CONTRACT: Who’s Offering What, When And How For Your Home?

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The exciting moment when an offer to purchase your home comes in can also feel a little overwhelming. One common first impulse is to ask “How much are they offering?” While price is an important factor, it’s also important to sit back and look at the big picture when negotiating a sale. Consider the following:

Buyer’s Financial Situation

Is the buyer qualified?
What is the buyer’s annual income and employment history?
How much down payment and closing-cost cash is available and what is its source?
What type of financial debt is there? Car loans? Credit cards?

Financing Method

Are the loan type and interest rate specifications realistic for current economic conditions?
Is the length of time requested to obtain a loan realistic? Forty-five days is often considered a typical time frame. It allows enough time to process papers, but also allows you to put the home back on the market promptly if things fall through.

Your Costs

How much does the buyer want you to contribute toward closing costs?
What will your net proceeds be? Add up any points, taxes or fix-up expenses requested and deduct them from the contract price to determine if your final profit is what you need to make your move.

Your Calendar

Does the buyer’s proposed settlement date give you enough time to select your next home and obtain financing?
If you can’t move to your next home promptly at settlement, can you rent back from the buyer to stay in your home a while longer?

Contingencies

Must the buyer sell a home before buying yours? You may not have the time to wait while they sell.
What add-ons does the buyer want? Curtains, lawn equipment, swing sets? All of this can affect your final net proceeds, or be used as bargaining chips, or both.We’re here to help. We’ve been through the contract negotiation process countless times. We can help you cut to the chase and come up with a mutually acceptable contract.

 

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Inventory Yourself | Wilmington NC real estate

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INVENTORY:

How Do You Prove You Had It………

When You Don’t Have It Anymore?

Have you counted your silverware lately? Cataloged your coin collection? Inventoried your attic treasures? If you lost them, would you be able to prove to your insurance company you actually possessed what you say you owned? Could you prove how much those lost items were worth? There are lots of ways you could lose some or all of your possessions–flood, fire or other natural disaster, moving, burglary. In attempting to recover your losses, having a comprehensive inventory on hand could be worth many thousands of dollars.

Here are some suggestions for compiling and storing a household inventory.

  • Ask your insurance company for a room-by-room form to help you make your inventory or use a computer software program designed for the same purpose.
  • Do your counting while you’re in the process of spring or fall cleaning–or as you move from one home to another.
  • Work in small doses, one room at a time.
  • Be as specific as possible in your listing. Note the date of purchase and the purchase price. Describe the item in detail, including serial number.
  • Some items increase in value over time. Be sure to get updated appraisals on antiques, jewelry and other valuables periodically.
  • If you’ve kept purchase receipts–always a good idea, especially for big-ticket items–keep them with your inventory.
  • To supplement your description, make photographs or a video of your things.
  • Update your inventory at least annually and when you purchase more-expensive items.
  • Make a copy of your inventory, keeping one at home and placing the other one in a safe place elsewhere–perhaps in a safe deposit box or with a relative.

TIPS
Check with your insurance company about getting replacement-cost coverage if you don’t already have it. Rather than giving you the depreciated value of a lost or damaged item, for a slightly higher premium replacement-cost coverage will give you the full amount necessary to buy a similar new item at current prices.

Also, note the limits on your policy for various types of items. If, for example, you own jewelry worth in excess of the policy’s limit for jewelry, talk with your agent about picking up a rider policy to cover the full worth.

You have spent your lifetime making your home a home.  Keep it that way.  For all the latest Wilmington NC real estate trends, please visit www.cbbaker.com

 

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Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.