If you’re selling your home or contemplating doing so, there are some Columbia SC home selling issues to consider. While to ultimate goal of any real estate transaction is for complete satisfaction for every party involved – from the buyer to the agent to the seller to the lender – sometimes it just doesn’t work out that way. What happens if – prior to the close of the sale – somebody gets cold feet, buyer’s remorse, or the seller has second thoughts? As the seller, how can you get out of the sales transaction without making too many waves? Can you?
More often than not, deals that progress to the contract stage usually close without a major hitch. However, sometimes there are Columbia SC home selling issues that can kill the deal or put a bad enough taste in the mouth of the seller that he changes his mind. And, you can back out of the transaction as long as you have the proper contract contingencies along with ample communication with your real estate agent – but you need to be vigilant and don’t wait too long.
One key to backing out of the contract is to work with an experienced real estate professional. Make sure you and your agent are both on the same page when it comes to issues like the sales price, closing date, contingencies and negotiable items such as who’s paying closing costs or other seller concessions.
By keeping the lines of communication open with your real estate agent and consulting with him or her during every part of the home selling process, sellers are more informed – and better equipped, perhaps – to anticipate items that may arise regarding their home and what prospective buyers may want to negotiate.
If you’re readying your house for the market, or if it’s early in the home-selling process, an open and honest discussion with your real estate professional may save you time and trouble. Sit down with your agent and explain that you’re not ready, you’re having second thoughts, or you want to put the process on the back burner temporarily. A good, experienced agent will usually be very receptive as to how you feel – honestly, nobody wants to go through the agony of trying to sell a home only to have the seller change his mind down the road. Bring up any Columbia SC home selling issues now and avoid the awkward and painful repercussions that may occur at a later date.
If you’re a little farther into the process or if you’ve already signed the contract to sell your home, backing out of that deal can be a little more involved, but not impossible. Let’s look at your best available options for escaping the contract without creating too much damage:
Issues with the Appraisal or Home Inspection
Normally, sales contracts carry with them a contingency whereby the prospective purchaser (as well as the mortgage lender) be satisfied with the appraisal of the home and the findings of the home inspection report. Depending on the results of either, further negotiations could result between the buyer and the seller.
In the current "seller's market" situation, it’s not unusual for an appraisal to come back lower than the agreed-upon sales price. In that case, additional negotiations and discussions must occur between each party to remedy the situation. Usually, its pretty simple: Either the seller agrees to lower his price or the buyer agrees to pay more money than what the appraisal was. Of course, a third alternative is that both parties walk away from the contract based on the contingency mentioned above.
The same situation can occur with a home inspection – another of the Columbia SC home selling issues that could arise threatening a deal to fall apart. If certain problems were discovered during the routine inspection, the buyer may be more concerned – especially if the seller isn’t willing to pay to make the necessary repairs prior to the closing of the sale. The end result is that both parties – again, due to the contingency – will agree to back out of the contract.
The “Kick-Out” Stipulation
As with the contingencies mentioned above, it’s also normal for a typical contract of sale to include a contingency that says if the potential buyer can’t sell his current home, he’s not obligated to close on the new home. Some contracts may also include a contingency whereby the seller finds a new home by a certain date to ensure he has a place to move. If either scenario doesn’t occur, then either party can exercise the “kick-out” clause in the contract – enabling them to back out of the contract based on the contingency not being met.
Back Out as Early as Possible
As soon as you are made aware of Columbia SC home selling issues that may trigger your desire to back out of the contract – act fast. Real estate experts say the worst thing you can do is wait. Typically, the buyer has more options when it comes to backing out of the contract than does the seller. When the seller wants to back out, the sooner he acts, the better off he will be. Waiting too long could mean you’re setting yourself up for a breach of contract – especially if there’s a third party involved who’s entered into a contract with the buyer or the seller for an additional purchase or sale.
See more articles pertaining to Columbia SC home selling issues in the two sections of articles on Columbia SC Home Selling Tips and Columbia SC Homes for Sale just below Columbia SC Real Estate Categories in the column to your right.
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Columbia SC home insurance claims – especially during the winter – can be expensive. And, whether you live in a colder climate or a warmer winter one, damages caused by a number of perils can put a damper on things. Let’s look at a few winter – and some all-season – claims and how you can best reduce the risk of them happening to you and your home.
Common Claims (and the Most Expensive)
Once again, it may affect some regions of the country more than others, but damage is damage, no matter where you live. Weather is a leading contributor to a number of Columbia SC home insurance claims. Frozen precipitation – or an abundance of rain, frozen or not – and extremely low temperatures are often responsible for a variety of potential home damage. The insurance industry listed a recent top five list of the most-often claims based on analysis of claims data (and all of them are not necessarily restricted to winter weather):
Water leaks (and flooding)
Wind damage
Hail damage
Frozen pipes
Roof damage from too much snow and ice
The claims analysis went on to rank the top three most expensive weather claims based on the average cost to repair covered assets:
Frozen pipes – $18,000
Hail damage – $10,000
Falling trees – $6,000
Historically, year after year, these and other Columbia SC home insurance claims total billions in insurance losses. The insurance industry estimates losses of more than $3.5 billion in 2015 and $2.6 billion the year prior to that.
Preventing Common Perils
Of course, perils such as wind and hail damage are difficult to prevent – but not completely impossible to minimize. Consider these defensive measures to prepare for the unexpected – whether it’s in the winter or not.
- Inspect your roof and keep it in tiptop shape. Keep your gutters clean. Replace worn or missing shingles. By doing so, you can guard against potential water leaks. And water leaks can lead to a whole host of other claims issues.
- If you have an abnormal accumulation of snow and ice on your home’s roof, act quickly by using a long-handled snow rake or hire the services of a business specializing in snow removal. It’s better to be safe than sorry. Fortunately, in most areas of the country, this has not been an issue this year, as most of the country has experienced an unusually mild winter.
- Protect your water pipes. Frozen pipes – or old, damaged pipes – can cause expensive repairs. In extreme cold climates, keep your thermostat set at a minimum of 68 degrees. In addition, allow your faucets to drip slowly so the water can move through them without freezing. Lastly, make sure any water pipes located outside are properly insulated. For homes in warmer climates who rarely, if ever, have to worry about winter weather issues, ensure your pipes are sturdy, free of rust and unobstructed. Remember, old pipes can break, too.
- Make sure your trees are in good shape. Strong winds, ice and sleet often cause tree branches, and even the tree itself, to come falling to the ground – and perhaps on your house. So keep the limbs near your house trimmed back. Insurance experts further recommend to have an arborist inspect trees that may require pruning, may have diseases, or potentially may need to be removed altogether. Again, remember, such perils are not only restricted to areas of the country that have harsh winters. Many tree branches can be broken off by high winds – and entire trees can fall as a result of the ground becoming too saturated with rain or flood waters.
Protect Against Liability Claims
Another of the Columbia SC home insurance claims to be on the lookout for – and to avoid, if possible – are the common slip-and-fall lawsuits and resulting claims. Many of these such incidents occur in the winter, but of course, guests visiting your home can trip and fall anytime during the year, not just during the winter months.
Thankfully, most homeowners are covered against slip-and-fall lawsuits under their liability coverage in a standard home insurance policy. In addition, according to some legal analysts, slip-and-fall cases due to the accumulation of snow and ice on a homeowner’s driveway, sidewalk or porch are difficult to win – particularly in cold-climate states where judges and juries view those perils as known and accepted weather-related hazards.
Regardless of the advantages mentioned above, it’s always a good idea to be as prepared and proactive as possible when it comes to eliminating or lessening the potential for any slip-and-fall accident. We suggest keeping your driveway, sidewalk and other areas that you or guests may walk on free from snow and ice in the winter – or other debris or hazards during other times of the year or in other climates – in order to make it safer for all concerned.
Remember, Columbia SC insurance claims can be expensive – whether they occur in the winter or not. So, be vigilant, be prepared and be ready to address potential hazards around your house that could lead to damages or personal injuries causing you or your insurance company substantial losses – and greater headaches!
You can find more articles pertaining to Columbia SC home insurance claims in the Columbia SC Insurance section of our site below Columbia SC Real Estate Categories in the column to your right.
Remember, we post tips daily on Twitter and Facebook, many of these relate to insurance as it pertains to homes and homeowner's insurance. Check us out there.
Columbia SC home buying strategies can be vital as you enter the market this spring in search of a new home. While a home search is always an exciting and challenging one, in what is currently a sellers’ market, it can be especially daunting. Chances are pretty good that a seller will have his choice of buyers and offers from which to choose. That makes it a little more difficult in the event you find “the” home that’s right for you and your family. If you’ve bought a home before, you know the feeling. You’ve searched high and low and visited numerous open houses and finally found that “just right” home that meets all your needs – and is perfect for your budget, too. But, what happens if the seller isn’t as excited about you or your offer as you’d like for him to be? Then what? Let’s look at five Columbia SC home buying strategies that may help you deal with a seller who doesn't necessarily like you or your offer for his home.
First, remember a seller can refuse a prospective buyer for any reason. While it’s unusual for people selling their homes to be finicky or fickle, it’s not unheard of. Plus, as mentioned above, in a sellers’ market they may be able to afford to be a little more stubborn when it comes to the sales price, the terms, any contingencies, or the closing and move-out date.
Consider these tips in working with a seller in that position:
Hit Them With Your Best Shot. No, not literally, even though it may be tempting, we’re not advocating violence! What we’re suggesting is that if you submit an offer and suffer through the back-and-forth of counter offers, it could be time to stop playing games and wasting time. Cat and mouse can be fun and challenging, but we're talking about a home here. If you like the home and want it, make your very best offer. At that point – win or lose – you’ve done all you can do – and now the proverbial ball is in the seller’s court to accept or reject your best deal. While they may reject your offer and hold out for a better one from another potential purchaser, sometimes they may rethink your offer a few weeks later.
Keep on Keeping on. Another of our recommended Columbia SC home buying strategies is to “cut your losses and move on.” While doing so is difficult and often heart-wrenching, sometimes it’s necessary. If the seller isn't open to working with you or negotiating, it could be time to throw in the towel and move on to the next listing. Wasting time, talent, energy and desire on wanting the seller to see the deal the same way you do may mean you’ll lose out on the next “perfect’ home out there – and trust us, there’s always another one waiting.
Live and Learn. The best coaches in the country – no matter the sport or the level of competition – will say, "…other than preparation and execution, learning from mistakes in competition is very important for the next game." So, when things don’t go exactly as you planned, take a little time to try to figure out what went wrong – and learn from it for the next negotiation on the next house. The more you understand about what worked and didn’t work, the more likely your next transaction will be more successful. Just like most things in life, it’s critical to live and learn.
Don’t Overthink This. While you’re performing your analysis on the experience you’ve had in negotiating with or trying to work with a seller in buying their home, be careful not to overthink the seller. As is the case with most people – even close friends and family – nobody really knows what goes on inside a seller’s head. Maybe they’re not really ready to let go of their home. Maybe they’re holding out for every single dollar they can squeeze out of the deal. Perhaps they aren't prepared to move and are dragging their feet in an effort to buy time. Whatever the reason, don’t waste precious time trying to figure out the seller and his motivations or desires. Move on to the next property and concentrate on it.
Self-Analysis Can be Healthy. Columbia SC home buying strategies can be useful – but only if you use them to your advantage and to accomplish your necessary goals. So, remember this: If you keep trying to work with sellers that refuse to cooperate, maybe you’re the problem, not them. Identify a seller who is both motivated and serious about selling his home. Work with them and make the best deal you can. Don’t waste time pining over the “one that got away,” as there are other fish in the sea. Keeping a positive attitude and a feeling of optimism in the face of rejection or disappointment may mean the difference between finding the right home and becoming frustrated. Stay positive and get what you want.
Read more about home buying advice in the section of articles on Columbia SC Home Buying Tips just below our Columbia SC Real Estate Categories in the column to your right.
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As a homeowner, no doubt you’re familiar with Columbia SC home improvement issues. Every home has those nagging problems that arise from time to time. Many times they are too minor to call in a professional, but they still require attention – and repair. The good news is you can easily tackle these and other issues all by yourself. Let’s take a look at how you can solve three well-known problems that can occur around the house.
Jammed or stuck garbage disposal
The first of the Columbia SC home improvement issues we should address is the jammed garbage disposal. You know the drill. You flip the switch and it makes a humming noise, but doesn’t turn on and do its job. That usually means it’s stuck, clogged or jammed with food (or something that’s not supposed to be in there, like a spoon for example.) Don’t force the situation and don’t reach down into the disposal with your hand! Follow these easy suggestions to remedy the problem:
- Turn off the disposal or flip the electrical circuit that serves the appliance.
- Using a flashlight, look into the disposal and “fish around” with a pair of pliers to pull out the item(s) that may be clogging it. Again, even with the power turned off or disconnected, never put your hand in the disposal. Hopefully, you’ll locate whatever’s jamming the disposal and can remove it easily. If that’s not the case, continue as follows.
- If your disposal is equipped with a reversal feature, run cold tap water into it and put it in reverse. Usually, that dislodges whatever is causing the clog and it can be removed. If you don’t have a reversal feature, do the following instead:
Turn off the electrical power at the circuit breaker
Look beneath the sink and find the hole in the bottom of the disposal. Using an Allen wrench, insert it in the hole and twist it back and forth a few times in an effort to free the impeller blade, which could be stuck. If you can turn the wrench in a complete circle, the object will probably be freed… see step two above.
- Try the reset button and run cold tap water into the disposal for a minute or so.
- Turn the power back on to the disposal ad turn it back on.
Loose toilet seat Probably because it gets a fair amount of wear and tear, it’s not unusual for the toilet seat in your main bathroom or kid’s bathroom to become loose. It’s common among Columbia SC home improvement issues. Do this for a tighter toilet seat:
- Take off the hinge bolt covers on the seat
- Remove the nut holding the hinge bolt in place. Be sure to leave the hinge bolts in.
- You’ll need a toilet seat tightening kit, available in Lowe’s or Home Depot. Using the tool in the kit, slide the washer from the kit onto the hinge bolt on the underside of the toilet. Then, slide the bolt up so that it’s secured tightly into the underside of the hinge bolt opening.
- Replace the hinge bolt nut, then tighten.
- Do the same thing on the other side of the toilet seat.
Misaligned or sticking door Another one of the Columbia SC home improvement issues facing homeowners is the nagging, recurring problem of an interior door that won’t close as it should. Remedies can range from inserting a piece of cardboard used as a shim to aid in realigning the door, to using a long screw in the door jamb to pull it in, to removing the door and planing the edge so it swings properly. Before you try any of those options, make sure to check the hinge screws to see if they’re loose. If they are, try this:
- Take out the screws from the hinge and remove the hinge from the door or door jamb (depending on which side is loose.)
- Place a drop or two of wood glue into each of the hinge screw holes.
- Using wooden toothpicks or wooden matches, put one or more in each of the screw holes. Allow them to set for ten minutes, then break off the excess wood.
- Re-install the door hinge with the screws. If everything goes well, the fit should be tight again.
These Columbia SC home improvement issues are just three of a number of common problems that every homeowner faces at one time or another. With a little patience and a few simple tools, these and other issues can be repaired with minimal expense. If you hit a snag or need additional information, Google it! In today’s information-rich age, many do-it-yourself solutions to Columbia SC home improvement issues are available on the internet – some complete with YouTube videos that show the step by step instructions.
Fixing these and other problems yourself will give you a greater degree of satisfaction and will save you time and money!
You can find more articles pertaining to Columbia SC home improvement issues and projects in the Columbia SC Home Improvements section of our site below Columbia SC Real Estate Categories in the column to your right.
We also post tips daily on Twitter and Facebook and would love for you to follow us there as well.
As spring rapidly approaches, the Columbia SC economic update is for housing to cost more for many new prospective home buyers. Higher mortgage rates, rising home prices and slow-to-moderate job and income growth threaten to combine for a less than stellar spring home buying season.
The end of 2016 saw home affordability reach its lowest point since 2009, and the home ownership rate dropped to historical lows across the U.S. Some economists feel a cure for the home affordability problem isn’t in the cards for 2017.
According to a new report issued by Black Knight Financial Services, American homeowners have to pay 22.2% of their median income to meet their mortgage payments on a median priced single family residence. The data is based on a survey of borrowers who have a 30-year fixed rate mortgage. By comparison, the housing bubble of 2005-2006 saw roughly 36% of median incomes to afford a home. Keep in mind that home prices and mortgage interest rates were even higher during that time.
The differences between the housing bubble of slightly more than a decade ago and today’s market are fuel for the most recent Columbia SC economic update. Back in 2005, most borrowers didn’t take out 30-year fixed rate mortgages, preferring to utilize alternate lending programs featuring low- or no-down payments and very low introductory interest rates. In addition, many borrowers took advantage of negative amortization loans allowing the homeowner to postpone payments and add them to the overall loan balance. Many of these “creative” financing options contributed to the housing crash and, as a result, some of these type loans are no longer legally available.
The current 22.2% of median income that the average borrower has to pay today to meet his mortgage payment represents a 10% increase during the fourth quarter of 2016 – the result of a quick rise in post-election mortgage interest rates. The above-mentioned Black Knight report bases their comparisons on 30-year fixed rate mortgages today, making it a more appropriate “apples to apples” comparison if some factor in the mortgage market is responsible for a change in affordability. In 2005-2006 when the home affordability equation was grossly out of line, the mortgage programs available at that time artificially increased the homeowner's buying power and drove up home prices. In actuality, without the creative lending programs and products the housing affordability would be far from sustainable.
In a nutshell, here’s where the Columbia SC economic update has created a cause for concern: With home prices having risen steadily during 2016, they were 7.2% higher across the nation compared from December 2015. The national index at the end of 2016, according to a report from CoreLogic, was 3.9% below the peak housing price pace in April 2006. This year, CoreLogic’s projections are that the national index will rise 4.7% – putting housing prices at a new high level before the end of the year. In addition, other indices that are tracked show that in some regions of the country, prices are already higher than their previous peaks – higher than the last housing boom.
Economists say the central cause of higher prices these days is not solely restricted to low mortgage interest rates, but also to tighter home inventory and record demand from home buyers. The spring buying season is expected by many to be extremely tight. Home builders have increased the number of units under construction, but not by much. In addition, there is expected to be a huge increase in demand on the part of first-time home buyers, especially millennials who have been on the sidelines for the past few years.
As always, time will soon tell. The lower than expected housing inventory levels continue to plague a full-blown housing recovery. That is seen as one of the major culprits in creating and inflating home prices of the homes that are on the market – creating a short supply and a high demand – the very definition of a seller’s market. Ironically, while interest rates do play a factor in the challenges of the spring selling season and beyond, mortgage rates are not expect to rise much higher than the 4.5% level during 2017, a very affordable interest rate – if home prices weren’t expected to rise higher than in 2016. Remember, while interest rates were at all-time market lows for much of the past 12-18 months, even a slight increase to the 4.5% – or even the 5% threshold is a very good bargain compared to where interest rates have been for much of the last decade.
Nationally, most homes in most real estate markets remain more affordable than those in the housing bubble days. However, the Columbia SC economic truth is that the housing market is currently feeling more pressure in terms of affordability since the recovery began in recent years.
You can find more articles pertaining to the Columbia SC economic update and outlook in the "Economy" section of articles just below Columbia SC Real Estate Categories in the column to your right.
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