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Elizabeth Sorensen | pricing Blog

Wednesday, December 4, 2019   /   by Elizabeth Sorensen

Selling Your Home? What You Need to Know About Accepting Contingent Offers...

So, you're selling your home and you’ve gotten an offer but it’s contingent on the sale of the buyer’s home. What does that really mean for you?

Since the housing crash in 2008 our Spokane real estate market has slowly gotten stronger and stronger, which is allowing current home owners to look at purchasing their next home. Many of these buyers have equity in the home they own but need that equity to purchase their next home. This is where the home contingency comes into play. In Washington, there are two types of sale contingencies that can be used when a buyer needs to sell their current home before they can buy their next home.

Home Sale Contingency

The first is contingent upon on an accepted offer for the buyers property. This means the buyer may or may not currently have their home on the market to sell but in either case the buyer does NOT currently have an accepted offer for their home. This means that the buyer needs to get an acceptable contract fo ...

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Wednesday, December 4, 2019   /   by Elizabeth Sorensen

How Much Money Will I Get? Know the Costs to Sell BEFORE You Accept an Offer on Your Home!

The number one question looming in a seller’s mind when considering whether to sell their home is, “How much money will I get.” Closing costs for sellers are obviously different than a buyer’s closing costs which are heavy in loan fees. These closing costs vary according to where you live, but as the seller you can expect to pay anywhere from 6 to10 percent of the home's sales price at settlement/closing. This won't be cash out of your pocket, rather it will be deducted from the profit on your home — unless you are selling with very low equity.


Let’s look at a break-down of the expenses you can expect to see on your settlement statement:


#1- Mortgage Pay-off- Unless your home is paid off, you will obviously have an underlying loan to pay-off when selling your home.


#2 Real Estate Excise Tax- Also known as the REET, this amount varies depending on the area.
The Legislature changed the state REET rate for most sales of real property in ...

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Friday, November 29, 2019   /   by Elizabeth Sorensen

8 Issues Sellers Should Address BEFORE the Home Inspector Does

You’ve received an offer on your home and you’re thrilled at the prospect of getting the deal done. But first you need to make it through the next hurdle: the home inspection. In most real estate contracts, a home inspection contingency is in place, allowing the buyer a chance to back out should significant mechanical or structural issues come to light during the inspection.
While you may think your home will pass with flying colors, it’s at this stage that many deals fall through. With so much at stake, it makes sense that sellers would want to do as much as they can in advance to get their home in the best possible shape before this top-to-bottom review. By addressing any problems, sellers can assure buyers that the property is in move-in condition and save themselves a lot of negotiating and repair work down the road.
The following are areas where unpleasant surprises often arise and, ultimately, either kill the sale or cost the seller a bundle.
1. The foundatio ...

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Friday, November 29, 2019   /   by Elizabeth Sorensen

8 Mistakes First-Time Home Sellers Make and How to Avoid Them

Plenty of home sellers consider their places to be coveted properties that others would be lucky to own. But, that hubris can often lead to trouble when it comes to actually landing an offer and closing a sale. 
First-time sellers in particular exhibit some self-sabotaging behaviors that can trip them up on the way to getting the deal done. The following are the most common mistakes they make and how to avoid them.
1. Thinking they can go it alone
Selling a home is not for the faint of heart, nor is it an easy DIY project. First-time home sellers quickly realize marketing and showing their property is a full-time job. Unless they’re experts in real estate contracts, appraisals, inspections, and other documentation, they can end up making costly errors. Fortunately, this is an easy one to fix: Hire a licensed agent.
2. Wanting to price it too high
Homeowners may think they’re living in the perfect home, but pricing it too high will render it a white elephant. It&rs ...

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Friday, November 29, 2019   /   by Elizabeth Sorensen

Why You Should Consider Purchasing a Home Warranty When Selling Your Home

What is a home warranty and who needs them? A home warranty is similar to insurance, as it covers some or all of the costs of replacements or repairs when a system in your home malfunctions or stops working altogether. They range in annual costs of $300-$900 and remove the middle man in the fixing process. Instead of finding someone to fix an issue, you will directly contact your warranty provider and they will set up the repair or replacement with the appropriate vendors. Your premium usually covers all costs, with the exception of a co-pay which is typically around $50. 


If you’re wondering who should buy a warranty, they are usually recommended for first time home buyers who have rented up until that point. When you are used to having a landlord, a home warranty can fill that role in a different way. Home warranties are great for homes with both members in the work-force outside of the house or just busy family members who can’t always be home to wait for the r ...

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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