Buying and Selling

Should You Add a Contingency Clause? What to Do If an Interested Buyer Still Needs to Sell Their Home

Home sales can be a tricky matter of timing. If you're a buyer, you don't want to sell your home before you have a new home under contract. But if you're a seller, it can be stressful not knowing if a buyer is going to back out because they have their previous home to grapple with. It's a common situation for all that it seems like a looming problem, and most real estate contracts solve it through a contingency clause.

What is a Home Sale Contingency clause?

Many real estate offers and contracts come with a section about the buyer's current home. In this section, or contingency clause, the contract can stipulate a certain date by which the buyer needs to sell their home; if a sale is made by the agreed-upon date, then the contract remains binding. But if the sale isn't made, then the contract isn't terminated.

If you're...

How to Choose a Real Estate Agent

It is unfortunate, but many people give little thought to choosing a real estate agent. The all too typical method is to ask a few close friends or family members if they know anyone. We often choose an agent who has a great listing presentation or creates a positive rapport.

The simple fact is there are many real estate agents who are great at selling themselves, but they are far more interested in selling you the deal and collecting their commission than representing your best interests. One needs to find an agent who will work for you, not themselves.

Whether you are a buyer or seller, we have created this guide on how to choose a real estate agent.

Referrals

We don't want to diminish asking friends and family for a referral. However, quickly separate the wheat from the chaff. Interview...

6 Advantages of Hiring a Real Estate Agent

You are about to buy or sell a home and are asking, "What are the advantages of hiring a real estate agent?" As a seller, one may think they are able to save themselves some money not paying a seller agent's commission. A home buyer may think they can negotiate a lower price because buyer agents are typically paid from the seller's proceeds. However, not using a real estate agent has many shortcomings.

Hiring a real estate licensee means not needing to know everything about buying and selling a home. Their knowledge and experience will save you time, energy, and money. Here is our list of 6 advantages of hiring a real estate agent:

Paperwork: A real estate agent is already knowledgeable about the required paperwork at every stage of the sale process. Not only can they walk you through the paperwork, they...

Questions You Must Ask Before Hiring a Real Estate Agent

Whether you want to sell your property or you want to buy property. According to the National Association of Realtors, between 82% and 89% of people achieve their real estate goals by working with an agent. The Omaha Area Board of Realtors has a 20 page roster of members. Some of those pages have more than 200 names on them. So how do you choose? How do you make sure you are hiring the agent who is right for you?

The detailed questions depend on whether you are selling or buying, and the sort of property you want to sell or buy. Like all professionals, real estate agents specialize. Some are residential specialists, some mainly work on commercial real estate, and some focus on raw land. On top of that, some work mainly with sellers, some with buyers, and some work successfully with both. Real estate is such a broad subject that knowing what questions to...

What Is My Home Worth? How Accurate Are the Online Tools Like Zillow?

We have all done it. The family down the street just sold their home. So, we go on to Zillow, or other online real estate valuation tool, to see the price. We then click over to our home to get an idea of what it is worth. How accurate are the online tools like Zillow?

Many real estate agents will tell you straight out that a "zestimate," the name Zillow gives to their property valuations, are completely worthless. They will say these online valuation tools are too simplistic. The algorithms used don't consider certain market data only available to real estate agents or information only a human can evaluate.

Computer algorithms calculate the values on sites like Zillow. These calculations use only public and user-submitted information, and the accuracy of the data is questionable at times. They are not a comparative market analysis...

Home Selling Process: Closing and What to Expect

Closing on a home is an exciting experience. However, if you aren't prepared for the process, it can also be something that is rather stressful. Before you even reach the closing table there are several steps you must go through. The following will help you understand the process much better.

Documents Needed

One of the reasons it takes an extended amount of time between accepting an offer on a home and actually closing on a home, is because of the different documents that must be gathered. For example, your bank will be responsible for building an escrow account, doing a title search and even obtaining title insurance. These documents are all a necessary part of the closing process, and there is little you can do to speed up the process of obtaining them.

Determining Closing Costs

Along with actually...