Five ways you can get back your Earnest Money Deposit.

No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.

Earnest money is a deposit you pay when you make an offer on a home—it’s a way to show the seller that you mean business. Usually you can’t get it back, but there are several circumstances that allow you to recover your earnest money.

1. Appraisal contingency: With an appraisal contingency, you can recover your earnest money if the home is appraised for less than your offer. This gives you a better negotiating position—if the seller doesn’t agree to a lower price, you can get your earnest money back and walk away from the deal.

2. Major problems with the home: It may be your dream home at the surface level, but an inspection could reveal major, major problems—such as issues with the foundation, or flood damage. In that case, you can get your money back if the seller doesn’t agree to a lower price.

3. The seller backs out: Obviously if the seller changes their mind about the transaction—maybe they decide not to sell, or accept a higher offer—you get your earnest money back.

4. Your house hasn’t sold: Many buyers can’t afford a new home if they’re still financially responsible for their old one. In this case, you can work a sale contingency into the contract, and get your earnest money back if the home doesn’t sell soon enough.

5. Financing issues: Though there are some limits on financing contingencies, you can get your money back if you’re unable to get a loan.

 Interested in learning more? Contact me today for a personalized approach to your home buying or selling journey, and as always with any Real Estate needs!

The Home Buying Roadmap

Homebuyingroadmap

Interested in learning more? Contact me today for a personalized approach to your home buying or selling journey, and of course all of your Real Estate needs!

Selling your Home? Curb Appeal Makes a big Difference!

Curb appeal is a big factor for home buyers. The exterior of your home is the first thing buyers will see when they come to a showing or open house, and you want to make a great first impression. And even if you’re not selling your home, these are low-cost, low-time investment fixes that can make a big difference.

Fix landscaping eyesores
A brown, dead lawn—or an overgrown one—isn’t the best way to welcome buyers to your home. If your lawn is in need of repair, consider watering it regularly. If your grass is healthy, keep the lawn freshly mowed. An appealing lawn can be worth more than $1,500 in the final price of your home.

Shutters and siding
It’s easy to let your exterior walls fall into disrepair, or even to let them get a little dirty. A good scrubbing or power washing can make your siding look brand new, and you can touch up any major issues with some paint. The same goes for your shutters.

Add some living accents
So far we’ve covered fixing what’s broken. Next, it’s time to add a little personality. Planting flowers will add some much-needed color to an otherwise ordinary outdoor space. Potted plants will do the trick too, especially if you have a deck or patio that needs a little decorating.

Work on your walkway
The path to your front door should be inviting. A stone walkway from the driveway instantly upgrades your curb appeal. And if you’ve already taken care of that part, tidy up by removing weeds and debris, and then line the walkway with some subtle lighting. It’ll make your home look cozy and appealing, day or night.

Interested in learning more? Contact me today for a personalized approach to your home buying or selling journey, and of course all of your Real Estate needs!

 

Improve or Move?

Unless you built a custom home, you probably have a long list of things you’d like to improve in your current home. Browsing online listings might get you in the mood to upgrade to a new home, or you might be thinking about renovating your current home after binging on HGTV. The answer to renovation vs. relocation depends greatly on what you’re trying to fix.

Thinking about a new kitchen? If you’re dreaming of a chef’s kitchen with new appliances and beautiful cabinets, renovating your own kitchen gives you incredible ROI and is less costly than moving. You’ll increase the value of your own home if you ever decide to sell, and there’s a great sense of accomplishment that comes with completing a custom renovation.

Need more space? If you’re running low on bedrooms, there may not be a lot of options. Converting an existing room to a bedroom doesn’t create any new space. If you’re in a condo, an addition is probably impossible. And additions can be expensive even if it’s a possibility. Moving is usually the best option.

If the neighborhood isn’t ideal You may have seen some potential for your neighborhood when you first moved there, but perhaps it still isn’t welcoming the shops and restaurants you expected. If that’s the case, consider moving. There’s no sense in waiting years for the neighborhood to improve, especially if you can move to a house in the same price range in a more preferred part of the city.

 Interested in learning more? Contact me today for a personalized approach in your home buying or selling journey, and of course all of your Real Estate needs!

 

Investment Properties: How you can Make Money in the Short or Long Term

You’re probably well aware that there’s more to real estate than just owning your home. There are countless success stories of people who made a fortune—or even just a comfortable extra income—by investing in real estate. Here’s an overview to get you thinking about an investment property.

Improving a home
Quickly flipping a home is one way to make money off a real estate investment, but it can be risky. A safer play is to buy a fixer upper and carefully manage costs over a year or so as you improve the property. You’re likely to get a great return.

Rental properties
Instead of selling your investment property, you can rent it and make a good monthly profit if the rent exceeds your costs. Renting to a stable, reliable tenant can put extra money in your pocket every month for years on end. You can even hire a property manager to handle repairs, rent collection, and other administrative tasks. And if you’re ever ready to stop dealing with tenants, you can sell the home and profit on the improvements and appreciation of your asset.

Multi-family rental properties
Renting out a single family home is a good starting place for investment properties, but you can get an even better return once you learn the ropes and move on to multi-family homes. Buying an apartment building or dividing a larger home into several apartment units comes with some added complications with taxes and regulations, but it also comes with huge income potential.

 Interested in learning more, contact me today for a personalized approach to your home buying or selling journey!

Tiffany Pavon

415.810.9474   [email protected]   Lic. #1969297

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