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What is a home warranty?

By |2015-04-15T20:47:22-06:00April 15th, 2015|Contract Questions|

Answer: A home warranty is a type of service contract that covers the repair or replacement of specified household appliances if they break down due to normal wear and tear. In most cases, the home warranty is paid for by the seller and used to cover the buyer for about a year after closing. Sellers

Can I negotiate the buyer’s agent commission?

By |2015-04-15T03:10:37-06:00April 15th, 2015|Contract Questions|

Answer: No, we don't recommend adjusting it unless your house is worth a million dollars or more. The harsh reality is that homes without a 3% buyer's agent commission (BAC) are seen as a RED FLAG to a real estate agent. Agents expect to be paid the typical fee. When a seller lowers this fee,

How do I weed out bad buyers?

By |2015-04-15T03:03:52-06:00April 15th, 2015|Contract Questions|

Answer: You need to be especially careful when you are selling your house yourself. Don't waste a lot of time on an unqualified buyer. It all comes down to financing. Either they can get it, or they can't. Is the buyer pre-approved? One of the best ways to separate the wheat from the chaff is

What is a leaseback?

By |2015-04-15T02:59:16-06:00April 15th, 2015|Contract Questions|

Answer: A leaseback is when a homeowner sells the property to a buyer and then leases it back for a set period of time. Let's say you are about to sell your house, but you need to remain in the home for some reason (like your new place is not ready to move into). While

What is the option period in real estate?

By |2015-04-15T02:45:41-06:00April 15th, 2015|Contract Questions|

Answer: Think of an option period as a get-out-of-jail-free card for buyers about to purchase a property. Basically, an option period allows a buyer to walk away from the sale with no penalties and no explanation without being held liable for breach of contract. In order to use the option period, the buyer pays an

What is a back up offer in real estate?

By |2015-04-15T02:42:15-06:00April 15th, 2015|Contract Questions|

Answer: A back up offer is when a second buyer makes a secondary offer and waits to see if the original buyer's deal falls though. If it does, the second buyer becomes first in line. From the seller's viewpoint, back up offers are a great way to keep an ace up their sleeve. From the

What is a real estate contingency?

By |2015-04-15T02:36:52-06:00April 15th, 2015|Contract Questions|

Answer: A contingency is a condition written into a contract and allows the buyer to walk away if the condition is not met as well as keep their earnest money. Think carefully before you sign a contract with a contingency. As a seller, contingencies muddy the water. The fewer a contact contains, the better. Anything

What are exclusions and inclusions in real estate?

By |2015-04-15T02:31:12-06:00April 15th, 2015|Contract Questions|

Answer: When you buy a home, items you see during the showing are either included with the property (inclusions), or excluded from the sale (exclusions). The Texas Real Estate Commission (TREC) Standard 1-4 Family Residential Contract Section 2d: is designated for exclusions. It states, "the following improvements and accessories will be retained by Seller and

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