal Ė you'll be glad you did. Otherwise, you run the risk of putting together a lowball offer that will miss the mark with a seller and force you to look elsewhere to purchase a house.

Lastly, if you need extra assistance as you perform a house search, you may want to hire a real estate agent. By employing a real estate agent, you should have no trouble crafting a competitive offer to purchase any home, regardless of the housing market's conditions.





Posted by Chad Goldstein on 5/28/2018

If you find your dream house, you likely want to submit an offer to purchase this residence as soon as possible. That way, you can avoid the danger of losing your ideal residence to a rival homebuyer.

Although you may strive to quickly submit an offer to purchase your dream residence, it is important to allocate sufficient time to craft a competitive homebuying proposal. Ultimately, there are many reasons to be diligent as you prepare an offer to purchase, and these include:

1. You can avoid the risk of overpaying to acquire your dream house.

You want to buy your dream house, but at the same time, you don't want to pay too much for it. Fortunately, if you allocate time and resources to learn about a home's condition and the current state of the real estate market, you may be better equipped than ever before to submit a competitive offer to purchase.

Analyze a house's condition closely as you put together a property buying proposal. It often is beneficial to consider any potential home improvement projects as well.

Also, take a look at the prices of comparable houses in the same city or town as your dream residence. With this housing market data in hand, you can establish a price range for homes that are similar to your dream residence. Then, you can submit an offer to purchase that accounts for the present state of the housing market.

2. You can submit an offer to purchase that falls in line with a seller's expectations.

It usually is beneficial to consider the seller's perspective as you put together an offer to purchase. By doing so, you can craft a homebuying proposal that falls in line with a seller's expectations.

If you think about the seller's perspective, you may be able to avoid submitting a "lowball" offer to purchase. Because if you understand how a seller may perceive your homebuying proposal, you can submit a competitive offer to purchase that likely will make a positive impression on him or her.

3. You can increase the likelihood of receiving an instant "Yes" from a seller.

With a competitive offer to purchase, a seller may respond with an instant "Yes." As a result, if you craft a competitive homebuying proposal, you may be able to move forward with a home purchase and quickly acquire your dream residence.

As you navigate the real estate market and prepare an offer to purchase your dream house, you may want to work with a real estate agent. This housing market professional can offer honest, unbiased recommendations about how much you should offer to pay for a residence. And if your homebuying proposal is accepted, a real estate agent will help you finalize your house purchase too.

Ready to make your homeownership dream come true? Collaborate with a real estate agent, and you can get the help you need to find your dream home and submit a competitive offer to purchase this residence.







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