Donna Geihe - KELLER WILLIAMS REALTY | 617-549-2670 | donna@dgmoves.com


Posted by Donna Geihe on 7/24/2018

If this is your first time buying a home, you might feel a bit intimidated by the purchase contract. Contracts are often filled with industry and legal jargon, making them difficult to understand for the average buyer and seller.

Contingencies in particular give some buyers cause for concern because their contract depends on the contingencies being fulfilled. However, in most cases contingencies are pretty standard and only serve to protect the interests of both the buyer and seller during a real estate transaction.

In today’s post, I’m going to give you an introduction to contingency clauses and break down some of the most common contingencies you’ll find in today’s real estate purchase contract.

Contingency clause definition

Simply stated, a contingency clause is a statement within a contract that requires a certain event takes place before the contract is considered legally valid. As a result, contingency clauses are used to cancel or invalidate a contract if certain conditions aren’t met before the sale is made final. So, if one party fails to meet the obligation of the contingency, the other party is no longer bound by the contract (or required to buy or sell the house).

Contingencies can get confusing when they are vaguely worded in the contract, making them difficult to interpret. In these cases, a court may decide the specific meaning of the clause or determine that it is too vague to be legally upheld.

The other instance in which contingency clauses can be confusing is when a party includes a contingency that is atypical for a real estate purchase contract. Buyers and sellers alike should be wary of unusual contingencies.

The main contingencies

  • Appraisal contingency. Designed to protect the buyer, appraisal contingencies require that a home is appraised at a minimum amount, which is stated in the contract.

  • Financing contingency. Another contingency geared toward protecting buyers is the financing contingency. It states the number of days that a buyer has to secure financing for the home. This allows the buyer to cancel the contract (and offer) if they’re unable to secure suitable financing for the home.

  • Inspection contingency. One of the most important and most common contingencies is the inspection contingency. It allows the buyer to have the house inspected by a licensed professional within a certain number of days. This protects the buyer against unforeseen expenses and repairs that will need to be made in the near future.

  • House sale and kick-out contingencies. A house sale contingency gives the buyer a certain number of days to sell their home before financing a new one. However, since this can be a risky clause for sellers, a kick-out clause is often included. This contingency allows the seller to keep the home on the market and entertain other offers while the buyer secures financing and sells their other home or homes.





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Posted by Donna Geihe on 5/29/2018

Summer boasts sunshine, warm temperatures and, of course, plenty of great homebuying opportunities.

The summer real estate market frequently represents a homebuyer's dream come true, and perhaps it is easy to understand why. There are many terrific properties available summer after summer, and homebuyers who know how to approach the real estate market should have no trouble securing a high-quality residence at a budget-friendly price.

What does it take to explore the summer real estate market effectively? Here are three summer homebuying tips that you need to know:

1. Become an Informed Homebuyer

Although many first-rate residences likely are available at the beginning of summer, the best properties will sell fast. Thus, homebuyers should take a diligent approach as they browse properties in summertime.

Stay up to date about homes in cities or towns where you would like to relocate. Also, examine home listings closely. Consider how long a property has been available, if the price of the property has been reduced recently and other homebuying factors as you conduct your home search.

An informed homebuyer will be better equipped than others to purchase a home that will serve him or her well for an extended period of time. And if you allocate the necessary time and resources to become an informed homebuyer, you may be able to accelerate the process of acquiring your dream residence.

2. Take Advantage of Open Houses and Home Showings

Open houses and home showings give you the opportunity to get an up-close look at a variety of top-notch residences.

Typically, you will be able to set up home showings at your convenience. These events enable you to browse a property, learn about its pros and cons and determine whether this residence meets or exceeds your expectations.

You also can take advantage of open houses, which serve as large, public home showings. An open house may feature dozens of potential homebuyers who visit a property over the course of several hours. As such, an open house will enable you to check out a house's interior and exterior, imagine what life would be like if you purchased a particular residence and decide whether to submit an offer.

3. Work with an Experienced Real Estate Agent

Browsing residences can be tricky, particularly for first-time homebuyers. But with an experienced real estate agent at your side, you can take the guesswork out of buying a house in summer.

Experienced real estate agents are available year-round and are happy to teach you about the ins and outs of purchasing a house in summertime. A real estate professional will help you submit offers on houses, keep you up to date about open houses and provide expert homebuying tips and guidance. That way, your real estate agent can help you accelerate your journey from homebuyer to homeowner.

Ultimately, an experienced real estate agent is available to support you in any way possible. He or she will even respond to your homebuying concerns and questions and make it easy for you to discover a terrific home in summer.

Collaborate with an experienced real estate agent, and you can navigate the summer real estate market quickly and effortlessly.




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Posted by Donna Geihe on 5/22/2018

No one should be forced to break the bank to secure a terrific house. However, a first-time homebuyer may be more likely than others to overspend on a residence, particularly if he or she fails to understand the ins and outs of the housing market.

Lucky for you, we're here to teach you what it takes to browse the real estate market effectively so you can find a house that matches your budget.

Now, let's take a look at three tips to help a first-time homebuyer purchase an affordable residence.

1. Examine the Housing Market Closely

Many great houses are available, and a first-time homebuyer should review a broad range of residences closely. By doing so, this homebuyer can establish a price range for his or her home search.

Evaluate the prices of residences that are currently available in your city or town. That way, you can find out what it costs to afford a home that may serve you well both now and in the future.

Also, assess the prices of recently sold residences in your area. With this housing market data in hand, you can find out whether you're about to enter a buyer's market or seller's market and plan accordingly.

2. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage can help you map out a homebuying budget before you enter the real estate market. Thus, getting pre-approved for a mortgage can make a world of difference for any first-time homebuyer, at any time.

To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions in your area. These lenders can teach you about different mortgage options and help you select one that corresponds with your budget.

In addition, be sure to ask plenty of questions about potential mortgage options before you make your final mortgage decision. This will allow you to understand the differences between fixed- and adjustable-rate mortgages and choose a mortgage that can help you avoid the temptation to overspend on a residence.

3. Collaborate with a Real Estate Agent

When it comes to pursuing a house for the first time, don't leave anything to chance. Instead, collaborate with a real estate agent, and you can streamline the process of purchasing an affordable residence.

A real estate agent helps take the guesswork out of looking for residences. He or she will keep you up to date about new houses as they become available and set up home showings on your behalf. Plus, this housing market professional will do whatever it takes to guarantee you can obtain an affordable house that surpasses your expectations.

Perhaps best of all, a real estate agent will help you alleviate stress throughout the homebuying journey. And if you encounter challenging negotiations with a home seller, a real estate agent will step in and help you get the best price for a residence – without exception.

Ready to purchase a house for the first time? Use these tips, and you can acquire an affordable residence that you can enjoy for years to come.




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Posted by Donna Geihe on 5/15/2018

For homebuyers who want to do everything possible to discover their dream residences, it generally is a good idea to attend open houses. These events make it simple to analyze residences and determine whether they match or surpass your expectations.

Ultimately, there are many reasons to attend an open house, and these include:

1. You can get a first-hand look at a home.

A home listing often provides a great starting point for homebuyers. However, a listing alone fails to empower buyers with the information that they need to fully analyze a house.

By attending an open house, you can get an up-close look at a residence. An open house allows you to walk around a home and view each section of a residence at your convenience. Plus, an open house usually is stress-free, and if you don't like a residence after the event, you can simply continue your search for your dream home.

2. You can receive comprehensive home insights.

During an open house, you can gain home insights that you may struggle to obtain in a home listing. Therefore, homebuyers may want to prepare a list of questions before they attend an open house to ensure they can obtain deep insights into a home's condition.

Moreover, an open house may help you determine whether there is substantial or minimal interest in a residence. If an open house is attended by dozens of potential buyers, you may need to act quickly to submit an offer to secure this residence. Comparatively, if you are the only person to attend an open house, you may be better equipped than ever before to negotiate a home's price with a seller.

3. You can envision what life might be like if you purchase a residence.

When it comes to deciding whether a home is right for you, attending an open house is paramount. In fact, an open house enables you to envision what life may be like if you purchase a residence. And if you feel comfortable with a home after you attend an open house, you can always submit an offer to help transform your homeownership dream into a reality.

If you plan to attend open houses in the foreseeable future, there is no reason to attend these events alone. Fortunately, real estate agents are available who can help you prepare for open houses and ensure you can discover your dream residence.

A real estate agent is a housing market expert who can teach you everything you need to know about buying a home. This housing market professional first will learn about your homebuying goals and craft a personalized homebuying strategy. Then, a real estate agent will keep you up to date about open houses, offer homebuying insights and do everything possible to help you find a home that you can enjoy for years to come.

Reach out to a real estate agent today. By doing so, you can start attending open houses and boost the likelihood of a successful homebuying experience.




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Posted by Donna Geihe on 4/17/2018

The homebuying journey should be fast and seamless, but problems may arise that prevent you from accomplishing your desired goals. For example, if a buyer with a poor credit score fails to get financing before submitting an offer to purchase a house, this individual may struggle to acquire his or her dream residence. Or, if a buyer fails to evaluate various housing market data, he or she may miss out on opportunities to purchase the right house at an affordable price.

There is no need to worry about homebuying crises. Lucky for you, we're here to guide you along the homebuying journey and ensure you can mitigate problems that otherwise may make it difficult for you to buy your dream house.

Avoid homebuying crises – here are three tips to help you minimize the risk of encountering problems during the homebuying journey.

1. Learn About the Local Housing Market

The housing market is complex, regardless of whether you are pursuing residences in small towns or big cities. Fortunately, plenty of housing market data is available to help you understand real estate patterns and trends. This information can help you map out your homebuying journey based on the current housing market's conditions.

Typically, it helps to look at the prices of recently sold houses in your preferred cities and towns. This information highlights whether house sellers are receiving offers at or above their initial asking prices and may help you differentiate a buyer's market from a seller's one.

You also should examine the prices of available houses that match your homebuying criteria. That way, you can hone your home search and accelerate the homebuying journey.

2. Get Pre-Approved for a Mortgage

Believe it or not, it usually does not take long for a homebuyer to get pre-approved for a mortgage. In fact, banks and credit unions can quickly teach you about different home financing options and ensure you can make an informed mortgage decision.

If you receive pre-approval for a mortgage, you can enter the housing market with a budget. Then, when you discover your dream house, you can submit an offer to purchase with home financing in hand.

3. Work with a Real Estate Agent

A real estate agent is a must-hire, especially if you want to limit the risk of potential crises during the homebuying journey. With a real estate agent at your side, you can identify homebuying problems and resolve these issues before they escalate.

Generally, a real estate agent will support you at each stage of the homebuying journey. He or she first will learn about you and your homebuying goals. Then, a real estate agent will create a personalized homebuying strategy to help you accomplish the optimal results. And if you have concerns or questions during the homebuying journey, a real estate agent is happy to respond to them.

Prevent homebuying crises – use the aforementioned tips, and you can increase the likelihood of a successful homebuying experience.




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