What Contingencies Are In My Purchase Offer?

What Contingencies Are In My Purchase Offersusan rupert1

What Contingencies Are In My Purchase Offer – When writing an offer, there are certain contingencies you should be aware of. Contingency is essentially a word for “a way of qualifying your obligation to fulfill a contract”. Purchase offers have contingencies built in that need to addressed before closing on your new home. So what contingencies are typically included in an offer?

Financing

A financing contingency is important and can clarify the financial implications moving forward. This will help to make the sale about you, as the buyer, and will help you to secure an acceptable loan or other type of financing that you are using to purchase the home.

Insurance

Depending on the location of your new home, you might want to consider an insurance contingency. This will help to protect you in the event of a natural disaster like earthquake or flood. You have the ability to make contingent on receiving an insurance commitment from an insurance agent in writing.

Appraisal

Appraisal contingencies can work in favor of the buyer or the seller at any given time. If the buyer can’t get an appraisal that is at least the sellers asking price, the buyer has the ability to walk out of the agreed upon deal. On the other hand, if the buyer is unable to get an appropriate appraisal, they can ask the seller for a lower purchase price. If the seller then refuses, they have to ability to back out of the deal.

Seller Contingency

As a buyer you have the ability to include contingencies in your home offer, so the same goes for the seller. The seller has the ability to put contingencies on the sale of their home to you. For example, they can make the sale of their home to you contingent upon whether or not they’re able to find a new home to move into in the given time period.

Inspection Contingency

Before you purchase the home you can have the home inspected by a professional. If all looks good and the home passes an inspection you can sign off to remove the contingency. If a few issues pop up in the home inspection you may be able to submit a request to remedy to the seller. A request to remedy allosw you to make some of the repairs a part of the purchase contract and negotiate for the seller to help you remedy certain issues with the home. Although not always necessary, it is an option.

Before writing an offer on a home, make sure you know what contingencies are built into the contract your signing so you know your timeline, if you want to add any, or if you want to waive any. If you have any questions, please don’t hesitate to contact me!

What Are the Responsibilities of a Co-Signer?

Are you considering being a co-signer for someone’s home loan?

Many people need a co-signer on a home loan. If someone has poor or no credit, an unsteady job, a high debt-to-income (DTI) ratio, or other credit issues, it can be nearly impossible to be approved for a home loan. In these cases, a person can have a mortgage co-signer who “agrees to back up your loan, guaranteeing the lender that the loan will be repaid”, according to The National Association of Realtors®. Having a co-signer greatly increases your credibility as a borrower and makes it more likely that you will be approved for a loan. However, picking the right co-signer is vital.

Here’s what you need to know about the responsibilities of a co-signer:

If the main owner of the loan fails to make payments, the co-signer is financially responsible for the loan and their credit score could suffer.

Co-signers should be:

  • A trustworthy person

  • Have good credit/someone who will be approved by lenders

  • Willing to be part of a long lasting agreement

  • Have a good income

  • Be 18 years or older

  • Be willing to have their income, credit history, credit score, assets, and debts scrutinized by the potential lender

Agreeing to be a co-signer for a home loan is a very serious agreement, so it is best to draw up a formal contract that both parties will have to sign. “A real estate lawyer can help you and your co-signer draw up an agreement that specifies who will pay the bills, who will occupy the residence, and contingencies, like what happens if the main mortgage holder cannot make the payments”, according to the National Association of Realtors®. This contract can help protect both the main owner of the loan and the co-signer against any fall-outs or worst-case scenarios.

Who would make a good co-signer?

  • A lot of people ask friends or family members to co-sign for them because these types of relationships are often built on trust.

  • Younger people, perhaps someone purchasing their first home, may ask their parents to co-sign on the mortgage.

  • With married couples, typically a spouse will be the co-signer for a home loan.

  • Siblings

  • Aunts or uncles

  • Grandparents

  • Business partners

  • Long-time friends

The National Association of Realtors® says that in an ideal agreement, “the co-signer should never have to hear from the bank after the papers are signed”. Before you ask someone to co-sign for you, be sure that you are ready for the responsibility that is owning a loan.

To read more on the responsibilities of a co-signer, check out this article.

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5 Apps to Help You Discover Your Perfect Home

Nowadays there is an app for everything. Whether you’re looking to get in shape, eat healthier or stay organized, there is an app for that, which many people often use. So, why should discovering your dream home be any different? There are apps that will help you begin your search, determine if the sale is financially right for you, and there are even apps that will help you envision yourself in a new home. Here are five apps that will help you discover your perfect home and make sure that it’s a perfect fit for you.

 

Essential Real Estate Dictionary

If you’re nervous about working with a realtor to find your perfect home, don’t be. For all of the confusing jargon that you don’t understand, use the real estate dictionary app. Not only will the app serve as an essential reference guide for all things real estate, buy the seller and agent will think you’re a pro with how much you know.

 

Zillow

If you already know which area you want to live in, this will be the perfect app for you. Drive around the neighborhood to see how much each home is worth or if any of them are for sale. It’s also a great tool if you don’t know where you want to live. You can pretty much drive around any neighborhood, whether it is familiar or not, and find out exactly how much each home is worth and if they’re for sale.

 

Mortgage and Home Loan Calculator

There are a ton of mortgage and home loan calculators in the app store. It’s all about finding the right one for you. The secret is that they all do pretty much the same thing, so stick to the free ones. All you’ll need to do is plug in number and bam, you’ll know your price range.

 

ColorChange

If you’re viewing a house and you absolutely hate the color of the walls, don’t rule it out just yet. The ColorChange app allows you to snap a picture of any room and it will give you the ability to view it with a different color on the walls. This will also be useful once you move into a new home and can’t decide what colors you want each room to be. You can see it before you actually make the commitment in doing it.

 

Houzz Interior Design App

This free app will help you get settled into your new home and will help reiterate the fact that this new home is perfectly yours. You will be given tips and tricks from the internet’s largest database of interior design photos. You can pull certain looks from different ideas and make everything 100% yours.

 

Using these apps will help you find your dream home more easily and efficiently. So get to downloading them and start your search for your new home!

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How To Get Sellers To Pay Your Closing Costs

 

You already know that buying a home can be an expensive process. On top of spending the money to purchase your home there are closing costs and inspection fees that can add up. You don’t want the prospect of paying those additional fees to deter you from buying the home of your dreams. Here are four ways to get sellers to pay your closing costs.

 

Pay the Full Asking Price or Close to It

Buyers need to understand that it isn’t an obligation of the seller to pay for the closing costs, it is just a nice gesture on their part. Get on the seller’s good side by offering to pay their asking price, or close to it, if they pay the closing costs. If you are in an acceptable range of what they’re looking for, they will be more than happy to take your offer.

 

Do Your Research

Do your research to find out if sellers have paid the closings costs for other homes in your area. What is common in Florida may not be common in Ohio, and you don’t want to insult the seller by demanding that your closing costs be covered. Ask a realtor if this is a common practice and if it is, go for it!

 

Avoid Excessive Demands

If you’re going to ask the seller to cover the closing costs, be willing to accept the home as-is. Sellers don’t want to spend excessive amounts of money updating their home before it sells. However, you might want to ask the seller to pay the cost of anything that didn’t pass the home inspection. Just be aware of what you’re requesting because excessive demands can potentially scare them away.

 

Meet the Seller Halfway

If they seller absolutely refuses to pay the closing costs, see if they’ll meet you halfway. Paying half of the closing cost is a lot more appealing and wallet-friendly for both parties. In the end, both the buyer and seller will come out happy.

 

If you absolutely can’t get the seller to budge, ask your lender if they can include the closing costs in your loan. Being knowledgeable about your options will ultimately help you in the long run. Negotiate and do your research to get the best deal possible so that closing costs are not a factor in purchasing your dream home.

 

For more information on how to get sellers to pay your closing costs, visit here.

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How To Buy A Home in 2013

Regardless of whether your a first time home buyer or a veteran of the housing market, buying a home can be daunting and confusing. Here are a few tips on buying a home in 2013.

 

1. Find a Lender

First you need to see if you qualify for a home loan and, if you do, how much money you qualify for. You should look at your finances and determine how much you think you can afford, and then meet with a loan officer who will tell you what loan amount you qualify for.

 

2. Find a Real Estate Agent

Next you should find a real estate agent who is familiar with the housing market in Worthington, and who is experienced in buying the types of homes you’re looking at. Additionally, a real estate agent can help you with writing up an offer once you find a home, negotiating with the seller, and with any questions you have about the homebuying process.

 

3. Make 3 Lists

To help narrow down your search and to give your real estate agent direction on what houses to send you, make 3 lists.

List 1: Things you HAVE to have and can not live without

List 2: Things you would like to have but are not a deal breaker

List 3: Things you DO NOT want and will not buy a home if it has this

Keep in mind your lists might change, just remember to communicate that with your agent so they can continue to pull the right homes for you to see.

 

4. Search For Homes Online

Now you can begin the search for your home. You can do some research on your own by checking popular real estate listing sites, such as Zillow or Trulia, and you can also drive around neighborhoods in the area you’re interested in moving to and look for “for sale” signs. If you want or need some help in searching for a home, you can ask your agent to suggest homes for you.

TIP: Most real estate websites have a lot of homes for you to search through. You need to know that not all of the information is accurate. Make sure that you talk to your real estate agent if you see a home online.

 

5. Do some research

The best thing you can do is to educate yourself. Yes, the professionals you hire will help you along the way but to be fully prepared do your research. Start by answering these questions…

– How much can I afford?

– How much am I willing to pay?

– How much does it cost to buy a home? (down payment, inspections, closing costs, etc)

– How long does it take to close on a home?

– What is a “request to remedy”?

– Is it a buyers market or sellers market?

– Are there still “steals” out there?

– Am I willing to do a lot of repairs? If so is a 203k loan right for me?

The real estate market can be confusing to navigate but don’t be intimidated! Starting with these tips will help you begin the process of buying a home in 2013.

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Things To Do Near State College, Pennsylvania – October 2013

Looking for something to do in State College, Pennsylvania?

Check out the upcoming events in October…

State College Farmers Market

When: October 1st – October 29th [1130am-530pm]

Where: Locust Lane, Downtown, State College

Price: FREE

What: A producer only Farmers Market featuring 14 vendors selling fresh produce, meats, dairy products, baked goods, soaps, flowers, crafts, perennial, annual, herb, and houseplants, and more.

For more information click here!

 

Beaver Stadium Tours – Parents & Family Weekend

When: October 4th – October 6th [Fri. 11:00 AM, 1:00 PM, 3:00 PM; Sat. 11:00 AM. 2:00 PM, 4:00 PM & Sun 9:00 AM , 11:00 AM]

Where: Penn State All-Sports Museum

Price: $15 for adults, $10 for Museum friends, students, children, and seniors

What: The Penn State All-Sports Museum has announced its Beaver Stadium tour schedule, which includes Alumni Weekend, Arts Fest weekend and Parents Weekend. Beaver Stadium tours include the media room, home locker room, tunnel and field, as well as recruiting and club areas.

For more information click here!

 

Penn’s Cave Flashlight Tours

When: October 4th – October 25th [6pm]

Where: Penn’s Cave

Price: Reservations are not required, but are recommended.

What:  We’re excited to offer our NEW “Friday Fall Flashlight Tour” of Penn’s Cave (this will replace our Halloween Glow Tour), which will be offered every Friday evening in October at 6:00 p.m. (Beginning October 4th).  This tour will include a ride out onto Lake Nittanee (weather permitting).

For more information click here!

 

Cycle-Thon & 5K

When: October 5th [10am]

Where: Chambers Building

Price: $15-25

What: The College of Education at Penn State University is organizing a Cycle-Thon and 5k Run/Walk to benefit our Summer College Opportunity Program in Education (SCOPE). This is Cycle-Thon’s seventh year and all proceeds go to the SCOPE program. The 5k and 9 mile bike race will start and end at Chambers Building at University Park campus. We hope to see you there!

For more information click here!

 

Oktoberfest

When: October 4th – October 5th [Friday from 1 pm to 11 pm and Saturday from 11 am to 10 pm]

Where: VFW Carnival Grounds

Price: FREE
What: Mifflinburg’s Oktoberfest will begin Friday, October 4 with a Volksmarch at noon with the festival officially opening at 1 pm lasting until 11 pm. Saturday, October 5, Oktoberfest will be from 11 am to 10 pm. German beer, German style wine, German food and American festival favorites, German dancing and music and competitions. See website for schedule of events.

For more information click here!

 

Lincoln Caverns 30th Annual Haunted Cave & Trail

When: October 4th – October 26th [Fridays 6:00pm – 10:00pm & Saturdays 11:00 am – 10:00 pm]

Where: Lincoln Caverns

What:  With 26 years of haunted tour experience and expertise behind them, Lincoln Caverns and Whisper Rocks, near Huntingdon, is busy with preparations for their 30th Annual Ghosts & Goblins Tours.  “Pennsylvania’s most unique haunted house and trail” provides scares, laughs, and even some cave education to thousands of visitors each year.

For more information click here!

Penn State Vs Michigan

When: Saturday October 12th 5PM


Where: Beaver Stadium, University Park PA

CRPR Scarecrow – STUFF IT!

When: Sunday October 20th 2PM

Where: Millbrook Marsh Nature Center

Price: $20 Per Scarecrow

What: Gather your supplies (old clothes) and let your imaginations soar as you plan to build the best Guardian of the Garden! We provide straw, string and bags only; you provide the rest! Bring your crew & create your scarecrow. Event rules: (to be posted)
• Entry Fee: $20 per scarecrow. All proceeds will benefit the nature center.
• Each team leader should pre-register their family, company or group:
Program #34030 by 5 PM on Fri. Oct. 11. Registration Options
• Held in the Picnic Pavilion area at MMNC.
• Open to all ages! Spectators are also welcomed!
• Rain Plans: (TBA)

For more information click here!

Fall Harvest Festival Featuring Children’s Halloween Trail

When: October 26th – October 27th [10AM]

Where: Shaver’s Creek Environmental Center

What: Come celebrate autumn with Shaver’s Creek at the Fall Harvest Festival! Enjoy great music and storytelling, fun nature activities, delicious local food for sale, and the ever-popular Children’s Halloween Trail. Members may purchase tickets for the Children’s Halloween Trail beginning September 18th by calling 814-863-2000. Non-member ticket sales begin September 25th.

For more information click here!

2013 Halloween Costume Parade

When: Sunday October 27th [630PM]

Where: N Burrowes St Off W College Avenue

What:  A FREE fall family tradition . . . the 2013 Centre Region Halloween Costume Parade. Centre Region Parks & Recreation and the State College Lions Club will cosponsor the parade through downtown State College.

The parade forms on N. Burrowes St. off W. College Avenue (beside the PSU steam plant) starting at 6:30 PM with step-off promptly at 7:00 PM. Costume judging takes place at Memorial Field by the Delta Sigma Phi fraternity. Treats will be provided by the S.C. Lions Club.

Please choose from one of the following costume categories: • Halloween Tiny Tots (ages 2 & under) • Cartoon Characters • Witches & Monsters • Fairy Tale Characters • Ghosts & Goblins • TV / Movie Characters • Animals on Parade • Halloween Twosome • Groups (3 or more) • Open Class. Watch for the group signs as you walk up Burrowes St., then join in!

For more information click here!

Trick Or Treat Night in the Centre Region

When: Thursday October 21st [6pm-8pm]

Where: Centre Region

What: The official Centre Region Trick-or-Treat Night is proposed for Thursday. Oct. 31, 2013 from 6-8 PM. Once approved by each municipality, this official designation will apply to the Borough of State College and the Townships of College, Ferguson, Harris and Patton. The “Trick or Treat Night” schedule is coordinated regionally and annually set by an action of each municipality.

Way Fruit Farm Fall Festival

When: October 12th & 13th [9am]

Where: Way Fruit Farm, Port Matilda PA

What: Every year Way Fruit Farm hosts a Fall Festival on the 2nd and 3rd Saturday’s of October, from 9am-4pm. The Festival is a great time to come out with family or friends and take a free wagon ride out to the pumpkin patch and pick just the pumpkin you want. There is also numerous other things to do at the festival. There is an apple slingshot, over a dozen crafters, a petting zoo and other activities to enjoy. Food is provided by a local Lions Club and baked goods including apple dumplings are available. The best part of it all is that 10% of all the earning’s on both Saturday’s will go to an orphange in the Dominican Republic. So come in join us this October in this annual tradition and have a great time with your family and friends.

For more information click here!

 

3rd Annual Fall Punkin’ Chunkin’ Festival

When: October 19th [10am-5pm]

Where: Bald Eagle State Park

Price: FREE

What: The Howard Volunteer Fire Company will hold the 3rd Annual Fall Punkin’ Chunkin” Festival on October 19,2013 at the Bald Eagle State Park, Howard, Pa.  The Festival will run from 10am to 5pm.  Planned events include food vendors, craft vendors, bands, square dancers, a pie-eating contest, hayrides and Punkin’ Chunkin’ !!!  Trebuchets will launch pumpkins through the air at speeds of nearly 100 mph!!!  The Pumpkins will try to hit targets which will be floating in the Park lake.  Free Admission…Free Parking.  Bring your lawn chairs and enjoy the day!

For more information click here!

Fall Fest As Wassom Farm

When: October 12th & October 13th

Where: Wassom Farm, State College PA

What: This years Fall Fest will take place on October 12th and 13th. Come out for a day of family fun! Like in the past you can take a hayride to the pumpkin patch, navigate your way through our corn maze, sit down and enjoy a bowl of our homemade soups, and pick up a jar of apple butter to take home with you.

 

Philipsburg Harvest Fest

When: October 26th [10am-6pm]

Where: Philipsburg Towers, Front Street, Philipsburg

What: Parade at Noon, Events 10am – 6pm, Downtown Philipsburg

For more information click here!