Living Life in Real Estate

 This is my second post on real estate term.  See my previous post for other terms. This posts terms are: Home sale contingency, MLS, HOA, and subject to home inspection. First is home sale contingency.  When a buyer puts a clause in the contract to let the seller know that a condition to purchasing their home is for them to first sell the buyer's current home.  This is used when the buyer would not be approved for a second mortgage or need the money for the down payment instead of using any savings first.  This can stall the closing of the home depending on the market. Next is MLS or multiple listing service.  It is a database that allows Realtors to add listings (land and homes) to include information about the property, photos, etc.  Other Realtors can then view the listings and see what is currently on the market as well as what similar properties have sold for. HOA is one term you might be familiar with.  A Home Owners Association is a privat...

 I am going to provide the definition of some general real estate terms that everyone who is buying, selling, or plans to ever buy or sell should know.  I will do different definitions in future posts. What does it mean when it is a conventional sale? It is when the seller owns the property and doesn't have a mortgage or they owe less that what the market indicates they could get for their property.  They are usually smoother transactions than foreclosures, probate sales, short sales, etc. What is real estate owned? It is a what property is called by lenders to describe property that has been foreclosed due to lack of payment. They are often listed "as-is" which means they will not make any repairs to the property.  Not all companies will finance a foreclosure.  What is a probate sale? When the property owner dies and has not left a will (intestate) or designated who gets the property their is a judicial hearing that determines who the property will go to and it...

As of August 17, 2024, if you are working with a Realtor to find your new home you will be required to sign a written buyer agreement.  It is an agreement between you and your Realtor that describes what services will be provided to you and what they will be paid.  It is a national requirement and is part of the settlement concerning broker commissions. The agreements are negotiable.  You and your Realtor will negotiate compensation and how long the agreement will last.  It must be signed prior to the Realtor showing you a home and the compensation must be clearly defined and not open ended.  It can be a flat fee, a percentage, or an hourly rate.  You do not need to sign an agreement if you are visiting an open house on your own or asking a Realtor about their services. Although you are responsible for paying the fee as negotiated you can still negotiate, request, and receive compensation from the seller or their Realtor. All information was obtained from t...

 What does support look like to you?  Comment and let me know.

If you plan on looking at real estate from this date forward, you will need to sign a written agreement with agents before we can show you any property.  This isn't isolated to one office.  This is nationwide.  The only agents who are exempt are those who are not members of the National Association of Realtors, which is not that many if they are using the MLS to list homes and find homes.  

 Last week I shared some properties on the lower end of the scale.  Today, I'm going to share some of the properties at the top end of the list in Stone County.  Again, these are not my listings.  I'm just sharing some of what Stone County has to offer. This beautiful home (41 C G Evans Rd) at  is being offered for $650,000 and it sits off Hwy 49 on the west side just south of Pearl River Valley Electric.  It sits on 4.65 acres.  It is 4,089 square feet and has 5 bedrooms and 3.5 baths and a large covered back porch. There is also a 2 car attached carport. The 3 car garage is 1,124 square feet that are heated and cooled.  Even more space is available with the 1,023 square foot shop.  The kitchen is gorgeous and there are high ceilings throughout.  Need 800 acres?  For $2,990,000 (and that is just $3,737.50/acre) you get approximately 800 acres of gently rolling to level property in Big Level.  Over 3,000 feet of frontage road o...