nikidmaclay

[nikidmaclay]

Do you prefer a shower or BATHTUB in your primary bathroom? Maybe you want both. When a homeowner is contemplating a bathroom renovation, this question often comes up because it can affect resale value. The question of the day is: “will removing my bathtub and replacing it with a stylish shower crash the value of my home?”

Crash the value? Not necessarily. It will narrow your buyer pool, though. People want bathtubs for various reasons. A buyer who wants/needs a tub and has a choice of homes will pick the one with the tub. Currently, with inventory still being relatively low, buyers take what they can get or don't buy at all. In a market where there are options, your home will sit until either (1) a buyer who doesn't care chooses it or (2) a buyer who does care likes the rest of your home enough to buy it and alter it to fit their lifestyle. The market conditions at the time you list it will determine how much this choice impacts value.

Part of the benefit of owning your own home is that you can make it what you want and need. Unless you are planning to sell in the next few years, don't make yourself uncomfortable to appeal to someone who may buy your home 20 years from now. If your home is simply a place to stay for a few years while you are contemplating your next move, your resale value may be more important to you. Appealing to the broadest range of buyers is the way to maximize resale value..

If you were shopping for a home, how much would a primary bathroom with only a shower affect your decision?

[nikidmaclay]

Signing contracts is a part of any real estate transaction. In South Carolina, you always have the right to have an attorney review your contract with you before you sign, but more often than not, it's you and your agent reading through and signing those documents. To be perfectly honest, real estate attorneys in SC don't always know those contracts as well as your agent because it isn't common for a consumer to go straight to an attorney for those services here. Your agent has been trained to use the current contract used by the REALTOR association they're a part of.

Your agent can't practice law without a license, so they're restricted to using the preprinted contract as-is, with permission to fill in the blanks and write addenda with approved verbiage. These contracts that an agent uses are boilerplate contracts

Because these contracts are “standard”, buyers and sellers often sign without reading them. The terms of your contract matter, and there are details you need to know to protect yourself and to know how to react when the other party makes a request or exercises a baked in right.

New construction contracts are a little different. Most tract builders require that you use their contract. Their contracts were written with the builder in mind, to protect their interests. Again, it is critical that you read what you're signing. These may be boilerplate contracts, but you are choosing to bind yourself to terms that have consequences, you want to know what those terms are. Don't sign until you have asked questions and negotiated the terms you are comfortable with. There are things we must agree to because the law says so, but items like inspection rights, who gets to hold earnest money, and other terms are negotiable. If the other party won't negotiate, sometimes it's best to walk away. Don't let desperation or anxiety lead you to sign something you shouldn't. Pay attention to red flags.There are other fish in the sea. Buy and sell smart. Read before you sign.

[nikidmaclay]

I've posted this before, but this is an important reminder as we enter the holiday season. Did you know the day after Thanksgiving is often the busiest day of the year for plumbing service calls? Your kitchen and the restrooms are getting a workout from increased meal prep and extra guests. A friendly reminder, mind what goes down the drain so you're not paying a plumbing bill at holiday weekend rates. $$$$$

Even if you don't have a septic system, these items will also clog a city sewer system. That may not be your personal responsibility to maintain, but it will still affect you and your community.

#AORAnderson #Agentownedrealty #Realtor #NikiMaclayHomes #septicsystem #Thanksgiving #holidays

[nikidmaclay]

So many people buy and sell homes every day that it’s easy to take a casual approach to signing a real estate contract. You have to sign the contract to get the house, so most buyers will sign without ever reading what they agree to. Even if the buyer has a conversation with their agent or attorney before signing, it is rare that they come away from that conversation knowing the terms they’ve agreed to.

With hundreds of different contracts floating around in the United States and each state having its laws, terms are thrown around in online resources all the time and not explained, so internet users may be under the impression they’re all referring to the same terms, which may not be the case. The details matter, and it’s worth it to slow down and take the time to understand those details, so you aren’t confused later when you’re required to follow through on your agreement.

Inspection Contingency

The inspection Contingency is a common safeguard in a real estate sales contract, but they are not all the same. It is often said that if you have an inspection contingency, that you can walk away if you don’t like the inspection report. Is that what your contract says?

Some inspection contingencies do allow you to walk away for any reason – simply say “nope”, get your earnest money back, and that’s the end of it. Some have a restricted list of reasons you can walk away. This may be only major systems that must be operational, or some other list of items the seller agrees to repair if found. You may even have only a certain item that has to pass the test, such as structural members or a roof.

Once you’ve identified what items may be covered under your inspection contingencies, there is then the procedure required to execute it. This procedure can also vary. You may have a contract that allows you to submit a contract release “no questions asked” that the seller must honor.

There is also a possibility that your contract requires negotiation to be attempted. There are many states with contracts that include a right to remedy. The seller must be provided the opportunity to address concerns, accept or reject requests, repair or compensate for deficiencies. With these contracts, if the negotiations do not result in an agreement, It is usually up to the buyer to decide whether to move forward or “back out”.

Due Diligence

Now we come to the dreaded due diligence clause. There are pros and cons to this type of agreement for both buyer and seller, and as of this writing the adopted South Carolina REALTOR’s contract includes this type of clause.

The due diligence clause allows you to check out anything and everything you want to investigate. From the roof, the crawlspace, the school system, feasibility of running a business from the home, zoning… ANYTHING. With this type of clause, you’ll have a certain period of time to put your purchase under a microscope. If you don’t like what you find you can terminate the agreement. In most cases (though not all) that termination will cost you. In South Carolina, North Carolina, and at least ten other states, this is your “inspection” contingency. The seller has taken his property out of “active” status so that you can do your due diligence. They’ve lost marketing traction and showings while you decide if you really want the home or not. If you decide that you’re done, the contract includes an amount of money that goes to the seller to compensate them for lost time and opportunity. This is typically “due diligence” money and is also typically a separate deposit from earnest money. Plenty of buyers are surprised by this because they aren’t reading their contract, so be careful what you agree to.

Earnest Money

“I can back out and get my earnest money back” is a common belief among buyers, and it isn’t always the case. Read your contract carefully, not just the inspection or due diligence clause, but the entire text. In some states, your earnest money is promised back under certain conditions. In other, and this includes South Carolina, the earnest money deposit is only released to a party by mutual consent. Even if you have a common sense contractual legitimate reason to walk away, the buyer and seller have to agree to what happens to the earnest money. If they can’t come to an agreement, there are procedures that must be followed to pursue the deposit. This may include mediation in some states. In others, like South Carolina, this requires filing an interpleader and appearing before a magistrate to have them rule on who gets those funds.

Protect Yourself

Signing a real estate contract may be a common thing in our culture, but there is great legal liability in those pages. The inspection contingency or due diligence clause is only one of many points you’ll need to understand before you sign. Don’t be afraid to ask questions and, if necessary, consult an attorney before you bind yourself to an agreement

[nikidmaclay]

So many people buy and sell homes every day that it’s easy to take a casual approach to signing a real estate contract. You have to sign the contract to get the house, so most buyers will sign without ever reading what they agree to. Even if the buyer has a conversation with their agent or attorney before signing, it is rare that they come away from that conversation knowing the terms they’ve agreed to.

With hundreds of different contracts floating around in the United States and each state having its laws, terms are thrown around in online resources all the time and not explained, so internet users may be under the impression they’re all referring to the same terms, which may not be the case. The details matter, and it’s worth it to slow down and take the time to understand those details, so you aren’t confused later when you’re required to follow through on your agreement.

Inspection Contingency

The inspection Contingency is a common safeguard in a real estate sales contract, but they are not all the same. It is often said that if you have an inspection contingency, that you can walk away if you don’t like the inspection report. Is that what your contract says?

Some inspection contingencies do allow you to walk away for any reason – simply say “nope”, get your earnest money back, and that’s the end of it. Some have a restricted list of reasons you can walk away. This may be only major systems that must be operational, or some other list of items the seller agrees to repair if found. You may even have only a certain item that has to pass the test, such as structural members or a roof.

Once you’ve identified what items may be covered under your inspection contingencies, there is then the procedure required to execute it. This procedure can also vary. You may have a contract that allows you to submit a contract release “no questions asked” that the seller must honor.

There is also a possibility that your contract requires negotiation to be attempted. There are many states with contracts that include a right to remedy. The seller must be provided the opportunity to address concerns, accept or reject requests, repair or compensate for deficiencies. With these contracts, if the negotiations do not result in an agreement, It is usually up to the buyer to decide whether to move forward or “back out”.

Due Diligence

Now we come to the dreaded due diligence clause. There are pros and cons to this type of agreement for both buyer and seller, and as of this writing the adopted South Carolina REALTOR’s contract includes this type of clause.

The due diligence clause allows you to check out anything and everything you want to investigate. From the roof, the crawlspace, the school system, feasibility of running a business from the home, zoning… ANYTHING. With this type of clause, you’ll have a certain period of time to put your purchase under a microscope. If you don’t like what you find you can terminate the agreement. In most cases (though not all) that termination will cost you. In South Carolina, North Carolina, and at least ten other states, this is your “inspection” contingency. The seller has taken his property out of “active” status so that you can do your due diligence. They’ve lost marketing traction and showings while you decide if you really want the home or not. If you decide that you’re done, the contract includes an amount of money that goes to the seller to compensate them for lost time and opportunity. This is typically “due diligence” money and is also typically a separate deposit from earnest money. Plenty of buyers are surprised by this because they aren’t reading their contract, so be careful what you agree to.

Earnest Money

“I can back out and get my earnest money back” is a common belief among buyers, and it isn’t always the case. Read your contract carefully, not just the inspection or due diligence clause, but the entire text. In some states, your earnest money is promised back under certain conditions. In other, and this includes South Carolina, the earnest money deposit is only released to a party by mutual consent. Even if you have a common sense contractual legitimate reason to walk away, the buyer and seller have to agree to what happens to the earnest money. If they can’t come to an agreement, there are procedures that must be followed to pursue the deposit. This may include mediation in some states. In others, like South Carolina, this requires filing an interpleader and appearing before a magistrate to have them rule on who gets those funds.

Protect Yourself

Signing a real estate contract may be a common thing in our culture, but there is great legal liability in those pages. The inspection contingency or due diligence clause is only one of many points you’ll need to understand before you sign. Don’t be afraid to ask questions and, if necessary, consult an attorney before you bind yourself to an agreement

[nikidmaclay]

This is a rerun post, but even more important information to consider now that the housing market is shifting.

Did you know that LIST PRICE affects the way online tools like the Zestimate value your home? Zillow, trulia, and other online valuation tools don't know what your home is worth. Their biggest clues are checkpoint data, like when a seller chooses a list price. "Aha!", says Zillow, "this must be what it's worth" except, sellers are having a hard time grasping that appreciation is slowing down and there are lots of price reductions these days in MLS. If the list price is too high, Zillow's algorithm is basing their valuation on even more faulty data. More information on how this works and why you need an experienced professional to help determine value in the throwback post below.

#REALTOR #AgentOwnedRealty #NikiMaclayHomes #appraisal #CMA #BPO #priceitright

So... What's Wrong With Online Home Valuations?

[nikidmaclay]

Being a homeowner can be tough sometimes. Things break, need maintenance, and sometimes you'll have a project on your to-do list that can be done much cheaper if you just do it yourself. Homeowners DIY stuff all the time and in the process they do things that they can live with. Maybe that tile job isn't perfect, the sheetrock isn't exactly smooth, or a plumbing repair isn't up to code but "it works".

When you get ready to sell your home you have to consider what other people are willing to live with. If projects aren't up to code, they're not professionally finished, they were done without a required permit, or you can't produce documentation that they were done right, that DIY may become a liability. Buyers who are willing to overlook these things also tend to be buyers who are looking for a discount in exchange for their flexibility. That money-saving DIY project could cost you in the end.

If you're considering a project, take those long term consequences into consideration and protect your investment. You're home is probably the most expensive asset you own. It's worth protecting.

[nikidmaclay]

Casually browsing through real estate listings online has become a national pasttime in the US. Whether you're doing it for fun or you are actually shopping for a home, beware those bright flashy buttons on your website of choice. Those buttons look harmless enough, but do you know what they do?

Scheduling a tour connects you to a real estate agent who will be expecting you to use them for your transaction, this feature isn't making an appointment for you to bring your own buyer agent to the property and it doesn't connect you to the listing agent.

Request Info sends a message to multiple agents who have paid to get leads from this site. Once you click, those agents are adding you to their marketing plan. Emails, texts, phone calls.

Start Now is usually referring to the beginnings of a loan application. If you've ever done this and then wondered why your phone and inbox exploded within hours, that's why. Even 8f you don't enter your info into a form, you're being tracked and they have more information about you than you think they do.

These buttons are lead generators. The information you're sending isn't going to the listing agent or a carefully vetted partner. Those leads are going to the highest bidder and the Do Not Call list doesn't apply once you click, read the fine print and buyer beware.

Before you start your house hunt, do your homework. Find a qualified buyer agent to help you with your transaction. Do this BEFORE you start looking at homes and don't leave your choices about who you work with to a roll of the dice. Allow your carefully vetted agent to help you find financing, you could be missing out on great programs you qualify for if you go it alone. Make sure the team you assemble to help you with the biggest investment of your life is a good one.

#AORAnderson #AgentOwnedRealty #REALTOR #NikiMaclayHomes #REALTORTIPS #realestate

[nikidmaclay]

If you've purchased a home with a septic tank, you may be wondering what you can do to make sure the system stays in good shape. Few homeowners give their system a thought until there's a problem, but there are good habits you and your family can learn to keep those icky situations to a minimum.

What you can and cannot flush or allow into the drain is something to keep an eye on everyday. These items are an enemy to your system (or any system, even if it's a municipal sewer).

#AgentOwnedRealty #NikiMaclayHomes #REALTOR #septictank #firsttimehomebuyer #septictank #AORAnderson

[nikidmaclay]

This housing market is brutal. If you're still trying to decide what to do about your next steps in housing you are not alone. There are thousands of consumers just like you frozen in their tracks dealing with fear, anxiety and uncertainty.

My best advice - find a local pro in your area to ask those important questions. Don't rely on the internet. Markets vary, trends in your area may be different than those of a town just a few minutes away. Get local information and arm yourself with facts. Facts kill anxiety.

Making a move right now isn't for everyone. You may need to stay put. It may also be the perfect time to take that next step. Ask questions and get information on your side.

#AgentOwnedRealty #NikiMaclayHomes #REALTOR

[nikidmaclay]

There has been a lot of talk among first-time homebuyers about Biden's $15K first-time homebuyer tax credit, and it is now a bill before Congress. Keep in mind, this bill is a work on progress and will be debated and modified before it sees its final form. For now, these are the details of the proposal:

* A tax credit for first-time homebuyers of up to 10% of the purchase price, or $15,000

* Potential buyers must not have owned or purchased a home within the past three years.

* Participants must make no more than 160% of the area median income

* The home’s purchase price must be no more than 110% of the area median purchase price

* Borrowers would need to use the home as a primary residence for at least four years, or face taxes to recover a portion of the credit.

This just a bill, so don't get all excited about it yet. Stay tuned for more updates.

https://www.housingwire.com/articles/new-15k-first-time-homebuyer-bill/

[nikidmaclay]

Do you remember why you purchased your home? Maybe it was the school district or the front porch... or maybe it was the kitchen. If it's been ten years or more since you started making your space "home", your family and lifestyle have probably changed. Is your home still working for you? If you're running out of space, or maybe have too much, if you would rather be closer to the lake or family... whatever it is, SOMEONE in the pool of buyers in our market is where you were ten years ago. Your home is their dream.

What's your dream? What would it take to find your new happy place? I would love to be able to walk with you on those next steps.

#AgentOwnedRealty #NikiMaclayHomes #REALTOR #realestate #happyplace #homesweethome #AndersonSC #yeahTHATgreenville #EasleySC #PickensSC #smilingfacesbeautifulplaces #southcarolina

[nikidmaclay]

Are you behind on your mortgage payment?

530,000 US homeowners who became delinquent after the pandemic begin did not take advantage of forbearance, despite being eligible to ask for the plan. In addition, 205,000 homeowners who did not extend their forbearance after its term ended in June or July became delinquent on their loans. Below are the most common reasons homeowners have given for not applying or renewing when asked. If this is you, make a call!

If you are behind on your mortgage, forbearance is still available. Contact your mortgage provider to discuss your options. You may qualify for mortgage relief options or forbearance.

#AgentOwnedRealty #NikiMaclayHomes #REALTOR #REALTORtip #foreclosure #COVID19

[nikidmaclay]

Do I get my earnest money when I back out? Here's the low down...

[nikidmaclay]

Watch "How Do I Choose A Mortgage Lender?" on YouTube

What's important when choosing a mortgage lender?

[nikidmaclay]

She just looks cheerful today

[nikidmaclay]

Before you buy or use a home warranty, read this