Real Estate Tip:Clean Contracts

"Clean" is a term that is often used to describe an offer on a house. A "clean" offer does not refer to the price of the house, but to the terms of the agreement. If you really want a particular house, the "cleaner" you can make your offer, the better.

What are the characteristics of a clean contract? A contract is considered "clean" when the buyers are paying cash or are clearly qualified for a mortgage, the sale isn't contingent on the sale of another home, the buyers don't ask the sellers to carry any of the financing, and if the closing date coincides with the sellers' needs. A clean contract doesn't have any unusual requests for repairs or insistence that certain articles convey that would not ordinarily stay in the house. A clean offer has an important competitive edge if you are offering less than full price or if you are in a situation where there is more than one offer on the property.

Real Estate Tip:Hard Sell

Many real estate listings come from individuals who thought they had sold their homes. Sellers who try to sell their own home learn the hard way that selling a home is not easy. Keeping it sold and getting to the closing table is even more difficult. What are the pitfalls involved in selling your own home?

Face-to-face negotiations can be difficult, even when the buyer really wants the house. Then there is the paperwork. Standard contract forms rarely cover all of the local requirements regarding disclosure laws. Such contracts may provide loopholes which could allow a buyer with cold feet to back out at the last minute.

When you have finally come to an agreement, how can you be sure that your buyers will engage competent professionals to handle their loan and complete the closing? What if structural problems are discovered or property boundary problems are revealed? The experience and expertise of a professional real estate agent is your greatest asset in concluding a successful transaction.

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How Can My Agent Help Me During a Short Sale?

If you wish to short sell your home, your agent is your best asset. As soon as you fall behind on mortgage payments and the threat of foreclosure sets in, talk to a compitent real estate agent with a track record of success about getting help with a short sale. Before hiring any agent, ask about the process and their experience in closing similar transactions.  If you are not impressed with what is described, move on until you find the right agent. 

When applying for a short sale, your lender will require some documentation from you proving your financial hardship and your inability to pay your mortgage. (The documentation varies by lender.)

After you gather this information, there will be a considerable amount of of short sale follow-up and paperwork. This is where your agent comes in. Your agent will be an asset by managing the file through the different departments within the bank. Once you turn the sale over to them, they can shoulder the work for you in obtaining an offer and negotiating on your behalf. 

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