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A word that anyone who is going through a house sale should know is contingency.

And along with that, understand that just because a bid is accepted, doesnt mean that the deal is going to go through.

How it works: A bid is made with the understanding that it is contingent on having the house inspected, with the buyer needing to approve the results.Contingencies are part of any standard contract and define the efforts that must be done before a deal is finalized in addition to the inspection, such as financing, insurance and agreed-upon repairs.

All of this is necessary because if something that was agreed upon is not done as stated, the potential buyer has an out. For instance, suppose the sale was contingent upon the seller taking out the living room carpet or fixing a crack in the chimney, and those werent done by closing time, well then, the buyer is not required to go through with the deal.

Theres also something called a financing contingency, which is on the onus of the buyer, and states that they must secure an acceptable mortgage or obtain other means of financing to buy the home. This becomes a safety net for the seller that ensures the sale will go through. If not, an agreed-upon fine will be imposed, and the seller can re-list the home.

Then, theres an insurance contingency that ensures the house and new buyers will be able to get insured. This isnt as prevalent, but for those buying in areas with a history of toxic mold, earthquakes or floods, insurance carriers no longer automatically issue a policy, so the contract can be contingent on applying for and receiving an insurance commitment in writing.

Other popular contingencies include the seller asking that the deal be made contingent on him or her successfully buying another home, or the buyer making the deal contingent on selling his or her own home.

A home sale contingency can be riskyto sellers as theres no guarantee that the other home will eventually sell. Even if the contract allows the seller to continue to market the property and accept offers, the house may be listed under contract, making it less attractive to other potential buyers.

Obviously, the most significant part of any contingency is putting it all in writing. Your REALTOR will be able to lead you through what needs to be done.

A home transaction is one of the most important things you may ever do, so make sure you take all the proper steps to ensure you get what you pay for.

Published with permission from RISMedia.

Looking at homes for sale can be the fun part of buying a house. The real work comes when youre picking a mortgage lender that can give you the best loan for your circumstances.

After detailing your income, expenses, down payment and a monthly mortgage you can afford, a lender will run a credit check and should be able to tell you the best options for the interest rate and loan product.

Here are some questions to ask as you comparison shop for a lender:

Whats the interest rate?
This will be based on your loan and credit score, and determines your monthly payment. The lower the interest rate, the lower the payment. Improving your credit score can help lower the interest rate you qualify for.

Fixed rate or ARM?
Fixed-rate loans have the same interest rate for the life of the loan, from 10 to 30 years. Interest rates on adjustable-rate mortgages, or ARMs, change after an initial period, such as a year, and then at regular intervals.

Ask how often an ARM rate will change, the index its tied to, and what the cap is on the interest rate during one period and the life of the loan. Make sure you can afford the higher rate. An ARM will have a lower interest rate than a fixed-rate loan, and can be a good idea if youre not planning on living in the home for long.

How much is the monthly mortgage?
Answering the first two questions will get you to this answer. Its a number you should already have in mind before looking for a house, and should be an amount you can afford.

Be sure to include other monthly costs, including insurance, taxes and, if required, private mortgage insurance, or PMI. This insurance is often needed if you dont have a 20 percent down payment and is meant to protect the mortgage company if you default on the loan.

Any fees?
One-time fees called points are due at closing and each point paid will lower your interest rate by 1 percent. Another option is to not pay any closing costs upfront and to have them rolled into the loan in exchange for a higher interest rate.

If you want to lock in the interest rate and points for a certain amount of time in case rates go up, you may have to pay a fee.

Also ask if there are fees for making extra mortgage payments so you can pay off the principal amount early. Some loans dont have prepayment penalties, but some do.

A lender should be able to help you find the best home loan for your finances. Just be sure not to sign a contract with them until youre satisfied youre getting the best deal with the best mortgage lender you can find.

I hope you found this information helpful. Please contact me for all your real estate information needs today!

Published with permission from RISMedia.

Squirrels, raccoons, opossums, bats”these types of so-called nuisance wildlife often try to find shelter in and around homes, especially through attics and basements. In addition to being unwelcome guests, wild animals can damage property and pose serious health risks.

To help you critter-proof your property, the National Pest Management Association (NMPA) offers the following five tips:

Screen Vents
Raccoons and squirrels often find their way into homes via uncapped chimneys, broken vents and other openings along rooflines. Ensure that these items are fully screened to prevent wild animals from making your home their own.

Cover the Trash
Many types of nuisance wildlife, especially raccoons, are attracted to piles of trash left outside. You should store all garbage bags in plastic containers with sealed lids to make it difficult for animals to dine on your leftovers.

Cut Back Vegetation

Squirrels and other small wildlife are known to use tree branches to gain access to rooflines, where they can then find a number of ways to move indoors. Be sure to cut back any tree limbs or branches that hang too close to the foundation. A good rule of thumb is to keep vegetation at least 6 to 8 feet from the roofline.

Clean up the Yard
Dont let brush, leaf piles or other debris accumulate in the yard, as these materials make the ideal harborage site for small animals. Also, make sure firewood is stored at least 20 feet away from the house during the cooler months.

Keep Bird Feeders Out of Reach
Ensure bird feeders are only accessible to birds. Squirrels, raccoons, opossums and even bears are drawn to birdseed. Homeowners should also place birdbaths where small animals cant reach them. Birdbaths and fountains may attract wildlife to the property, especially in areas where water is scarce.

If you encounter nuisance wildlife on your property, the NMPA says its extremely important to contact a local wildlife control specialist or pest control professional instead of attempting to trap and remove the animal on your own.

Published with permission from RISMedia.

Oh, the places you will goand the places you will want to avoid. Choosing the right neighborhood is as important as picking the right house. Your neighborhood will define many aspects of your day-to-day life, so you should research it carefully to be sure it meets your needs.

Realtor.com lists four things you should consider before putting your real estate agent on the hunt. This will ensure you find the neighborhood that’s just right for you.

Establishing Priorities: Not all neighborhoods have the same kind of layout. Because of this, it is important that you decide on a style of house, whether it’s big or small, has a yard or a porch, etc. After that, consider your budget, taking into account what you can and cannot live without. Are you big on golf? Swimming? Make sure your neighborhood has access to the right facilities.

School Districts: Whether you have kids or not, neighborhoods with good schools are always a better bet. It is estimated that homebuyers will pay up to $50 more per square foot for properties located in good school districts. Of course, if kids are in the mix, then take a look at what’s available. Real estate agents aren’t legally allowed to divulge direct information on specific schools, but they can point you in the general direction, like local school-system ratings.

Transportation: Your new property will be your home base, but don’t forget about your commute to work. If you’re good with driving, the suburbs can work for you. If you’re a major train-hopper, then being close to a city center or somewhere with access to public transportation will be in your best interest. Homes tend to be more expensive when located close to travel hubs, but you will most likely save in terms of time, convenience and money itself in the long run.

Compare and Contrast: When you’ve narrowed down your options, visit the prospective neighborhoods at different times to make a more informed decision. You can also speak to current residents while you’re visiting to help you weigh out your options. There’s a good chance you will need to compromise and prioritize, but the idea is to pick a neighborhood akin to your ideal one.

A perfect home often has more to do with your comfort than with perfection. Following this train of thought will allow you to determine the best options for you. Think of it like trying on new shoes: one size does not fit all.

Published with permission from RISMedia.

Your roof plays a major role in keeping your home structurally sound and protecting your family from the elements. Thats why its essential to regularly inspect the roof, at least two times a year, to ensure its in good shape. To help you get started, the insurance experts at Geico teamed up with contractor Beth Allen to offer the following signs its time to fix your roof:

1. Interior Damage.
Check the upper floors of your house, particularly the attic: They may reveal signs of interior damage, such as rotting, stained or moldy wood, or damp spots from inside leaks.

2. Bad and Missing Shingles.
Shingles should be flush with the roof. If theyre curled, cracked or otherwise damaged, its an indication that your roofs integrity is compromised and will need repairing. If shingles or tiles are missing, replace them immediately to prevent further damage. During the biannual cleaning of your gutters, keep an eye out for shingle granules”they could be the result of deterioration and a sign that its time to install new shingles. Also, watch for ice dams, which can form when ice builds up in the gutters; left alone, they can displace shingles and plywood. Help prevent them by properly insulating your attic.

3. Loose Material.
Chimneys, vents and skylights are common areas where seepage can occur. Make sure there are no cracks or breaks and that the flashing around them is sealed. Older homes use roof cement for flashing; modern metal systems are more durable, so you might consider reflashing the roof as a preventive measure.

4. Moss Buildup.
Dark streaks are an indication that algae may be adhering to your roof. Wash it off with water and bleach followed by a low-pressure rinse from your garden hose. (High pressure will remove shingle grit, so be as gentle as possible.) If the buildup becomes excessive”or if you notice moss, mold or fungi”it could be a sign of trapped moisture, which could cause the roof to cave in. Remove moss with a stiff brush, but call a roofer to make sure there arent more underlying issues.

5. Ponding.
This is what roofers call the small pools of water that can form and accumulate after heavy rainfalls, particularly on flat roofs. They might be a sign of more serious trouble. Because repeated, untreated instances inevitably lead to rot, call a roofer immediately.

6. Sagging.
This is a common occurrence on older roofs (particularly ones that were built with rafters instead of trusses) and is often visible at the lower end of a steeped roof, as well as from inside the attic. Roofs tend to sag over time, so this might not be immediately noticeable. Keep an eye out for sagging or buckling during your spot checks. If you neglect a sagging roof for too long, it could lead to caving”a sign of internal rot caused by moisture thats been trapped inside. This is almost certain to require a complete roof replacement. In snow-prone areas, address sagging before the start of winter.

If performing a roof inspection yourself safely would be difficult, or if you simply want to avoid climbing a ladder, consider hiring a roofing professional.

Published with permission from RISMedia.