Brick by Brick: Real Estate with Malcolm Davis

Home Sale Contingency. A home sale contingency is a powerful tool in real estate transactions, providing protection for buyers who need to sell their current home before purchasing a new one, and presenting both risks and opportunities for sellers. Here’s how it works—and what both buyers and sellers need to know. What Is a Home Sale Contingency? A home sale contingency is a clause in a real estate contract stating that the buyer’s purchase of a new property depends on the successful sale of their existing home by a specified date. If the buyer’s home doesn’t sell in time, the contract can be canceled without penalty, and the earnest money is typically refunded to the buyer. How It Works for Buyers Financial Protection : If you need the proceeds from your current home to buy your next one, a home sale contingency ensures you’re not forced to carry two mortgages or risk losing your earnest money deposit. Negotiation Leverage : You can make an offer on your dream home without having alre...

Understanding Contingencies in Real Estate: What Buyers and Sellers Need to Know When you’re buying or selling a home, you’ll likely hear the word “contingency” come up during negotiations. But what exactly does it mean, and how does it impact your transaction? Here’s a straightforward guide for both buyers and sellers. What Is a Contingency? A contingency is a condition written into a real estate contract that must be met for the sale to move forward. If the contingency isn’t satisfied within a certain timeframe, the party it protects (usually the buyer, but sometimes the seller) can walk away from the deal without penalty. Contingencies act as safety nets, protecting you from unexpected issues, like problems uncovered during inspection or trouble securing financing. Common Types of Contingencies For Buyers Inspection Contingency Let buyers have the home professionally inspected. If major issues are found, buyers can negotiate repairs, ask for a price reduction, or back out entirely. ...

  Who Is Eligible for a VA Home Loan? By Malcolm Davis, Realtor & Veteran If you’re a service member, veteran, or surviving spouse thinking about buying a home, you’ve probably heard about the VA home loan. As both a veteran and a real estate agent, I get this question all the time: Who is eligible for a VA home loan? Here’s what you need to know for 2025. 1. Service Requirements The VA home loan is a benefit designed for those who have served in the military. To be eligible, you must meet specific service requirements based on when and how you served. Here are the basics: Active Duty Service Members: At least 90 continuous days of active service. Veterans: The minimum service duration varies by era, typically 90 days during wartime or 181 days during peacetime. For those who served after August 2, 1990, it’s usually 24 continuous months or the full period called to active duty (at least 90 days). National Guard & Reserve Members: At least six years of service, with certain...