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Deciding to sell your home can be a big decision. It’s important to consider a variety of factors before putting your home on the market. Timing is one of the most important things to consider, as the real estate market can fluctuate. This can greatly impact the price you end up getting for your home. Here are some factors to consider when deciding when the best time is to sell your home.

Seasonal fluctuations

One of the most significant factors affecting the real estate market is seasonal fluctuations. Generally, spring and summer tend to be the most popular seasons to sell homes as the weather is more pleasant, and people have more free time to look for homes. Additionally, families with children may prefer to move during the summer months to avoid disrupting the school year. On the other hand, winter can be a slower season for home sales due to colder weather and the holiday season, although in some areas with mild winters, it may not make a big difference.

The state of the economy

The economy can also have a significant impact on the real estate market. It’s important to consider the state of the economy when deciding when to sell your home. In a strong economy with low unemployment rates and high consumer confidence, home prices tend to rise. However, in a weak economy, home prices may decrease, and there may be fewer buyers in the market. Currently, while home values are starting to moderate, they are still much higher than they were just a few years ago. Now could be a good time to see a sizable return on your investment.

Interest rates

Interest rates can also affect the real estate market, and it’s important to consider them when deciding when to sell your home. Low-interest rates can make it more affordable for buyers to purchase homes, which can increase demand and drive up prices. Conversely, high-interest rates can make it more difficult for buyers to afford homes, which can decrease demand and drive down prices. Interest rates for mortgages have been climbing steadily over the last year. But many experts forecast that they will begin to drop this year.

Local market conditions

It’s important to consider the local market conditions when deciding when to sell your home. Factors such as the availability of jobs, schools, and amenities in your area can all impact the demand for homes. Additionally, the availability of homes for sale in your area can also affect the price you receive for your home.

Your personal situation

Finally, it’s important to consider your personal situation when deciding when to sell your home. If you need to sell your home quickly, you may need to price it more competitively and sell it during a slower market. Alternatively, if you have the luxury of time, you may be able to wait for a stronger market to sell your home.

Advice from a trusted professional

Ultimately, the best time to sell your home will depend on a variety of factors, and it’s important to consult with a real estate professional to help you make an informed decision. They can help you assess the current market conditions, evaluate your personal situation, and determine the optimal timing to sell your home. They may also help check the condition of your property to determine if it’s ready to be listed or if there are home repairs you need to work on. For instance, if they notice signs of a termite infestation, you should hire termite exterminators to make your home more presentable. If you’re planning to boost the value of your home through kitchen remodeling projects and other upgrades, professional realtors will be able to tell you which ones can yield the best ROI.

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It’s been tough out there for buyers for the past couple of years. Being outbid time and again on a home has become part of the process for many buyers. But one tactic you can use to make sure your offer stands out is an escalation clause. An escalation clause is a contractual provision that allows a buyer to automatically increase their offer on a property up to a specified limit in response to competing offers. Essentially, this clause can help you stay competitive in a hot real estate market by offering a way to outbid other potential buyers.

How an escalation clause works

Let’s say you want to make an offer on a house listed for $500,000. You might include an escalation clause in your offer that says you’ll automatically increase your bid by, say, $5,000 over any competing offer up to a maximum of $525,000. So if another buyer makes an offer of $510,000, your offer would automatically increase to $515,000. If the other buyer counters with $520,000, your offer would increase again to $525,000, which is your maximum.

Reasons to use an escalation clause

There are several reasons why a buyer might choose to include an escalation clause in their offer. For one, it can help them stay competitive in a seller’s market where there are multiple offers on desirable properties. By offering to automatically increase their bid, buyers can signal to the seller that they’re serious and willing to pay more than other potential buyers. Another reason to use an escalation clause is to streamline the negotiation process. Rather than going back and forth with counteroffers, an escalation clause allows buyers to set a clear limit on what they’re willing to pay and avoid the uncertainty and stress of a bidding war.

What to consider before adding an escalation clause

That being said, escalation clauses aren’t always the best choice in every situation. Here are a few factors to consider before including an escalation clause in your offer:

• The seller’s motivation: If the seller is highly motivated to sell quickly, they might prefer a lower offer with fewer contingencies over a higher offer with an escalation clause.
• The local market: Escalation clauses are more common in hot real estate markets where demand outstrips supply.
• The buyer’s financial situation: Before including an escalation clause in your offer, make sure you can afford to pay the maximum amount specified.
• The property’s value: An escalation clause might not make sense for a property that’s already priced at the top of its market value.

What to consider when drafting an escalation clause

If you do decide to include an escalation clause in your offer, make sure to consult with a real estate agent or attorney who can help you draft the clause and ensure that it’s legally binding. Some things to consider when drafting an escalation clause include:

• The maximum price: Be sure to specify the maximum price you’re willing to pay and include a provision that states that you won’t exceed this amount under any circumstances.
• The increment: Decide on the amount by which your offer will increase over competing bids. This could be a fixed amount (e.g., $5,000) or a percentage of the competing offer (e.g., 2%).
• The documentation: Specify what documentation is required to prove the existence of competing bids. This could include a copy of the competing offer or a signed statement from the seller’s agent.
• The timeframe: Set a timeframe for when the escalation clause will expire (e.g., 24 hours after the competing offer is received). This will prevent the seller from waiting too long to respond and potentially leaving you in limbo.

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Preparing to sell your home can be an overwhelming process. But taking some time to properly prepare can make all the difference in getting top dollar for your property. Remember, first impressions are everything, so here are 20 actionable steps you should take before you list your home for sale.

Declutter and depersonalize

Remove all unnecessary items from your home and consider removing personal touches like family photos and memorabilia. This helps potential buyers envision themselves living in the space.

Deep clean

Give your home a thorough cleaning, paying special attention to kitchens and bathrooms. Consider hiring a professional cleaning service for a more comprehensive job.

Repair any damages

Make any necessary repairs, such as fixing leaky faucets, conducting crawlspace repair, or replacing broken tiles. Small repairs can make a big difference in the overall impression of your home.

Paint

Freshen up your walls with a neutral coat of paint. This will make your home feel more inviting to potential buyers.

Consider home staging

Hire a professional home stager to make your home feel more inviting and help potential buyers envision themselves living in the space.

Organize closets and storage areas

Make sure your closets and storage spaces are neat and organized. This will make your home feel more spacious and appealing.

Make sure your landscaping is in order

Tidy up your lawn and garden, prune bushes and trees, and add some fresh mulch or flowers to boost curb appeal.

Power wash

Power wash your home’s exterior, deck, and driveway to remove any dirt or grime that may have accumulated. If the staining of your deck is wearing off, you may consider hiring a deck staining expert to take care of it. In case your old deck is already riddled with damages, you may consider building a new deck with the help of a deck builder.

Clean windows

Clean your windows, both inside and out, to let in as much natural light as possible.

Upgrade your lighting

Consider upgrading your lighting fixtures to create a more modern and inviting atmosphere.

Remove any pet-related items

Put away pet beds, toys, and food bowls during showings to eliminate any distractions or unpleasant odors.

Address any odor issues

If there are any unpleasant odors in your home, address them before listing your property. This may require deep cleaning, replacing carpet or upholstery, or simply opening windows to air out the space.

Fix squeaky doors or floors

Eliminate any annoying squeaks or creaks that could detract from your home’s appeal. Visit Edek’s website for door repairs.

Replace outdated fixtures

Replace any outdated light fixtures, doorknobs, or cabinet hardware to give your home a more modern feel.

Clean or replace carpets

Have your carpets professionally cleaned, or consider replacing them if they are showing signs of wear and tear.

Consider adding some fresh paint to the front door

Adding a fresh coat of paint to your front door can make a big difference in the overall curb appeal of your home.

Upgrade your kitchen appliances

Consider upgrading your kitchen appliances to more modern, energy-efficient models. This can be a big selling point for potential buyers.

Make necessary upgrades or repairs to your roof

 If your roof is showing signs of wear and tear, call a Roofer Tampa FL to make any necessary repairs before listing your home for sale.

Consider making energy-efficient upgrades

Making energy-efficient upgrades, such as installing new windows or adding insulation, can make your home more appealing to eco-conscious buyers.

Hire a professional photographer

Finally, consider hiring a professional photographer to take high-quality photos of your home for the listing. This can help attract potential buyers and make your home stand out from the competition.

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Multi-generational homes are properties that can accommodate two or more generations of a family living together under one roof. Living with family members became much more common during the pandemic and the trend continues today. This type of living arrangement can have numerous advantages, but also a few drawbacks that should not be ignored. Let’s take a look at both the pros and cons of buying a multi-generational home to help you determine if it’s right for you and your family.

Pro: Cost savings

Multi-generational living can be more affordable than maintaining separate households. Sharing expenses like mortgage payments, utilities, and groceries can significantly reduce the financial burden for everyone involved. If your main priority is to save money, then a multi-generational home is an excellent choice.

Con: Financial concerns

While sharing expenses can be a pro, it can also be a con. Financial disagreements or issues can arise, particularly if one family member is contributing more to the household expenses than another. To avoid these types of financial issues, be upfront at the beginning about how expenses will be shared. For those who may not be able to contribute as much money, arrangements can be made for them to provide help in other ways. This could include preparing dinner, cleaning, and mowing the lawn.

Pro: Convenience

Providing needed care for family members is something we all deal with at one point or another. Living with multiple generations under one roof can provide an easy solution for childcare, eldercare, and other family responsibilities. Additionally, it can be easier to coordinate schedules and responsibilities when everyone lives in the same household.

Con: Home maintenance

Multi-generational homes may require more upkeep than single-family homes. With more people using the space, wear and tear can occur more quickly. This means repairs and maintenance may need to be performed more frequently.

Pro: Emotional support

We all suddenly realized the importance of emotional support after living in lockdown for so long. Living close to family members can provide a strong sense of emotional support and connection. This can be particularly important for elderly family members, who may feel isolated or lonely living alone.

Con: Lack of privacy

Sharing a home with multiple generations can mean giving up some privacy. This can be particularly challenging for teenagers or young adults who may crave independence and personal space.

Pro: Flexibility

Multi-generational homes can be designed to accommodate the needs of multiple generations, with features like in-law suites, accessible bathrooms, and private living areas. This can provide flexibility for changing family needs over time.

Con: Conflicting priorities

Different generations may have different priorities and lifestyles, which can lead to conflicts over things like household chores, noise levels, and social activities. Communication and compromise are essential to successfully navigating these conflicts.

Bottom line

Overall, buying a multi-generational home can be a great option for families looking for a cost-effective and convenient living arrangement. However, it is important to carefully consider both the pros and cons before making a decision. If you’re thinking about buying a multi-generational home, then open and honest communication between family members is crucial to making it work.

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We know it’s still January, but it’s never too early to start planning your spring garden! In fact, thinking about the longer days and warmer temperatures to come are just the thing to beat the winter blues. If you’re ready to get to work on your spring garden, then this is what you need to do.

Plan your garden location

If you’re new to gardening, then it’s time to decide where you’ll put your garden. If you want to grow vegetables, then your garden needs to go in a sunny place. If you want to create flower gardens around your home, then pay attention to how much sun each spot gets so you can choose the right plants. If you want to add a patio in your garden, you may consider installing retractable awnings or some kind of cover. For larger landscaping projects, you may also need dump truck hauling services.

Know your planting dates

Part of being a gardener means learning more about your climate. It’s important to understand when you can start seeds so that young seedlings aren’t killed by frost before your new garden even gets started. Check the USDA growing zones map to find out your area’s first and last frost dates.

Browse seeds

One of our favorite things to do on a cold and dark winter’s night is to browse through seed catalogs. Dreaming about all the things that will be sprouting from the ground in just a few months can get you through the rest of winter. Choose seeds that are appropriate for your conditions so you’re sure to have the best outcome.

Consider your garden layout

It can be helpful to draw up a simple diagram to determine the layout of your garden. Think about companion planting so that you’re putting plants side by side that grow well together. It will also give you a better sense of how much room you have so that you don’t buy too many seeds or seedlings. Your layout will also serve as a guide if you want to build a Professional Wood Fence Installation around your garden. Garden ponds are an easy addition to most gardens. They can add a lot of aesthetic value and make a gorgeous addition to your garden when properly installed and managed by experts like The Pond Builders.

Purchase supplies

Sure, you can wait until spring to order fertilizer, but why wait? You’ll thank yourself later when spring suddenly arrives and you have everything you need to get started. This includes pots, soil, pruners, and gloves, among others.

Think about compost and water

One of the easiest ways to improve your garden is to use things you already have. Do you save kitchen scraps and yard waste to compost? If not, then you should consider it. Compost will greatly improve the quality of your soil and keep waste out of landfills. Do you save rainwater? If not, then think about setting up a rain barrel or two in your garden. Rainwater is better for your plants than tap water and you’ll save money in the long run by not using the garden hose to water your plants during dry spells.

Get your tools ready

There’s nothing better than having clean, sharp tools at your fingertips. If you didn’t clean and sharpen your tools this fall, then get a jump on it now.

Prepare for a late frost

Most gardeners are enthusiastic about getting their spring gardens started. But that can mean an unexpected late frost takes out your plants. Prepare for a late frost by gathering old sheets and towels that you can use to cover tender plants on those nights that dip below freezing.

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Getting your house ready to put on the market means making repairs both large and small. Most buyers want to purchase a home that is move-in ready so it’s important to get yours up to snuff. You’ll have to prioritize and carefully consider which repairs to work on, and there will be a few that will be obvious to you, like hiring a roofing contractor to restore the roof back to good condition. That being said, certain other items won’t provide a return on your investment, and there will be others that a new homeowner will prefer to do themselves after moving in. These are the things that we recommend you don’t renovate before selling your home.

Kitchen cabinets

Kitchens can be a big selling point for a home. And if yours are a little dated then you may be tempted to replace or upgrade them. While we do encourage you to deep clean your kitchen and update certain items like lighting and hardware, leave the kitchen cabinets alone. This includes painting them. Kitchen trends come and go, and if you follow a trend that some homebuyers don’t find attractive it could work against you. It’s best to let the new owners determine how they’d like to update the kitchen cabinets.

Hardwood floors

Hardwood floors are a perennial favorite for homeowners. So don’t be tempted to cover them up with something more trendy. While wall-to-wall carpet may hide imperfections and vinyl laminate may be easier to clean, the new owners may not appreciate that the beautiful hardwood has been covered. Instead, clean and polish the floors before listing.

Cracks in sidewalks or driveways

Curb appeal is important when you’re selling your home. But don’t be tempted to go overboard. Yes, you should trim trees and bushes, powerwash surfaces, and update your mailbox and front porch light. But don’t try to fix cracks in sidewalks or driveways. Unless the damage is a serious hazard, this is not something that will be a deal-breaker for nearly all buyers. If it’s the winter time and there is snow, you could very easily lay down some driveway salt so that potentials buyers can take a look at the state of these surfaces. They will appreciate your transparency and consideration for their needs.

Window treatments

Does your home have broken blinds or outdated window treatments? If so, then you may feel compelled to replace them. But we recommend simply removing the old or broken window treatments instead of replacing them. It’s unlikely a buyer will decide not to put an offer on a house because there are no curtains or blinds. There’s even a hidden perk to simply removing them – you’ll be letting in more light. You should have as much natural light as possible when showing your home, so removing the window treatments makes sense. Just be sure to clean your windows until they sparkle.

Anything you can’t finish

If you’re not sure that you’re up to the task of a particular renovation, then don’t do it. Buyers will be more put off by an unfinished job. When you leave them with a partially completed renovation, then it is something they will have to deal with immediately after moving in. But if you leave it alone, then the new owners can choose if and when they’d like to take on that task. If you’re property is in need of a commercial flat roof repair, you should determine whether or not you can commit to the project until its completion.

Talk to your agent

Finally, when in doubt, talk to your agent. If you’re not sure whether or not you should renovate an item in your home before selling, then consult your agent. They may advise you to consider Home improvement Roanoke, by Rosen Contracting in Roanoke, Virginia. Your agent has the knowledge and experience to help you make the best decision.

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Did you make a New Year’s resolution to get your house in order? Have you gotten started yet? Most of us desire to live in a clean home but have trouble motivating ourselves to do it. If you keep putting off cleaning your home for the New Year, don’t worry. We’re sharing our best tips to help you conquer that clutter and dirt and create the home environment of your dreams!

Get the family involved

If you’ve got a family, then you know that families can make huge messes. Maybe your spouse can never remember to hang up their coat or your kids dump their sports gear on the floor and never pick it up. There’s no reason that one person needs to be responsible for everyone else’s messes. Resolve to get the whole family involved with cleaning your home. There are age-appropriate chores for everyone from pre-schoolers to teenagers. Give everyone a regular task and you’ll be well on your way to a cleaner home this year.

Stay ahead of messes

Are you the type that puts off cleaning until the weekend? Then it’s time to change that habit. By tackling a quick chore or two every day you will no longer have to commit to marathon cleaning sessions. Put everything back in its place before heading to bed. Load the dishwasher after every meal. Hang up your wet towel after a shower to keep mold and mildew at bay. Have mold inspections Los Angeles routinely for the safety of your family. A few small daily habits will add up over time.

Use the right tools

Anyone who has ever tried to hammer a nail with a shoe knows that having the right tool for the job is key. You will dramatically decrease the time needed to clean when you use the right tools and products. Invest in tools and cleaning products that can serve a variety of purposes, which will save you both time and money. For plumbing issues like a blocked drain, you might not have the proper tools at home so hiring professionals would make more sense.

Make a list

Do you love making lists? Then use that to your advantage. Keep a running list of chores that need to be tackled. For instance, if it has been a long time since your roof was last inspected, you may include roofing repairs and residential or commercial roofing maintenance in your to-do list. This not only helps you keep track, but also gives you a feeling of satisfaction when you can cross those chores off your list.

Check your storage

Are your closets and other storage areas cluttered, disorganized, or overflowing? Then now is the time to tackle them. Go through items and get rid of those things you no longer need or want. Then organize what’s left so you can easily see and access what you have. You should also take a walk around your home and see if any other spaces can be used for storage. This could include a trunk in the living room that doubles as an ottoman or a shelf in your home office for extra supplies. If you see signs of mice infestations in these spaces, you may have to call in a rodent control expert to get rid of these pests before they wreak havoc in your home.

Focus on tasks instead of rooms

Finally, if you find that it’s just too overwhelming to tackle an entire room, then focus instead on tasks. When you get out the vacuum, vacuum all the rooms. The same goes for dusting. If you’re washing your sheets, do all the sheets and towels in the house. You’ll feel a greater sense of accomplishment and won’t get bogged down by a chore that feels too big to handle.

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You recently fell in love with a home and want to put in an offer, but it has a septic tank. While septic tanks are fairly common in the United States, they do require a bit of know-how so that you can keep them properly maintained. If you’ve never had a septic tank before, then it can be a little intimidating. Fortunately, septic tank maintenance is not terribly costly or labor-intensive, but you should know more about them before jumping in. Here’s what you should consider if you’re buying a home with a septic tank, while if you need a plumber to help you with the repairs, the use of the best plumber vancouver can be the best choice for you.

What is a septic system?

Understanding how a septic system works will help you keep it in good working order in your new home. A septic tank is an underground system that collects wastewater from your showers, tubs, sinks, washing machine, and toilets. It drains down through pipes and into your septic tank. Solid waste settles at the bottom and forms a layer of sludge. Lighter waste creates a scum on top while liquid waste, known as effluent, settles in between them. This effluent drains into a leach field that consists of gravel or soil which filters out the harmful bacteria. Use an oil skimming tool to remove waste oil if ever you have this issue on your septic.

What are the benefits of a septic system?

There are many perks of having a septic system for your home. These include:

• No utility bill – If your home is hooked up to the municipal sewer system, then the costs of your sewer service are included in your utility bill. With a septic system, you avoid that cost.
• Longevity – Septic tanks last up to 40 years, on average, as long as you keep them properly maintained. Regular maintenance includes getting residential drain cleaning and septic services through the help of a professional plumber, using water efficiently, properly disposing of your waste, and maintaining your leach field.
• Emergencies are contained – When your conventional sewer backs up, you’re getting your neighbor’s sewage in your home, too. When you have a septic tank, it’s only your own. Conversely, your sewage does not encroach on your neighbor’s property, either.

What else should homeowners know about septic tanks?

If you’re considering buying a home with a septic tank, then it’s important to know that routine maintenance will keep your tank in working order and prevent most problems. Înva?? despre cele mai bune op?iuni pentru toaleta ta de la Sfaturi utile de la AquaRoo. Regular maintenance will keep sewage from backing up into your home. But be aware that all maintenance is the responsibility of the homeowner. The government is not responsible for your septic system since you are not connected to a city line.

Should you get a septic tank inspection?

Homebuyers should think about getting a septic tank inspection through residential plumbing services before buying a home. This can be part of your home inspection process. Depending on where you live, your state or municipality may require your lender to perform a septic tank inspection before the title will be transferred. Septic tank inspections will evaluate sludge levels in the tank, where the leach field is located, if the tank is the appropriate size for the home, the tank’s overall condition, how well it connects to pipes, and whether or not drain lines are getting equal amounts of water.

There’s nothing quite like finding a home that’s just right for you when you’re out house-hunting. It’s got the perfect layout, it’s the perfect size, it’s in the perfect neighborhood, and it’s listed for the perfect price. Everything’s perfect, right? Yes – unless you’ve failed to look closely at the home’s landscape. Homebuyers tend to overlook landscaping issues that can turn into big problems after you’ve moved into a home. To help ensure that you don’t suddenly have to deal with an unexpected and expensive problem that may get in the way of a landscape installation project idea you may already have had in mind, then check for these landscaping issues before you buy.

Poor drainage

Standing water can be a big problem for homeowners. That’s why you need to check for drainage issues before you buy a home. Pooling water can cause major damage and attract pests like mosquitoes – no fun if you want to enjoy your outdoor space. If this is the case, then you may consider getting help from a mosquito control service to eliminate these disease-carrying pests. Check to see if the land around the home slopes away from the foundation. If so, then you likely won’t have any drainage problems. But if the ground slopes toward the home, then look for water damage. This can alert you to bigger problems down the line.

For reliable and effective pest control service, you can check out pest control hillsboro for effective solutions to your pest problems.

Large trees

Mature trees can be a wonderful feature of any garden. They provide shade and habitats for birds and squirrels and other creatures. Unfortunately, they can also cause many problems for homeowners. Check the health of old trees before buying, especially those that are close to the home. A dead or dying tree is in danger of falling during a storm and can be a real hazard to everyone living there. Also, look for neighboring trees that hang over your property line. Even if the tree belongs to someone else, it could still make your yard messy or cause damage. If so, consider that you’ll need to work something out with a neighbor about the tree’s maintenance when you move in.

Invasive plants

Invasive plants may be tough to spot at first, but they can cause you many headaches after you move in. Non-native plants that spread aggressively can quickly and easily take over your entire yard. As a homeowner, you may end up spending a significant amount of time and money to eradicate them. Get familiar with invasive plants that are common in your area and be on the lookout for them when house-hunting. This can include English ivy, garlic mustard, tree of heaven, and kudzu.

Poorly installed walkways or patios

If the previous homeowner liked to DIY, then you should check the landscape for poorly installed patio pavers and other outdoor walkways. These can easily become uneven over time. You may inherit a tripping hazard that needs to be totally redone before you can safely enjoy your outdoor spaces. Authority Lawn and Landscape can fix this.

HOA rules

Finally, if you’re purchasing a home that is part of a homeowners association (HOA), then understand what landscape design and maintenance guidelines you will be expected to follow when you move in. If you’re an avid gardener, then you don’t want to find out too late that you’re prohibited from removing your lawn and planting the native garden you dreamed about.

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When a buyer makes an offer on your home for sale, they will most likely include an earnest money deposit. This is a percentage of the purchase price – usually between one and three percent – that signals the buyer is making an offer in good faith. But what happens if the deal ultimately falls through? Does the seller get to keep the earnest money? Or should it be returned to the buyer? Let’s take a closer look at when the seller is legally allowed to keep an earnest money deposit if the sale doesn’t close.

First, understand the logistics

As a seller, there are different ways that you can handle the earnest money deposit. You should know who is holding the deposit, whether it is your agent, an escrow company, or a bank. The purchase contract will state specifically where the earnest money will be held. That money is then typically applied to the down payment at closing. Sellers can help to protect themselves by requiring that the earnest money check be cashed before being put in escrow. This helps to ensure that if the deal does fall through for reasons other than what is stated in the purchase contract that the seller can keep the money before the check is canceled.

Second, know the contingencies

During the pandemic, many buyers were making offers on homes with no contingencies. While this can be bad news for the buyers, for sellers it made things much easier. But the housing market has shifted and more buyers are making offers with contingencies. These are agreements between the buyer and seller that allow the buyer to back out of a sale. They can include:

• Inspection contingency – If a home inspection uncovers problems that were not previously disclosed by the seller, then the buyer can back out of the deal with no penalties.
• Financing contingency – If the buyer does not ultimately qualify for a mortgage, then they will not be penalized if the deal falls through.
• Appraisal contingency – If the home appraises for less than the offered amount, then the buyer can walk away from the deal with no penalties.

Sellers must understand what contingencies they are agreeing to so that they know when an earnest money deposit needs to be returned to the buyer by law.

When sellers can legally keep the earnest money deposit

Now that you understand when the earnest money deposit needs to be returned to the buyer, let’s take a look at situations where the seller can keep the money. First, if contract deadlines are not followed, then sellers can keep the earnest money. That means if the home inspection isn’t conducted or a mortgage isn’t secured by a certain date and the buyer hasn’t made attempts to get permission in writing for an extension, then the seller can keep the money. Secondly, sellers can also keep the money if the buyer backs out for any reason other than what is stated in the contract. If your buyer walks away without giving a reason, then you are entitled to keep the earnest money. Real Estate Agent Tarneit combines local expertise with global service standards. We are passionate about connecting buyers and sellers in Tarneit with remarkable properties and exceptional experiences. Ultimately, it all boils down to what is stated in the contract. If the buyer did not adhere to the terms, then the seller is legally entitled to keep that money.

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