lake norman realtor , real estate agent in north carolina

TAKE 5: HOW TO VET AN OFFER


Many sellers may be tempted to select the highest offer they receive, but there are several other factors to consider. Here are five areas important to evaluate.


  1. Down payment. The size of the down payment should be heavily considered when comparing offers. It is often tied to the size of the loan the buyer is taking out and a larger one indicates higher financial stability.
  2. Earnest money deposit. The EMD is the sum of cash the buyer is willing to put up when the sales agreement is signed to show their high level of interest in purchasing the home. If they back out of the transaction without a good reason, the seller typical keeps it, and if the sale goes through, it typically goes towards their down payment.
  3. Contingencies. Contingencies are standard for most offers and outline the evaluations and appraisals that need to be completed before the sale is final, such as financing, appraisal, sale of current home, title, and home inspection. The fewer contingences, the higher the chance of reaching the closing table.
  4. All-cash offer. Not only does putting down an all-cash offer boost the likelihood of loan approval, but the buyer will not need an appraisal or financing contingency, reducing the chance of the sale falling through.
  5. Closing date. Consideration of the closing date differs for each seller. For example, if you have already purchased a new home, you may want to close quickly. But, if you are waiting on the money from the sale to start house hunting, you may be okay with a slower settlement.

Preparing to Sell Your Home


Selling a home is hard work, especially if you’ve lived in the home for an extended amount of time. Somehow we manage to collect and fill every crevice in our homes! Ok, I know, not all of us do this. But, I’m sure there could still be some housekeeping to get your home list ready. 🙃

I’ve put together a packet for you to get your home in tip top shape to sell and increase its marketability. Let’s dive in to a quick overview of what you can expect in this packet.

what to do to get your home ready to sell
  • Pre-List Tasks – 7 Step Process
    • Includes the most important things to tackle to get your home in the best shape to market and sell.
  • Prepare for Showings and Keep your home show ready with the task checklist for each room in your home.
  • An overview of my marketing plan to get your home sold.

Get the packet here! Completely free to you.

In combination with releasing this pre-list sellers packet, I’m sharing mini bootcamps on my Instagram page @therealestatepanda. Join me as I share, “5 Day Declutter Bootcamp,” each day I will focus on a different room in the house and share 5 things you could throw out today! Just in time for spring cleaning. 🌼

Other bootcamps will include:

  • “5 Day Sellers Bootcamp.” Includes Q&A of commonly asked questions, advice, and tips for sellers.
  • “5 Day Buyers Bootcamp.” Q&A, advice, and tips for buyers.
  • And more fun along the way with Video, Reels, and Traditional posts! Join me and let’s have some fun!

I’m an open book, reach out at anytime with any questions, suggestions, or concerns.

MUST-HAVE TOOLS FOR HOMEOWNERS


When you own your home, things are going to break and, unless you want to spend your money on visits from a neighborhood handyman, you’re going to need to fix them yourself. Luckily, you don’t need an arsenal of tools to handle most home maintenance fixes. These five tools will cover most of your basic projects.


  1. Cordless drill. A cordless drill is a must-have for installing cabinets, drawer pulls, hinges, picture frames, shelves and hooks, and more. Whether it’s for do-it-yourself projects or repairs, you’ll use your cordless drill just about every month.
  2. Drain cleaners. Shower and bathroom sink drains are susceptible to clogs because of the daily buildup of hair and whisker clippings. You can use chemical clog removers like Drano, but they’re expensive and the lingering chemical scent is unpleasant. Instead, buy some plastic drain cleaners that can reach into the drain to pull out the clog of hair and gunk. You can purchase them on Amazon or at a local hardware store for a low price.
  3. Shop-vac. No matter how careful you are, spills and accidents will happen and there are some tasks that just can’t be handled with paper towels or a standard vacuum, like pet messes or broken glass.
  4. Loppers. Even the minimum amount of care for your landscaping will require some loppers to remove damaged branches, vines, thick weeds, and any other unruly plants in your yard.
  5. Flashlight. You’re going to want something a little more powerful than your iPhone flashlight when you’re in the crawlspace!

HOW YOU CAN FINANCE YOUR HOME RENOVATION

How You Can Finance Your Home Renovation

Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.

Cash. Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.

Mortgage Refinance. If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.

Cash-Out Refinance. You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.

Home Equity. Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.

Retirement Funds. Homeowners can consider pulling money from a 401K or IRA account, even though they aren’t specifically meant to cover a home renovation. This option might incur additional penalties or tax payments, but may be worth it when making improvements that will benefit them financially in the long run.