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You've found your Home and now You're ready to make an offer


Fri, May 27th, 2011
Posted in Ask the Expert

Purchase Contract is used for filling in the details specific to your purchase terms. This legally binding contract is used for: 1. Setting forth the terms of the sale; 2. Establish the rights and obligations of the parties involved; 3. Specify what actions will be taken in order to close the sale; and, 4. Establish time frames for those steps to be completed.

 While most buyers are usually fully aware of the terms regarding price, closing date, and financial arrangements, there is a tendency to overlook much of the rest of the contract. However, since all the contract terms will be binding, it is important to understand what you are agreeing to before signing. Not doing so can be a costly mistake, especially if there are problems or difficulties in the transaction.

When an offer becomes a contract - a purchase contract is created when there is a "meeting of the minds" on all terms - when you and the seller have come to an agreement and signed the contract along with any counter-offers and addenda. Real estate contracts MUST be in writing; verbal contracts to purchase real estate cannot be enforced.

Do your homework in advance - It is highly recommenced that you read and review the forms with your buyer's representative/agent before you write and sign the purchase officer. That way, once you are ready to present a bona-fide offer, your focus will be on the primary issues of price, terms, and closing date.

 Reviewing and understanding the purchase contract form ahead of time can also help you strengthen your negotiating position, protect yourself from insuring unnecessary costs or problems, and gain a better understanding of what you will need to do to conclude the sale.

BRENDA SHELDON,

507-346-2060 Spring Valley

507-424-6036 Rochester

507-951-2071 Cell

More appreciation for your ride:

Fri, May 27th, 2011
Posted in Ask the Expert

If you are in the market for a different vehicle, do the prices seem high? Well, for the first time in a while, used vehicles are higher now than 3 years ago. I will go to the auctions and see a 2006 car bring as much, if not more, than a year ago. I ..... 
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Q: What is an E-Statement?

Mon, Apr 25th, 2011
Posted in Ask the Expert

A: An E-Statement is simply an electronic form of your checking or savings statement that is available to you through a secured online banking connection via the internet to your financial institution. At F & M Community Bank, we create your statemen ..... 
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What are the top reasons for using cloth diapers?

Mon, Apr 25th, 2011
Posted in Ask the Expert

The most common reason I see is to save money. The prospect of being able to save more than $1000 with the first child and thousands with subsequent children is often too much for parents to pass up. Eliminating midnight runs to the store to buy more ..... 
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Can I have a visitation and viewing if I choose cremation?

Mon, Apr 25th, 2011
Posted in Ask the Expert

The ways that individuals choose to plan their funeral have changed so much in recent years. People often have questions about cremation.  You can choose to have a visitation with a viewing, followed by a traditional funeral service, and then b ..... 
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SHORT SALE VS FORECLOSURE What is the difference between a Short Sale Property and Foreclosed Property Listing?

Mon, Apr 25th, 2011
Posted in Ask the Expert

A: Foreclosed Property is a property that has already been through the legal process of foreclosure and is now a "Bank Owned Property."

A Short Sale: Is a property listed at a price below the amount needed to pay off the amount owned on the p ..... 
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Maintaining vehicle = more trade in value

Mon, Apr 25th, 2011
Posted in Ask the Expert

Remember when a car reached 100,000 miles, it was considered close to be wore out? Well, now with fuel injection, better oils and filters, etc., it is not uncommon to get over 200,000 trouble-free miles. A big part in achieving this is to follow your ..... 
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Do I have to file bankruptcy on all of my creditors?

Mon, Apr 25th, 2011
Posted in Ask the Expert

Yes, but that doesn't mean that you can't pay some of your creditors. When bankruptcy is filed, you must list all of your debts and all of your assets. But you are allowed to pay any debts that you wish after filing, either by reaffirming the debt or ..... 
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