What is a Due Diligence Period?

What is a Due Diligence Period

What is a due diligence period in a real estate contract? It’s the negotiated period of time for buyers to do inspections, quotes, etc. to make sure they want to buy the house. Typically lasting 10 -14 days, it allows the Buyer to Cancel with NO PENALTY and the return of their earnest money. Can the Seller cancel during that time as well? NO!

My client Amy was under contract on an older home. It had foundation issues, and she decided not to proceed with the purchase of the house. Because we terminated the contract within the due diligence period, her earnest money was returned to her in full, with no penalties.

I’m a good referral for your friend Sam who’s been burned in a real estate purchase before. Let him know you know an experienced agent that will protect his money and his time.

Best Times to Buy or Sell A Home

Best Times to Buy or Sell a Home

What the general public doesn’t know about real estate is that the media can present a skewed view of what is actually happening in the local market. I utilize hyper-local information to help guide people about the best times to buy or sell a home.

I currently have a couple who aren’t sure if now is the right time for them to move into a larger house. They’re getting married, and they are stuffed into 986 square feet with a large dog. The more we discuss, the more they realize it’s the right time for them. The new year is here, and rates remain steady.

I’m a good referral for your friends who are expecting a new baby and live in an apartment. They want more bedrooms and a yard to play in. You want to be able to visit them and actually sit down. Let them know you’d be happy to introduce us if they want to move before the baby comes.

Avoid Potential Listing Disasters

Avoid potential listing disasters

I study the market daily to guide my clients through their transactions and avoid potential listing disasters. I still call to find both buyers for my listing and sellers for my buyers.

When you put your home for sale, you’re taking a leap of faith. People will view your home and its contents. What is the worst thing you can happen? How about a potential buyer taking a video and then putting it on YouTube? Yes, that just happened to me. BEFORE WE WERE OFFICIALLY LISTED! It popped up, and the sellers almost blew their top! I quickly called the agent, and we were able to remove the video with only seven views.

The next time your friend John says he’s looking to move, let me have his number so I can help him manage the process, avoid potential listing disasters, and net him the most money.

Buying a Home? The Due Diligence Period in Real Estate

The Due Diligence Period in a Real Estate Contract

Many home buyers are unfamiliar with the term Due Diligence when they set out to buy a home. What is the Due Diligence period in a real estate contract? It’s the negotiated amount of time for buyers to do inspections, quotes, etc. to make sure they want to buy the house. Typically lasting 10 -14 days, it allows the Buyer to Cancel with NO PENALTY and get the return of their earnest money. Can the Seller cancel during that time as well? NO!

My client Alice was under contract on an older home. It had foundation issues, and she decided not to proceed. Because we terminated the contract within the Due Diligence period, her earnest money was returned to her in full, no penalties.

I’m a good referral for your friend Sam who’s been burned in a real estate purchase before. Let him know you know an experienced agent that will protect his money and his time.

Do You Have a Home-Selling To-Do List?

home-selling to-do list

I study the market daily to see where it’s headed. I call daily to find buyers for my listings and homes for my buyers. When I work with sellers, I always advise them on how to make their home as attractive as possible by following a home-selling to-do list.

Recently I met with Sharon, who wanted to move back home where her family was. The home is in a nice, popular neighborhood. The condition, not quite as attractive. You see, Sharon had fallen on hard times and was barely keeping her head above water. I helped Sharon on what items she needed to repair, replace, or clean thoroughly, as well as how she could make her home look it’s best without breaking Sharon’s budget. A to-do list solved the problem. With the help of trusted vendors and a little elbow grease, Sharon is good to go.

The next time your friend, Dave says he doesn’t know how much his home is worth, hand him my card and tell him you’ve got his back.

Who Gets Money at a Real Estate Closing?

Who gets money at a real estate closing?

Who loves money? Everyone! Who gets money at a real estate closing? Maybe everyone!

My clients Sarah and Terri were buying a home together. Mom Sarah was putting in the most money, and Terri would also live there and help with bills. Here we were at the closing table. The sellers of the home got the most money; they sold their house. The attorney and realtors got paid, as did the lender. Sarah and Terri wired too much for the down payment and closing costs. They got a little bit of money, as well as a new home. There is nothing better than leaving a closing with everyone happy and wishing each other well.

I’m a good referral for your coworker Ed who wants to sell but doesn’t know where to start. Let him know you know a great agent to guide him smoothly through the sale.

Don’t Let Your Dream Home Become a Nightmare

Don't let your dream home become a nightmare

Don’t Let Your Dream Home Become a Nightmare

My client Amy recently went under contract on her dream home. Everything was fine until it wasn’t. The appraisal on the house she was buying came in $20,000 BELOW the contracted price. How could that be? The appraisal is a critical part of the purchase contract. The lender wants to make sure they are not lending money on a house that isn’t worth the sales price, and the seller ALWAYS wants the appraised value to be ABOVE the contract price. This step is another part of the contract process. The buyer and seller negotiate to a number that all parties agree to after the appraisal. If not, the contract ends, and the buyer’s earnest money is refunded. In Amy’s case, we were able to dispute the value, and all ended well.

The next time you hear someone swapping real estate horror stories, let them know Renee can keep their dream from becoming a nightmare.

You Can Choose Your Closing Attorney

You can choose your closing attorney

Did you know as a buyer, you can choose your closing attorney in most cases? Did you know as a seller you can also choose? What? Yes, the closing attorney is a negotiated item on the contract. If a seller is contributing to closing costs, then they have some leverage with the choice. When a house is being financed, the attorney represents the LENDER. A good agent will negotiate the attorney on your behalf, as it’s important not to let any of the title work delay the closing.

My client, Bob, was paying cash for his home and felt strongly about using his closing attorney. We negotiated that for him, and I was able to add another referral source.

When your friend Jill says, she’s ready to downsize, give her my name, Renee Pruitt, and let her know it’ll be smooth from here on out.

What You Need to Know About Due Diligence

What You Need to Know About Due Diligence

When you buy a home, there may be phrases or terms that you may not know. Today we’re going to talk about the due diligence period. Due diligence is a term every buyer needs to understand before signing a contract.

Due diligence is the negotiated amount of time at the beginning of a sales contract that allows the buyer to walk away for no reason at all. It is intended to do inspections, an appraisal, etc. If the buyer terminates during that period, their earnest money is always returned to them. Typically, due diligence is 10 – 14 days, or as low as seven or even zero in a competitive situation. It’s best to take the due diligence period and its requirements very seriously. Make sure you hire a strong agent who will protect your money during due diligence.

I’m a good referral for your brother, who really wants to be in Florida. Tell him an introduction to Renee will get him on his way.

Create an Inviting Front Entrance to Attract Buyers

Create an inviting front entrance to attract buyers

When preparing to sell your home, the outside of your home is an important place to start. Create an inviting front entrance to attract buyers. A buyer will form an opinion about your home before they ever step inside, so it needs to look neat and attractive.

Here are some easy tips to follow:

  1. Paint all entrance doors.
  2. Use a welcome mat.
  3. Use flowering plants to dress up the yard, walkway, and patio.
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