People’s opinions of what a fixer-upper is may vary depending on who you are and what your experience level is in fixing up homes.  If all the house needs is a coat of paint and some minor cosmetic repairs, then it’s probably worth it to do the work yourself before listing the house on the market so you can sell it to a retail buyer.

It’s always a good idea to consult your Orlando Real Estate agent before doing any work.

However, if the home is in need of some substantial repairs or a major remodel, then that’s a whole different beast altogether. Most of the time, properties that are in need of such repairs will be bought by an investor who fixes up homes for a profit.

Other times the buyer will be looking to fix up the home themselves with the intention of living there.

Most people don’t have the capacity to see past the repairs and visualize the finished product. These people need a little help and it’s up to you [the seller] to sell them what could be their dream house.

In general, it will depend on the extent of the repairs needed but, If you intend to list a fixer-upper, it will be advantageous for you to have some estimates from a few different contractors in the area.

A professional contractor has the skills and equipment needed to complete any repairs safely and in a timely manner. It’s always best to hire someone with the proper licensing and insurance to avoid any problems that may occur during the job.

By taking the time to get a few estimates for the repairs on your fixer-upper, you’ll be able to show a potential buyer the light at the end of the tunnel. It will also show the buyer that you cared enough to go the extra mile for them.

If you have a fixer-upper in Central Florida and need to sell it fast for the highest amount, call or text us at 407-902-7750 or visit https://orlandorealtyconsultants.com/

 There are many steps involved in purchasing a home. Hiring the right Orlando Real Estate Agent will be at the top of the list. There is nothing worse than working with an agent that is not capable of helping you accomplish your goal of buying a home.

Second, you need to make sure you are pre-approved for a loan. This is a big factor that many buyers overlook. Potential homebuyers will start looking at homes without any knowledge of their creditworthiness.

When looking at homes with your Real Estate agent be sure you have done your own research on school zones, commute times, and nearby hospitals, especially families with young kids.

When a homebuyer has found the right home and has an accepted contract you will need to provide the signed documents and financials to your mortgage company to start the loan process. All contingencies must be in writing.

Depending on the terms of the contract, you will have a specific time frame in which you have to complete all home inspections. You want to check the safety and condition of the home.

The inspections must be done by a professional and certified inspector, otherwise, the lender will not accept it.

There are many companies out there so you want to consult with your Orlando Realtor to make sure you hire a reputable company.

As part of the transaction, you will need a termite inspection, also called a WDO (wood destroying organism). Termites are insects that feed on dead plants, such as wood. This can be very destructive in a home.

In addition to this, you need wind mitigation. This will save you hundreds of dollars a year on your home owner’s insurance.

Now, you are approved and ready to sign. Don’t forget the final walk-thru. This is usually done a few days prior to closing to ensure the home is in the same condition as when you signed the contract.

There are so many unknowns when buying a house which is why you should enlist the help of an Orlando Realtor.  Because once you’ve bought it then that’s it! You’re in it for the long haul.

Using contingency clauses in your home contract to purchase will eliminate some of the uncertainty of buying a house by outlining the conditions that have to be met before closing the transaction.

Mortgage Contingencies Protect The Buyer

The most common contingency in residential real estate contracts is a mortgage contingency. In a nutshell, it states that if the buyer can’t secure the financing he can back out of the contract.

You can keep the verbiage simple or get very specific with all the details like; stating the type of loan [traditional, VA loan, FHA loan, etc.] You can even state what interest rate you’d be willing to go up to.

A mortgage contingency in a contract is an absolute must when buying a home unless you’re paying cash for the home.

Mortgage Contingencies Also Protect Sellers

In the previous paragraph, we learned how a mortgage contingency can help a buyer. However, sellers are also protected by mortgage contingencies. Here’s how… If a buyer goes past the predetermined amount of time as stated in the purchase contract to obtain financing, the buyer is still obligated to buy the home or they will have to forfeit their earnest money deposit to the seller.

Sellers can also demand that the buyer must have their financing in place several weeks before the closing in order to prevent the buyers from backing out at the last minute.

Appraisal Contingency

Mortgage contingencies and appraisal contingencies go hand-in-hand. There are a couple of different ways appraisal contingencies are implemented. In one version it states that if the buyer is unable to get an appraisal that is at least as high as the selling price, the buyer can then back out of the deal if they wish. The other option they have is to ask the seller to lower the sale price of the home. At this point, the seller can either agree to the price reduction or back out of the deal.

Inspection Contingency

Inspection contingencies provide the buyer with a pre-determined amount of time to take care of all the inspections they want to be performed on the house [usually 3 to fourteen days] prior to the closing. If the inspections uncover any issues or problems with the home, then the buyer can either back out of the deal or try to get the seller to fix whatever issues are in question prior to the closing.

Depending on what state you’re in, there are many other possible contingencies you can add to the purchase contract such as home insurance and mold inspection contingencies.

Put Your Orlando Realtor To Work!

The main thing is to pay attention to the fine print. The way a contingency is worded is crucial, it’s not there for decoration. If you’re not careful, you could overlook deadlines, end up losing money, and even get sued.

You should never enter into a real estate transaction without hiring an experienced Orlando Realtor in your corner. An experienced realtor will walk you through the entire home buying process and will make sure that you are protected in every way possible.