Wednesday, September 3, 2008

What Does It Mean?

For most people, buying or selling a house isn't something you do every year. OK, so there are investors, those that relocate, or just flat out like to move. Like to move? I hate to move. I haven't been able to find my portable round cake pan and cover since we moved into our home four years ago. I think it's still packed in a box in the garage.
The average American family moves every FIVE years, which is two years sooner than the national average of seven years not too long ago. With that being said, many of you may not remember the process that buying or selling actually is. Being a legal transaction, there are many steps that must take place. Forget to order this or enter that, and your closing is suddenly delayed.
Over the next few days, I plan to discuss things that occur once we (listing and buyer's agent) have an executed contract. Oh, the executed contract is when both parties come to agree on all terms in that said contract and have signed off on it.
Once the contract has been agreed to, we enter into the option period. First time homebuyers and out-of-state buyers don't usually know what this is. For a nominal fee of usually $50-100, you, the buyer have the unrestricted right to back out during a set number of days, for any reason at all. Some reasons to back out are inspection items, financing terms, or you just flat out changed your mind. As the buyer, you lose that money for the right to back out for no reason, but better $100 than a large loan on a home that you realize you hate.
With that being said, here is my Tip of the Day: If you first see the home of your dreams at 10 am on a Monday, make sure that you drive back at 5 pm on a Wednesday to see what kind of traffic, public transportation, neighbors and parking is going on at the property. Knowing that no one parks in their garage after work could be a huge pet peeve of yours. Find that out during the option period!
Next time, I will discuss some other aspects of the contract period. Have a good one!

1 comment:

Colored With Memories said...

I still think I missed my calling to be a realtor!

Oh and Jerry and I may have single handedly lowered the average of how often the American family moves. We've been married 9 years and we have moved SEVEN times...not all of those were purchases, some just short stints w/relatives before our house was ready. But FIVE of those were purchases!

So, I'll love reading your new little series on the real estate process.