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Destin Florida Triples In 3 Years
Do you want to see something that is absolutely amazing? Let me show you what has happened in Destin, Florida over the last 3 years. Back in August of 2002, the median price of a home selling in Destin was $229,000. One year later, August 2003, the...
How Come No One Told Us About This When We Were Buying A Home?
Development, it’s bound to happen.
Simply because there is a large open field, or the property you’re looking at borders woods, doesn’t mean it will or can stay that way in the future.
I could rattle off instance after instance where home...
Selecting The Best Real Estate Agent For You
Let's face it: selling or buying your home is probably one of the biggest, most daunting projects you will ever take on in your life. It's a monumental event that could impact a large part of at least the next few years of your life, and it's for...
The Pros Of Purchasing Off Plan
The general lack of stability or guarantee of returns available from the stock market coupled with a global housing boom have resulted in many more investors putting their hard earned sums of cash into real estate around the world over the past year...
Types of Listings with Agents
There are several different types of listing contracts. Few of them are detailed below:
Open Listing
This type of listing is when you, the seller, don’t want to commit to any one particular agent and when you are also open to selling the home...
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Coinciding Settlements Clauses – Funding Issues
People who are selling their home in order to buy another frequently put a “coinciding settlements” clause into their contract offer on the new home. The purpose of this is usually twofold. In this article, we discuss the first purpose which is to use funds from the old home to pay for the new one.
How Coinciding Settlements Work
A coinciding settlement clause usually says something along the lines of “settlement under this contract is contingent upon the settlement of the contract for the sale of the Purchaser’s property located at 1234 Spring Valley Drive…” It typically goes on to state the maximum number of days this settlement can be delayed by delays on the other settlement. It also usually says what will happen if the other contract becomes void. (Usually “this” contracts becomes void, too, but that doesn’t have to be the case if there’s another source of funds.)
The settlements don’t literally happen at the same time as the name implies. They can be back-to-back in the same office. They can be a day (or even days) apart in offices in different states. Very often it’s necessary for the settlement agent for the first settlement to wire transfer funds directly to the banking account of the settlement agent for the second settlement. This is usually a smooth, seamless procedure.
A Word to the Wise Seller
Coinciding settlements
usually work well for the purpose of providing funds as outlined above. The one problem that crops up from time to time occurs when the first sale falls apart for some reason. The most frequent reason the first sale falls apart (when it does) is that the buyer is unable to get his loan. Because of this, some sellers insist that coinciding settlement clauses include language giving them permission to check with the lender for the first buyer. Making sure the first buyer is qualified for the necessary loan is good business. Don’t feel awkward about it.
Coinciding settlement is a common fact in the current real estate market. Use the above technique to avoid problems with your real estate transactions.
About the Author: Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
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