Danny's Real Estate Blog - Selling a Home

Danny's Real Estate Blog - Selling a Home Close
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Selling a Home

Thought about listing your home for sale? Here's my blogs on the subject

There are currently 17 blog entries related to this category.

The Seller's Disclosure Notice is an essential part of a real estate transaction. In short, it's the condition of the home to the best of the sellers knowledge, which is signed not only by the sellers, but the buyers as well. It is to be provided to the buyer either before a contract is signed (provided on the MLS to be downloaded), or provided after the agreed upon number of days in the contract. It's best to have it provided up front, and here's why. Let's take a look at the wording first.

This part falls under Paragraph 7B, the property condition section. You'll notice there's 6 lines of wording if you haven't given the buyer the Notice up front. What does it mean? In general terms, you're giving the buyer 7 days to back out of the contract

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Every now and then I get questions I legally am not allowed to answer concerning a home, usually because of Fair Housing Laws. They usually relate to how good the schools are, whether crime is high in the area, or other things which could land me in a lot of trouble for my opinions. Death is a different story.

Disclosing a death on a property can be tricky. For starters, a seller may not actually know. If a home is a flip, and the flipper bought it at auction or out of foreclosure, there would be no seller disclosure for them to find out if there had been one or not. Secondly, it really depends on how someone dies as to whether or not it had to actually be disclosed. Straight from the Texas Property Code:

Chapter 5.008(c): 'A seller or seller's

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We all know storms are as unpredictable here in North Texas as a Cowboys football season. Tornadoes, hail, even the occasional earthquake can happen at a moments notice. So what happens if something happens to the house you're buying before you close on it? Enter the Casualty Loss paragraph of the contract.

What does this mean in layman terms? Basically, if the house you're buying is damaged or destroyed by fire before you close on it, you're not obligated to still buy it if the home is not restored to its previous condition before the closing date. Now if it's not restored due to a situation beyond the sellers control (such as insurance companies falling behind during a tornado outbreak, fire destroying the property, etc.), the buyer has a few

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I hear this on just about every single listing appointment I have: 'I think my house is worth X'. My first question following is always 'Why do you think it's worth that?'. The immediate answer is usually 'I've done my own research, and that's what I think it's worth.' That's when I know how the rest of this appointment is going to play out, and just another reason why Realtors are necessary even in an age of so much information.

Texas is a non-disclosure State. If you don't know what that is, pay attention.

The final amount a home sells for is not disclosed to third party websites in Texas. No matter how much you want to believe the appraisal district, tax rolls, or the dreaded unreliable Zillow, it's something you are unable to find on the

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There are reasons why contingent offers can sometimes be less appealing than offers which may not be as much money. A contingent offer comes with a whole new set of 'outs' for the buyer, and potential headaches for the seller. As I mentioned previously, moving the closing date can come at a cost, so having the sale of a house tied to the sale of another can cause issues.

The Domino Effect isn't some new theory. Everyone knows it. I had a situation in late 2016 where the domino effect came into play, and it wasn't good. My clients were selling a home and purchasing an inventory new construction home. Closing dates were set. This is where it gets hairy, so pay attention. The buyer of my clients home also had a house to sell. Their home was under

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As mentioned in a previous blog entry, the closing date is a deadline. It's the day the ownership of a property is conveyed from one owner to another. Extending the date can have a few financial consequences, however, so here's a few things to be aware of which may change if it happens.

Prepaid Interest

This is the one you buyers may be ok with. The further back in a month the closing date falls, the less prepaid interest one must bring to closing. Here's the kicker: as far as when your first mortgage payment is concerned, you finish out the month in which you close, then skip a month. The first payment isn't due until the following month. So while one may bring hardly any prepaid interest to closing by closing on March 31, the first payment would

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Everyone wants to get as much money as they can for their home. We're all capitalists when it comes to selling what's most likely our largest investment. Most people are inclined to take the highest sales price without giving two looks to the terms of the deal. Seasoned Realtors, such as yours truly, know the devil is in the details. Remember those whole appraisal things? Let's take a closer look at the finer details of contracts.

It's natural to just look at the sales price. I mean, if someone is offering that much money, i'm going to get more out of it right? Not always. There are numerous things in the contract which add up and cost money. There's the typical seller paid expenses, such as title policy, survey, home warranty, HOA resale certificate,

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When an offer is made on a home, there is a are several specific dates in the contract to which attention is required. Option periods, financing approval, but there is also a day written into paragraph 9 called the Closing Date. Specifically, it says:

So what does that mean? It means that's not a suggested date, as some lenders and realtors seem to suggest. It's an 'on or before' date to which the contract cannot be extended without approval from both parties to the contract. This is often the subject of negotiation and, if you're the one making an offer on the home, you better know if your mortgage lender can meet that deadline before you submit the offer. It's no secret why I always suggest being fully approved before even going out looking for a

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Most showings take place while the sellers are still living in the home. If you've never bought a home before, or not in a while, you may not know the items bound to stay with the home per contracts, and what the sellers are legally allowed to take. Never fear, i'm here to the rescue.

Paragraph 2, Section B and C of the Contract (in Texas only) explain what is considered 'staying' with the home.

This doesn't include the fridge, washer and dryer, or the freestanding grills in the backyard, among else. But what if you want any of those? NEVER FEAR! There's an addendum called the 'Non-Realty Items Addendum' with which you can write in certain items not considered staying with the home you wish to keep. So if the sellers have a sweet couch and you

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You probably hear from a lot of people 'wait till the spring to sell'. Those people generally are not in the real estate industry. While it may be true the summer brings about more buyers than any other time of the year, the fall may be one of the best times to actually sell. With school now back in session, here are some reasons why the fall is a great time to list your home (with me, of course).

Less Competition

So many people wait till the summer to list, and that could be due to school or work. That's not a bad thing, but it can work in your favor. Those who buy and sell in the summer are usually on a short time line for a job transfer, moving school districts, etc. With there being not as many sellers in the fall as there are in the summer, the

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