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4 Real Estate Deal-Breakers and How to Fix Them Efficiently
Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:
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The real estate sales process can be stressful and seemingly complicated. Even a relatively smooth process can take ample negotiations and may require weeks to pass before you can close on the transaction. Some deals are increasingly complicated, and major roadblocks may develop that threaten the entire project. These are a few of the more significant factors that buyers and sellers may run into during the real estate sales process that could potentially prevent the deal from going through as planned.
Unpleasant Decor
Unpleasant decor is something that buyers notice immediately, and some will only make an offer on the home contingent to some decorative updates being completed before closing. For example, some buyers may detest bold paint colors on the walls or may feel that the decor in the kitchens and bathrooms is too outdated; however, sellers may believe that the home is priced appropriately for the as-is condition and that they should not make concessions because of decor. Both real estate agents need to review sales comps in the area to determine if other homes selling in this price range have similar decor or if they have recently been upgraded. The agents should make the buyer and seller aware of realistic expectations based on market conditions, and one or both parties may need to make concessions based on a sales price and property condition that is justified by the market.
Major Repair Issues
Home repair issues may be known by both parties before a property inspection is complete, but the inspection report can potentially reveal more issues that have not been discussed. Many buyers may try to negotiate to have repair work completed before closing. You may consider taking a course on renovations (like Rules of Renovation) and other significant home improvement projects before you agree to take on any huge projects as a buyer or a seller. These courses can help you to better estimate the cost and time it will take to complete the work that is needed.
A Low Appraised Value
Many buyers will apply for a home loan to pay for their purchase. Mortgage lenders typically offer a loan amount that is a percentage of the sales price or appraised value, and they will take the lesser of these two figures into consideration. This means that an appraised value that comes in lower than the sales price could reduce the loan amount to an uncomfortable amount for the buyer. More than that, the buyer may not want to pay more money for a house than it is worth. The feasible options are for the seller to lower the sales price or to work with the appraiser to increase the appraised value.
Title Issues
It is customary to review the title history on a property before finalizing a purchase, and this is a required step for anyone who is applying for a mortgage loan. This process essentially determines if the seller clearly holds title to the property or what obstacles need to be cleared before the seller can convey title to the buyer at closing. Some issues are minor and can easily be dealt with prior to closing by the title company and the seller. In some cases, however, a real estate lawyer needs to be contacted to resolve the matter.
Many real estate deals will close without a hitch, but many others will develop one or several of these issues. Many issues can be overcome when the buyer and seller work together and when enough time and patience is given to resolve the issues. You may also have to use third-party services, such as a title company or real estate lawyer, to address the issue properly.
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The post 4 Real Estate Deal-Breakers and How to Fix Them Efficiently appeared first on RISMedia.
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More Townhomes Coming to SouthEnd
There are two new projects coming to SouthEnd that we are really excited about. Both are townhome projects starting in the high $200’s to the high $300’s. This is a great opportunity for people wanting the great SouthEnd location, but not wanting to rent.
Domain Townhomes were just launched earlier this month. They had a launch party giving people a sneak peak with virtual reality headsets. There will be 20 townhomes in the project starting at $274,900. Pre-construction sales of the units began on September 8th.
Homes will have private fenced back yard courtyards, one-car garages, dine-in kitchen islands, balconies and more. Modern touches will be felt from the etched glass and metal garage doors to the black stainless-steel wi-fi enabled appliances.
Domain Townhomes will have two-bedroom, one and a half bathroom homes. Each is around 1,200 square feet. The guest room is on the first floor and can double as a home office. The entire third floor is dedicated to the owner’s suite with tons of natural light, oversized walk-in shower, and plenty of storage in the walk-in closet.
The second project of note is the second phase of Hopper Communities SouthPoint project. 33 townhomes will join the 53 from the first phase. The first phase began in September of 2015 and only has two unsold units. The second phase should be completed next summer and pre-sales have already begun.
The seven new buildings in SouthPoint are located at the intersection of Remount Road and SouthPoint Commons Court. They are between South Tryon and Youngblood streets and are just two blocks from the New Bern light-rail station.
Units will be similar to the original ones and will feature contemporary architecture and modern design. Hardwood floors, quartz countertops and stainless steel appliances will be standard. Two and three bedroom units will be available and all will feature two-car garages with options for rooftop terraces and Uptown views. Starting price will be in the high $300’s for 1,313 to 2,039 square feet of living space over three stories.
If you are interested in a townhome in the Charlotte area, give us a call at (704) 525-4045. We can help you with on in Domain Townhomes, SouthPoint Townhomes, or help customize your search for your next home. You can also view current listings on our website here.