Bernadette Calvario


Posted by Bernadette Calvario on 4/4/2018

Contingencies are a great resource when it comes to both buying and selling a home. Both buyers and sellers tend to ask for certain contingencies to be included in the purchase contracts for a home. These contracts have a time limit on them to give both buyers and sellers time to get the things that the contracts state done. This time frame is usually somewhere in the neighborhood of several weeks’ time between the signing of the sales contract and the closing of the deal on the home.


Meeting And Removing Contingencies


During the time that you have between the sales agreement and the closing of the home, you’ll be working to either meet the contingencies or trying to have them removed. This can be done through renegotiating or having work orders completed. In some cases at this point the entire purchase may be called off.  


Standard Or Not?


Some contingencies are very common and it would be a bad choice to reject them. Buyer’s inspection contingencies, for example, are quite common. In this case, closing is subject to the approval of an inspection report. If a buyer really loves a property and is in the “desperate” category, they’ll often end up waiving this and take the home as is. Your realtor and attorney will be able to inform you of what types of contingencies are the norm. 


Some of the things that buyers and sellers see on these contracts are a little out of the ordinary or are less convenient. They become a matter of negotiation. Some sellers may ask that the deal is contingent upon them closing on another home. If you need a home in a hurry, you may want to reject this and request a time limit. As a buyer, you always risk failing to reach a contract with your seller when you ask for these changes. Anything that you’re able to handle in a contract is worth it if you really love the house, but there’s a balance. As a buyer, you can do the same, requesting a contingency that you sell your house before the new home is purchased. 


Financing 


Most standard home purchase contracts include a contingency that the buyer is able to secure financing to buy the home. There’s also a time frame for the intended financing to be secured. The only way to skip these contingencies is to have an all cash offer, which is pretty rare! 


Other contingencies that are almost a must include the inspection contingency and the title contingency. These protect the buyer in order to be sure that the home has a clean title and no major damage. These allow buyers to back out of a buying a home if there is more work to it than they thought. The title contingency also protects renters or squatters from selling a home that they do not own.





Posted by Bernadette Calvario on 2/7/2018

With 24 hours before you finalize your home purchase, you might feel a mix of anxiety and excitement.

What will it be like to finally own a home? How will the home closing process go? And what will I need to do to ensure everything goes seamlessly as you wrap up your home purchase? These are just some of the common questions that homebuyers consider in the hours leading up to a home closing.

It is important to prepare as much as possible before you complete a home purchase. Lucky for you, we're here to help you do just that.

Let's take a look at three tips that you can use to get ready to finish a home purchase.

1. Get Your Paperwork in Order

You may need multiple forms of identification and other essential documents when you close on a home. Thus, you should put together a folder of any must-have documents at least a day in advance.

If you find that documents are missing, retrieve them as quickly as possible. Also, try to get multiple copies of important documents if you can.

When it comes to getting ready for a home closing, it usually is better to over-prepare. Therefore, if you plan ahead as much as you can, you'll have all of the documents you need to complete the home closing process without delay.

2. Finish Any Last-Minute Packing

After you finalize a home purchase, you'll be ready to move in to your new home. As such, you should ensure that all of your belongings are packed up and ready to go.

If you're vacating an apartment, ensure that you've notified your landlord and provided sufficient notice about your upcoming move. That way, you'll be able to finish your rental agreement on good terms with your landlord.

Also, if you need extra help for your move, be sure to reach out to a moving company or family members and friends. And if you require a moving truck, don't forget to rent one in the days leading up to your move.

3. Consult with Your Real Estate Agent

The day before a home closing can be stressful, particularly for first-time homebuyers. If you have any concerns about the home closing process, be sure to consult with your real estate agent.

Your real estate agent likely has been a life-saver throughout the homebuying process thus far and will continue to assist you in any way possible. If you have questions about the home closing cycle, your real estate agent will respond to your queries immediately.

In addition, your real estate agent can teach you the ins and outs about what will happen before, during and after a home closing. He or she will explain what to look for during a final home walk-through, what home closing forms that you'll need to sign and what to expect after a home purchase.

Streamline the home closing process – use these tips, and you can get take the guesswork out of finalizing a home purchase.




Categories: Buying a Home   buying tips  


Posted by Bernadette Calvario on 1/6/2016

To buy or not to buy that is the question. There are reasons for or against homeownership on both sides of the fence. So here are the pros and cons of buying a home. You decide... Pros: 1. It Costs Less- With record low interest rates, and low home prices a mortgage payment on a house can be less than a rental payments. 2. Equity -If you own a home rather than rent you are building equity. If you pay rent you have nothing to show for it. If you own a home you are building equity. Even if housing prices stay flat part of your mortgage payment goes towards the principal balance and eventually you will own the home. Cons: 1. You Could Get a Better Money Return-A home may not be the best return on your money. You may find a better return on capital in the stock market. If you are just looking at it in a strictly financial way there are better investment strategies. Historically, the S&P 500 has returned an average of 13.4% -- 4.8% higher than the 8.6% average return on housing. 2. It is a Big Commitment-You can't just sell your house and move quickly. It is a long term decision. If you job requires frequent moves this can be a significant consideration. Now that you have seen some of the pros and cons the decision is ultimately up to you and what is best in your circumstance. The pros cannot be disputed. Low rates and prices almost make buying a no-brainer if it fits within your financial situation.





Posted by Bernadette Calvario on 11/12/2015

You saved all your money for a down payment on a house and calculated the costs of the mortgage but wait just a minute...owning a home also comes with several hidden costs. Those costs can add up. So before you buy your home, here are additional home-related expenses you’ll want to include in your budgeting: Real Estate Taxes Often your real estate taxes are included in your monthly mortgage payment but in some instances you may pay them directly. The amount of taxes you pay varies depending on the value of your home’s and the tax rate in your community. Private Mortgage Insurance Your monthly mortgage payment may also include PMI (private mortgage insurance). Lenders typically charge a PMI if your loan exceeds 80 percent of the sales price. Homeowners Insurance Most banks require that you hold homeowners insurance. Homeowner's insurance protects from damage to the home from things like fire, theft or weather. Just because you have insurance doesn't mean there are no costs to you remember to set aside your deductible. While owning a home does have hidden costs the gain of homeownership is always more than the cost.  





Posted by Bernadette Calvario on 10/8/2015

If you live in or are buying an older home you may be concerned about asbestos. Asbestos was banned in 1978 because of the health risks associated with it. Asbestos fibers are dangerous when inhaled.  The microscopic fibers can become lodged in the respiratory system and lead to asbestosis or scarring of the respiratory tissues. Asbestos was commonly used as a binder and fire retardant in many building products. It can typically be found in acoustical ceiling tiles; thermal insulation of boilers and pipes; steel fireproofing, cement asbestos siding and roofing; tile and sheet floor coverings. Inspectors are most concerned with what is known as friable asbestos (easily crumbled or pulverized to powder) and often recommend it be removed. It should always be removed and disposed of by a qualified contractor. Contact the Environmental Protection Agency for an updated list of qualified testing and or mitigation contractors.