NEVER Just Walk Away! First Time Buyers DO THIS if your offer is rejected
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- čas přidán 14. 05. 2024
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Can you still look for something else in the process? If I'm in a binding contract, I'm tied to it if it comes back on the market. Which I think is typically 30-45 days. How long does it take to know that the 1st offer is a definite go before I can put an offer on another house? My concern is that I could miss out on another house I like because I'm bound to another contract that I'm not sure I'll get. So not only will I not get the first house, but I can also miss out on the other one I like.
Yes, you place that as a condition. You have to make sure you or your agent communicate that in a timely way if you do end up finding an alternative property so the binding backup can be canceled.
Yes, you can continue to look for other homes and just terminate the backup contract if you find another home. Thanks for watching.
Thanks you are a cut above the rest!
You're welcome!
We exited our closing date is 05/22/24 first time buyers new construction homes every process completed with in 3 months from application to closing I am watching your videos thank you
Awesome congrats!
We closed on the same date 🍻
Great tip! My first time hearing to this. 💯%👈
Glad it was helpful!
Ty💓got my 1st home 2023...great information !....
Congratulations, thanks for watching
You’re awesome … Great advice !
Hi Shaheedah. 👋🏼 . Blessings to you ❤
Hey😊
Hello 👋🏿
Hi😊
Greetings Mrs Hill. Is it wise to enter into binding contracts with multiple sellers, preferably 2?
Not usually, but if you do, make sure you have due diligence periods with both and terminate one contract before the due diligence period expires. Thanks for watching
@@ShaheedahHill Thank you!
If you become a back up and a few weeks later you see a new house better suited for you, would there be any penalties if wish to pull out of the back up agreement, or does it depend on the language in the contract?
There shouldn't be any penalties just terminate the binding back up when you are under contract and through due diligence on the new property
Can please tell me we closing new house on 5/22 and we received keys it’s possible to apply new credit card we need to buy appliances
Thank you
After you close, you can use your credit again.
@Sheheedah Great imformation thank you
My pleasure
Hello do you have any suggestions if you’re looking into renting to purchase a home property in the state of Louisiana?
I'm not a big fan of rent to own. I did this video if you are doing it through a company. If you are doing rent to own with a private seller, have an attorney review your contract and advise you.
@@ShaheedahHill I understand you’re not a fan but I am running 1200 a month but with the market rate is so bad I’m thinking rent to own maybe be a option for me did you do any videos explaining the process of writing to own?
We are under contract for New Construction. We initially went with the VA loan, but discovered that my husband wouldn't be able to retire in August as he initially thought. So all of our concessions with the first loan went out the window as we had to go with a conventional loan and now have a high interest rate. We are scheduled to close May 30th. Would it be wise to consider refinancing with the VA in 7 months? And, how difficult would that be?
It wouldn't be difficult but it may not make sense to refinance that quickly. Please watch my video bon when it makes sense to refinance. Congrats on your new home.
What do you do if the seller refuses to give back your earnest money?
Depends on why they are refusing, if you are not at fault, talk to your broker representating you. If you don't get anywhere, you need to consult a lawyer.
did you pre sign the Escrow agreement form, selecting how much earnest money should go back to you? Ask your agent if you signed it. for SC its SCR 518. If not the lawyer who closed is the only one who has the authority, ask the lawyer. The lawyers name is usually on the contract, the first few sections.
What I would do maybe, at the same time I offer, on the offer write- > Escrow Agreement - Release Earnest money deposit, 100 % goes to buyer in closing, if terminated for due diligence reasons, contingencies not met, or if seller default. Then I would maybe pre ask for the Escrow agreement / Release of Earnest money Deposit form, submit with contract, for South Carolina it is SCR form 518, pre fill that out and if offer is accepted, I may submit that form with the contract, the sellers signature is required. I may also request this as a contingency, that on the Escrow Agreement / Release of Earnest Money which is form SCR 518, that seller agrees that buyer gets 100 %- the exact amount , etc. or split it etc. If that's listed as contingency, and the seller does not sign the Escrow Agreement Release in advance, I suppose I would terminate the contract, because that condition is not met. For SC the attached contingency form is SCR 504, and I would attach that with the contract along with form SCR 518, (for example) If not the SC contract mentions the seller many have to go to court , and if not then within 180 days that money goes to broker, this is a possible situation. I think its good to pick my own title Insurance lawyer who can help with closing, I cant always trust the realtor or broker Lawyer, motives.
was the contract rescinded, notice of termination sent to seller, or notice of cancellation by the buyer to seller, terms are different from state to state, same purpose, the agent would have the cancellation of agreement or - notice of termination forms upon your request. I would normally have to also request the form Escrow Release Agreement and submit with contract just in case the contract is terminated or cancelled to determine what happens with the earnest money
@@casttheircrowns Thank you 😊 🙏
If a house has been on the market for a while is that a red flag?
It depends on why it has been on th market for a while, your agent will be able to figure it out for you.
@@ShaheedahHill Thank you 😊