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Home Sale Fell Apart? What Happens To Buyer’s Deposit?

Mario AvalosLeave a comment

You’re this close to selling your property. And suddenly, the buyer is no longer able to close the deal. The sale falls apart. Here is what can happen to the buyer’s security deposit to compensate for damages.

Avoid Capital Gains Taxes When Selling Your Investment Property

Rocio CasalesLeave a comment

The most common way to avoid paying taxes on the profits from the sale of your real estate investment is by doing a 1031 exchange. And although the process can be a bit intricate, it’s very doable and highly beneficial.

When to start packing to move out once you’re under contract

Mario Avalos7 Comments

Start packing to move out? When? Commonly asked questions when your home goes under contract.

Do not start packing to move out until, among other terms, the below four contract contingencies have cleared between you and the buyer.

  • Inspection: Upon completion of property inspections within the inspection period established between seller and buyer, the buyer may withdraw or renegotiate their offer based on inspection findings. So do not start packing.
  • Clean Title: This is a seller contingency. So as long as seller provides a clean and marketable title, the buyer cannot utilize this contingency to withdraw or renegotiate their offer based on title findings.
  • Appraisal: Upon completion of evaluation within the appraisal period established between seller and buyer, the buyer may withdraw or renegotiate their offer should appraisal value come at below purchase price. Again, do not yet start packing to move out.
  • Letter of Commitment (LOC) or Loan Guarantee: Buyer must provide LOC to the seller within LOC period established between seller and buyer. Until then, the buyer can withdraw or renegotiate their offer based on the buyer’s lender’s inability to guarantee the loan.

There are many other terms to be on the lookout. But clearing these four contingencies makes it a safer bet to start packing to move out.

Start Packing To Move Out Handy Links

Below are a few helpful links to aid the process of “where to look” to get things done when you are ready to move to a new home.

  1. Change of address
  2. FPL (connect or disconnect electricity)
  3. Water (connect or disconnect water)
  4. Schedule a Bulk Waste Pick Up
  5. Yelp.com: go to this site and type “moving services” to check out companies and reviews on them.
  6. Amazon.com: type “moving boxes” on the search box and get great deals (free alternative: you can go to your local supermarket during product unloading time to get their boxes. This is usually done around 6am or 7 am).
  7. Evernote (for you techies that your life revolves around your phone, keep track of all items/schedules via this fantastic app).