Real Estate Deal Killers and How to Avoid Them

We love this article written by Zillow! You have found the home of your dreams. You've already started packing. Then, something pops up that could stall the sale. In today’s market, finding a home is only the beginning. There are often stumbling blocks along the way. Here’s how to keep common real estate mistakes from killing the deal. No one divides the fixtures Sales can falter because of disagreements over silly stuff — like who keeps the fireplace screen, the wall sconces or the appliances. For some buyers and sellers, it can be difficult to distinguish between a seller’s personal property and what actually comes with the house. To bypass the issue, we educate our clients about the difference between attached appliances, fixtures and personal property. If something is really special to a homeowner, we suggest that they remove or replace the item before the house is put on the market. If this isn’t possible, it is excluded in MLS. Buyers should figure out what stays and goes as well, and include any items that are important to them in an offer. Buyers buy stuff First-time home buyers are moving into their new home. They don’t have a washer and dryer, and the local appliance store is offering a smoking deal — a store credit card and 15 percent off new appliances! Sounds like a steal, but it might just kill the deal. Buyers should not make major purchases, like a new car or appliances, before escrow closes. Major purchases that affect their credit can also impact the mortgage. Buyers should wait to purchase appliances, furniture or a new car until their loan has been funded. Stash those credit cards until the paperwork is finalized. Failure to disclose It can be tough to get sellers to reveal issues with their home, but it’s almost always better to overshare when it comes to the disclosure. Inevitably, a neighbor will tell the prospective buyer about the unstable hill, the moldy basement or other repair issues that are known. Problems always seem much bigger when a buyer uncovers them after they’re under contract. There’s no appraisal — or it’s late Appraisals used to come in magically close to the offer price. They are great for reinforcing the price of a home. But these days, appraisals are often deal-killers, and often, they don’t show up on time. It’s also common to have an appraisal review as well with the lender, which slows the transaction down. With our sellers market now, we explain to clients that if the appraisal comes in low, they might need to renegotiate the purchase price or pay a higher down payment. Unclear property boundaries A buyer thinks they are purchasing a 1 acre lot only to find out that the fence is built on the neighboring property. Or they think they own the driveway, but it’s really an easement owned by the cranky old neighbor. Lot lines, shared driveways and fences are common stumbling blocks in a home sale. If a client is concerned about lot boundaries, we recommend that they have the property surveyed by a professional surveyor. While surveys can be costly, not knowing the actual lot boundaries can be expensive. There are no permits In many areas, unpermitted additions or remodels have become serious challenges for buyers and sellers. Have your inspections done as early as possible as some municipalities take a while to get through their workload. Surprising inspection results Inspections can kill a deal, but they can also save a client from a costly investment. When a client invests in a home, they should understand what they are buying. Inspection periods known as due diligence are like a second negotiation phase, and this additional time can become a problem when buyers and sellers can’t reach an agreement over who is responsible for what repairs.   The lender changes the rules It can be hard to imagine, but sometimes, just when everything looks great — the buyer, not just pre-qualified, but pre-approved, and is under contract — the lender suddenly changes the rules and the buyer can no longer meet the lender requirements. Unfortunately, this scenario can’t be always prevented. Work with a reputable mortgage broker or lender with a solid record of closing transactions. When representing the buyer, we recommend that they leave their loan contingency in place (due diligence) as long as possible. Making sure our buyer is aware of the ramifications if the loan doesn’t fund. The bank doesn’t care If the property being purchased is a short sale, the bank is basically in charge and doesn’t care about a buyer’s timeline. Sadly, it’s not unheard of for short sales to drag on for quite a while, only to have the bank pass. When a bank is involved, the best way to save a deal is to make sure our buyers have appropriate expectations about the process. Inform them about possible pitfalls and let them know that bank-owned properties require a lot of patience. One of the best ways to avoid killing a deal is to educate our clients about the whole home buying and selling process. While buyers and sellers might not be aware of common real estate mistakes, a good agent must identify potential issues and address them early so the transaction can proceed smoothly. By Nancy Robbers on 1/23/2018  
Spring Cleaning & A Fresh Start

It’s that time of year where lots of us start thinking about Spring Cleaning! What’s on your list? Purging the clutter, cleaning windows and scrubbing baseboards. When it's all finished, most likely you feel accomplished! Then it ALL accumulates again and the cycle continues. How do you change the sequel? Are you OCD like me? Ok, maybe not completely OCD, just call me the organizational master, also known as neat freak and perfectionist. It’s a blessing and a curse. I thrive on living a balanced, organized life. When things are in chaos, I instinctively start prioritizing and arranging. It started as a child, when my brother would move something in my room, I would instantly know it was out of place. Now as an adult, it has spilled into life at home and in my career. So, how do I organize my everyday life? I have a routine that works for me. I make lists, plan, set reminders and appointments on my google calendar. I do NOT procrastinate!  It’s been said that I do not let the grass grow under my feet. My home is a place free of disorder.  My space in the world to relax and enjoy all that my little family has been blessed with. I do have to admit, it would be nice to have a maid do the regular cleaning with hectic schedules, however, my husband and I share in the household chores. He’s the king of the vacuum cleaner! A few tips that I live by: Make the bed – I do this first thing in the morning, if I don’t, I feel the house is untidy. It really helps bring the house together. Dishes – I keep the sink and counters, dish free. The dishwasher runs almost every day. Laundry- I have a system where I do laundry on particular days, usually on the weekend. I put away clothes as I go and don’t let them pile up. Cooking- While I cook, I wash dishes and clean as I go. Much less to do once the meal is finished. Clutter- #1 House Rule-If you use something, when you are finished with it put it away.(I preach this to my daughter daily) This makes the house look tidier, organized with less clutter lying around. If I don’t love it or use it, I donate it! Counters- I try to wipe down kitchen and bathroom counters daily. Paper- Have a system or designated place for all the paper that comes in your home. It all tends to pile up quickly. Sort through mail daily and toss what is not needed. Quick Tidy Up- Right before bed, I do a fly over and put everything up and in its place. Waking up with a tidy home makes my morning routine easier. Don’t Procrastinate- It’s easy to put things off, however, it usually means there is more to do once I get to it. Regular Cleaning- Set a schedule for: bathrooms, dusting, vacuuming and mopping. Break these tasks up, do one each day or clean by room. I’ve tried it all! Are you an organizational master or ready to become one? Take one step at a time and do what works best for you!   Happy cleaning and organizing! Renea  
Introducing the Southern Signature Sipper!

  We are so excited to present the Southern Signature Sipper at Full Moon Oyster Bar in Clemmons, NC!  It's the perfect way to celebrate SUMMER! SOUTHERN SIGNATURE SIPPER Pineapple Margarita – A sweet, tart and delicious margarita that is incredibly EASY to make!   INGREDIENTS Kosher salt OR sugar for rimming glass 1 part silver tequila 4 parts pineapple juice 1/2 part triple sec 1/4 part lime juice Optional pineapple wedges, for garnish INSTRUCTIONS Rim glass with kosher salt. In a shaker with ice, add tequila, pineapple juice, triple sec and lime juice. Shake vigorously and pour into rimmed glass. Garnish with pineapple wedge, if desired.
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Southern Signature Properties

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