Your Home, Your Life, 2021

, E M O H R U YO E F I L R YOU GS REAL ESTATE IN H T L L A R O F E C R U O S YOUR RE

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YOU R HOM E , YOU R L I F E 2 0 2 0

2 | May 23, 2021 | Lewiston Tribune

ARE YOU TRULY READY TO DOWNSIZE?

9 QUESTIONS TO ASK YOURSELF BEFORE GIVING UP SPACE

By Lisa Marie Conklin Courtesy of Realtor.com There’s a host of reasons for downsizing to a smaller home. You might want to pocket the savings and build upon your nest egg. Maybe you’re ready for a new adventure and eager to move to a high-rise condo in the city. Or nally—the kids have own the coop, and you don’t need the extra bedrooms and bathrooms anymore.

Whatever your motive is for downsizing, an honest evaluation of your expectations is essential to make an informed decision. That’s why real estate agents say it’s wise to ask yourself these questions before you even start looking for smaller homes.

1. DOES IT MAKE FINANCIAL SENSE TO DOWNSIZE? Moving into a smaller home doesn’t necessarily mean you’ll be saving money.

“Besides the new mortgage, look at taxes, cost of insurance, xes, and upgrades of the new home,” says Susan Bozinovic, a Realtor® with Century 21 Town & Country in Troy, MI. There are also homeowners association fees to consider if you’re downsizing to a condo or townhouse.

These fees include things like landscaping, maintenance of common areas, trash, and pest control.

“Consider the amount you will spend on these fees, and be mindful that HOAs tend to go up every year,” says Bozinovic.

2. WHAT ARE THE FINANCIAL IMPLICATIONS OF SELLING MY HOME? There’s more to consider than just how much you’re going to get for selling your home. There’s also local real estate transfer taxes, loan payoffs, home warranty, commission fees, etc., which will affect your bottom line.

That’s why Wendy Gladson, a real estate consultant at Compass in Los Angeles, always does a “sellers net sheet,” so there are no surprises for her clients.

“Sellers need to be aware of how this sale affects their overall nancial picture in regard to possible property tax increases or basis transfers and capital gains tax, and how that ts

into their long-term nancial planning,” says Gladson.

3. WHAT AM I MOST EXCITED ABOUT LEAVING BEHIND? While moving into a smaller house may have clear advantages—like less cleaning and yard maintenance—it’s essential to ask yourself if you can break the ties with your larger beloved family home.

Are you truly looking forward to saying goodbye to the dayto-day chores of maintaining a larger house?

Jared Wilk, senior vice president at the Shulkin Wilk Group at Compass in Wellesley, Massachusetts, says that when clients tell him they’re excited to relax while gardening or sit on the patio instead of cleaning bedrooms and bathrooms they rarely use, then they are probably ready to downsize.

4. WHERE WILL I PARK? You might not give parking or a garage a second thought when buying a smaller home, but you should, says Leneiva Head, principal broker/owner of Welcome Home Realty in Antioch, TN. If you aspire to downsize to a city where mass transit is the preferred transportation method, what will you do with your current vehicles? Will you be able to park on the street? Will you have to purchase a garage space if you choose a condo?

And there are considerations for the suburbs, too.

“What if the smaller home has a one-car garage and one-car driveway, yet you have two vehicles?” asks Head.

“No big deal right? Until you realize you have to play musical chairs with your vehicles because they’re in the way of each other.”

5. WHAT WILL I DO WITH ALL MY STUFF? Here’s a twist: “You should really think about what you want to keep instead of what you want to get rid of,” advises Head.

“Do you have a home gym, ofce setup, a guest room for visitors, or multiple sets of den furniture?” she

asks. “Deciding what you really need to keep will help you answer the basic number of bedrooms question. This in turn helps as you decide how small the next home can truly be.”

If you decide to part with your stuff, remember to factor in storage costs.

6. SHOULD I CONSIDER A CONDO INSTEAD OF A SMALLER HOUSE? There are pros and cons to both, says Kari Haas, a real estate agent at Windmere Real Estate in Bellevue, WA. A smaller house can give you more space and privacy from your neighbors—but you’ll still have grass to mow. A condo is typically cheaper, has less maintenance and upkeep, but you might not save as much as you think once you factor in HOA fees.

In addition to the HOA fees, buyers should ask if they can conform to the association rules, which may dictate things like how many pets you can have or what color you can paint your door.

7. IS THE FLOOR PLAN PRACTICAL FOR YOUR NEEDS? When you’re downsizing, every square inch counts, so an optimal oor plan is critical to maximizing space—and your happiness. Yet you shouldn’t bypass a house you deem too small based on square footage alone.

Haas has had clients whose life plans indicated anything but downsizing, but in the end, they opted for a smaller house because of a signicantly better oor plan.

8. WHERE DO I WANT TO MOVE? If you’re one of the many people who can work from home, you might be inspired to set up your home ofce in a new city or state. But before you pull up the homestead stakes, be sure to nd out if your new neighborhood has the services and lifestyle options that are important to you, Gladson says.

If you’re still not sure you’ll jibe with the new location, you might want to rent in the area rst

before committing to purchasing a home, Gladson adds.

9. AM I READY TO DOWNSIZE? This is a question that can only be answered once you start looking at homes, Head says.

“That’s when you’ll realize how small smaller really is. You’ll nd yourself comparing what you have now to what you’ll have in the smaller home,” she says.

“The bedrooms will be smaller.

You may not have multiple living spaces. You may be a lot closer to others in the home than what you’ve grown accustomed to,” says Head.

Being mentally prepared is critical, and you’ll have to be honest with yourself and assess all the factors that will affect your life, or you’ll regret your decision to downsize.

Lisa Marie Conklin knows a little something about moving. She's moved eight times in the past 10 years but currently calls Baltimore home. She writes for Reader's Digest, Family Handyman, The Healthy, Taste of Home, and MSN.

YOU R HOM E , YOU R L I F E 2 0 2 0

Lewiston Tribune | May 23, 2021 | 3

BEFORE YOU SELL:

8 CURB APPEAL IMPROVEMENTS YOU NEED TO FETCH TOP DOLLAR

By Lauren Sieben Courtesy of Realtor.com

First impressions matter when you’re getting ready to sell a house. Your home’s curb appeal can help you earn top dollar—or it can send buyers running for the hills.

“Today’s buyers are driven by curb appeal and look for exteriors that reect their taste and appear well taken care of,” says Tamara Moritz, a Realtor® at Coldwell Banker Realty in Austin, TX. Even if the inside of your home is decked out with a top-of-the-line kitchen and bathrooms to die for, a dingy exterior will send the wrong message. These are the exterior projects you need to tackle before you list your house for sale.

1. TIDY UP THE TRIM This one doesn’t take a large budget or an arsenal of DIY skills: Simply walk around the outside of your home and look for areas that could use a quick pick-me-up.

“If a homeowner has strict budget constraints,” Moritz says, “I suggest simple renovations such as recaulking corners and edges, or adding a fresh coat of paint with a complementary accent color on trim pieces.”

2. PLAN A PAINTING DAY You don’t need to splurge on new siding to improve the appearance of your house—in many cases, a few coats of paint can do the trick.

“Paint is always the No. 1,” says Chris Arienti, broker/owner of Re/Max Executive Realty in Franklin, MA. “Paint the shed, the trim work, and, of course, the house. There are few upgrades that rival the impact of a fresh coat of paint.”

3. FRESHEN UP THE FRONT DOOR Doors are the eyes into the soul of the house.

OK, we made that up. But still—an attractive front door can be a serious selling point.

“Have an appealing front door, and make sure it is freshly stained or painted,” says Suzi Dailey with Realty ONE Luxe in Dana Point, CA. And don’t forget to think about the path buyers take to the door: Be sure to replace rusted hardware and lights.

“Flowers and nice landscaping in the front yard make a world of difference,” Dailey says.

4. PLANT SOME LOW-MAINTENANCE GREENERY Speaking of foliage, it’s a good idea to give your garden a little TLC before you list your home.

Arienti suggests adding greenery that’s easy to care for. Perennials are a good investment—

with nice lines, edging, and squared-off hedges.

And don’t forget basic lawn maintenance.

“Manicure the lawn, and ensure it is cut properly,” Arienti says. “Weed the garden beds.”

5. SHOW THE POTENTIAL FOR OUTDOOR ENTERTAINING While you’re working outside, look for places to create or stage space to entertain.

“Outdoor spaces are extremely popular and have become almost as important as the interior,” Moritz says. “Adding an outdoor re pit with seating or an outdoor kitchen can easily move a property to the top of the list for potential buyers.”

6. UPGRADE YOUR WINDOWS TO THE WORLD Old windows aren’t just an eyesore—they’re also a red ag for buyers concerned about energy efciency.

“Renovations that beautify a home’s exterior while also adding energy-efcient elements are some of my favorites,” Moritz says. “Replacing old, single-paned, metal-framed windows with energy-efcient wood casement or vinyl can make a big difference in the appearance of a home.”

If it’s in your budget, you may want to consider replacing divided windows with nondivided ones “to give the home a cleaner look,” Moritz adds.

8. DON’T FORGET THE GARAGE A clean, well-lit garage can help buyers visualize their stuff in your space. At a minimum, start by decluttering the garage (and the shed, if you have one).

Another trick to brighten up a garage: Let in extra light.

“Windows in the garage add much needed light to the interior garage space and can be a great add,” Dailey says. “It then becomes a more light and bright space inside.”

Lauren Sieben is a writer in Milwaukee. Her work has appeared in the Guardian, Washington Post, Milwaukee Magazine, and other outlets.

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7. MATCH THE EXTERIOR TO THE INTERIOR Your home’s curb appeal should give prospective buyers a taste of what’s inside.

“The universal expectation is that a home’s exterior is an introduction to the interior,” Moritz says. “If the interior of a particular home is modern, the exterior should have similar features that are equally representative.”

You should also consider the look of the other homes on your block—now is not the time to play up your personal style if it makes your home look like an outlier in the neighborhood.

“Younger buyers are especially interested in excellent curb appeal that ts the neighborhood,” Arienti says.

Ultimately, you want the exterior of your home to create a feel-good moment when buyers pull up.

“Think about what you like to see when you drive up to a beautiful home,” Dailey says. “Well maintained, welcoming, tasteful—it should put a smile in your heart.” p1fcu.org | NMLS ID #527990

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4 | May 23, 2021 | Lewiston Tribune

8 CRUCIAL KITCHEN IMPROVEMENTS YOU SHOULD MAKE BEFORE SELLING YOUR HOME

By Lauren Sieben Courtesy of Realtor.com

5. BRING IN A CRISP, NEW BACKSPLASH Installing a neutral, clean backsplash can win you points with prospective buyers.

“Backsplashes can make a huge difference,” Busby says. “If the current one is busy or datedlooking, we recommend going with a classic white subway tile or any other neutrally colored tile.”

Plus, a new backsplash paired with upgraded countertops “can even make dated appliances look more current,” says Simon Isaacs, broker and founder of Simon Isaacs Real Estate in Palm Beach, FL.

Preparing to list your house? If you want to get top dollar, start sprucing up your kitchen now.

“The kitchen is often the centerpiece in a home and the place where most of the entertaining happens,” says Tony RodriguezTellaheche, owner and managing broker of Prestige Realty Group in Miami. “Sellers should not cut corners.”

A killer kitchen is one of the best ways to sell your home. Before you list your place, start making some of these improvements to help swing buyers in the right direction.

1. REFRESH YOUR CABINETS If your cabinets are looking drab and dated but are still in good shape, you don’t need to replace them. Instead, pick up some good paint and brushes or a paint sprayer.

“Sometimes a quick ‘face-lift’ to the kitchen cabinets can go a long way,” RodriguezTellaheche says. “Renishing existing cabinets is more cost-effective than replacing them completely, and can make a big difference when updating a kitchen.”

Before you start putting down the dropcloths,

be mindful of your color palette—you’ll want to stick with neutrals to appeal to most buyers.

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appliances is a safe bet, Whittaker says. Topof-the-line appliances might not be worth the splurge—you won’t always see a return on that investment.

The one appliance that’s worth spending a little more? The dishwasher.

“Always spend good money on your dishwasher—$700 plus to make sure that it is quiet,” Whittaker says.

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“If cabinets are darker natural wood or a polarizing color, we recommend painting either soft white or greige,” says Julie Busby, founder of the Busby Group in Chicago.

2. UPGRADE TO QUARTZ COUNTERTOPS Today’s buyers aren’t so keen on granite, and they’re denitely not looking for laminate. If you splurge on one upgrade in the kitchen, make it quartz countertops.

“I recommend using quartz in the kitchen,” says Brad Whittaker, an agent with Realty ONE Group Pacica in Longview, WA. “It is always a nice, hard surface, and there are so many designs and colors to choose from.”

Plus, quartz is more durable and environmentally friendly than other materials, which is especially important in a busy kitchen.

“More sellers are incorporating quartz into their kitchens than traditional material like marble, because it is less porous and therefore less likely to stain,” Rodriguez-Tellaheche says.

3. UPDATE THE LIGHTING If your light xtures are old enough to vote or order a beer in a bar, it’s time to replace them (or at least give them a very thorough dusting).

Swap in new xtures over the island and kitchen sink, or increase your kitchen’s appeal by installing recessed lighting on a dimmer.

“Under-counter lighting also adds a nice touch,” Rodriguez-Tellaheche says.

4. INVEST IN A GOOD (QUIET) DISHWASHER If your appliances have seen better days, replacing them with midrange stainless-steel

6. BRIGHTEN UP THE COLOR PALETTE “Dark kitchen cabinets with dark granite is a thing of the past and can make a home hard to sell, especially to millennial buyers,” RodriguezTellaheche says.

Aside from painting dark cabinets and replacing countertops, choose a bright, neutral paint color for the walls. A light color can also help make modest-size kitchens look a little more airy and spacious.

7. ADD PREMIUM TOUCHES Quarantine has turned many of us into home cooks, and that means buyers are looking for luxe touches throughout the kitchen where they’re spending more time than ever.

“Most of today’s buyers are self-proclaimed foodies and expect a well-thought-out kitchen,” Isaacs says. “Sophisticated wine fridges, ltered water spouts, and pot llers are becoming the norm nowadays.”

Busby agrees: “If you have space for a beverage or wine cooler, buyers love this added bonus.”

8. GIVE THE KITCHEN A SERIOUS DEEP CLEAN Nothing turns buyers off quicker than a kitchen with the “yuck” factor: food stains, lthy fridges, and even junked-up baseboards.

“Keep it clean, bright, and shiny,” Whittaker says. “There are lots of gloss surfaces in a kitchen, and to see them dull, scratched, scuffed, or chipped is a turnoff to most buyers.”

A sparkling-clean oven is also nonnegotiable, Whittaker adds.

“No one wants to bake inside your gunky oven,” he says. “Remember, if you want top dollar for your home, you need to sell it as if you have taken top-dollar care of it.”

Lauren Sieben is a writer in Milwaukee. Her work has appeared in the Guardian, Washington Post, Milwaukee Magazine, and other outlets.

YOU R HOM E , YOU R L I F E 2 0 2 0

Lewiston Tribune | May 23, 2021 | 5

I WANT TO BUY A HOUSE, BUT IT NEEDS SOME MAJOR REPAIRS. IS IT WORTH IT?

By Jacob Passy Courtesy of Realtor.com

one: They don’t usually pay off.

Smaller-scale home-improvement projects might have a better return on investment. For instance, a can of paint or two costs hardly anything, and research shows that painting the rooms in your house the right color can add as much as $3,000 to the home’s sale price.

With anything bigger than that, you’re unlikely to recoup your investment. Remodeling Magazine each year puts out a list of the home upgrades that fetch the biggest returns. The 2020 edition of this report showed that on average not a single home-improvement project sees a 100% return. The closest you could

‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.

Dear MarketWatch, I want to buy a home that needs a lot of repairs and renovations, but I’m almost 50 years old. Is it worth it? How long does it take for home improvements to pay off?

Sincerely, Fixed on a Fixer-Upper Dear Fixed, If you watch a lot of shows on HGTV, the idea of buying a home in need of some TLC for a bargain and sprucing it up sure can sound appealing. Many

among us fantasize about embracing their inner interior designer, taking a rundown home and giving it the Chip and Joanna Gaines treatment. In the

interest of honesty, I’ll admit that I’m guilty of such day dreams.

I can say with a fair degree of

condence that you already have the right instincts here. There are plenty of reasons to be skeptical about taking on such a huge project. The biggest

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6 | May 23, 2021 | Lewiston Tribune

SHOULD I SELL MY HOUSE? 6 SIGNS IT’S TIME

By Stephanie Booth Courtesy of Realtor.com

As much as you love your home, there may come a time when you start thinking: Should I sell my house?

According to the National Association of Realtors®, homeowners tend to stay in a house about ten years before they sell. Think that sounds shockingly short? Or way too long?

The fact is, people’s time frames will vary widely based on their reasons for selling.

There are many common reasons— nancial and emotional—that lead us to sell our current home. Plus, you don’t always see these reasons coming, so if you’re wondering whether or not to list your house, here are some telltale signs the time might be right for you.

IT’S A SELLER’S MARKET Let’s start with one of the most obvious reasons to sell: It’s a seller’s market, which means you stand to make a nice prot on your property.

You need to gauge the key indicators of a strong seller’s market,

explains Allen Shayanfekr, CEO and cofounder of Sharestates, an online real estate investment company.

A few signals: The price per square foot for real estate in your area is increasing, the amount of time properties stay on the market is decreasing, and you’ve noticed an uptick in brokerage activity in your neighborhood. (If you’re situated in an especially hot neighborhood, you might even get a letter or a knock on the door from a listing agent who wants to help you get in on the action.)

“If any of these are true in your area,” Shayanfekr says, “think about selling up.”

LOCAL HOMES ARE SELLING FOR A LOT Check online real estate listings in your neighborhood, and pay attention to the “recently sold” yers in your mailbox to keep track of comparable home prices in your area.

“If other houses on your street with the same bedroom/bathroom count [as yours] are selling for a price that you’d be more than satised with, it might be time to move on,”

Shayanfekr says.

Another sign of a hot home sales market is the relationship of asking prices to sale prices. If home buyers are making offers fast—for as much or more than sellers are asking—it’s a seller’s market. A buyer may offer you a sales price you can’t refuse, too.

YOU’RE FINANCIALLY STRESSED Not everyone sells their real estate in order to pad their bank account.

Some homeowners underestimated their ongoing housing costs and simply sell to ease their mortgage burden, or to cash in their equity and use it for other purposes.

If your property taxes or mortgage payments have become unmanageable, the best recourse may be to sell and nd another home that’s more affordable, Shayanfekr says. Selling your home is better than struggling with a big mortgage loan, and possibly risking foreclosure.

To breathe easy, your monthly housing costs, including your mortgage interest, principal, property taxes, homeowners insurance, and

HOA or condo fees if applicable, shouldn’t exceed 28% of your gross monthly income.

Before you sell your home to reduce your monthly living expenses, make sure you can nd another home to rent or buy in your price range, and that you can qualify for a loan at current interest rates when you do.

YOU’VE OUTGROWN YOUR HOME The starter home you moved into when you were expecting your rst child isn’t necessarily the house you need now that you have three preteens and pets. It’s bittersweet to give up the memories you’ve made in your home, but if your living quarters are causing you stress rather than comfort, “take the leap and sell up,” Shayanfekr says.

Another factor may be other life changes, such as death, serious illness, or divorce. These are all emotionally wrought experiences that may warrant a need for change. Relocation for a new job is another factor.

YOU’RE TIRED OF HOME MAINTENANCE The average homeowner shells out $2,000 a year for maintenance services.

Not repairs, mind you, but scheduled services such as landscaping, snow removal, septic service, private trash and recycling, and housecleaning.

Sick of watching these payments steadily drip out of your bank account? You could sell, and buy some lower-maintenance real estate such as a condo or new construction, Shayanfekr says. You might even want to try renting, and let a landlord worry about leaky pipes and other property hassles.

YOU’VE BUILT UP ENOUGH HOME EQUITY “If you sell too soon—assuming you have a mortgage—you haven’t really built up any equity in the home beyond the down payment,” points out Adam Jusko, founder and CEO of personal nance portal ProudMoney. com. “In the beginning, your mortgage payments are almost completely interest payments.”

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YOU R HOM E , YOU R L I F E 2 0 2 0 seriously booming (see above), you might lose money when you sell.

You might even owe more than you can get from your house after closing costs.

Just remember: Selling isn’t free: You’ll have to shell out to cover all of the costs associated with hiring a real estate agent, closing, and, of course, purchasing another home.

That’s why Jusko recommends staying put for at least ve years, unless you have an urgent need to move. In addition to everything else, moving too quickly sends potential buyers a bad message.

“Buyers don’t feel good when it appears you are selling too soon,” Jusko cautions. “What was wrong with the house? Why are you leaving so fast? Are the basement walls about to collapse? Are the neighbors selling drugs and shooting reworks at your house?

Buyers can dream up all kinds of negative scenarios when a seller hasn’t owned the home for very long.”

Another reason you may not want to sell is if you don’t meet the qualications to avoid paying capital gains tax on your prot from a home sale. Generally, you can exclude the

Lewiston Tribune | May 23, 2021 | 7 the long run. Take your time deciding if you should sell, and then study the local home sales market with your real estate agent (here’s how to nd a real estate agent in your area) before you price your home. If you underprice your home, a buyer may snatch it up too cheaply. If you overprice it, the right buyer may pass it by.

Jusko and his wife lived in Chicago in the early 2000s, when home values were through the roof. After about three years, they sold at a 40% prot.

But soon after moving to the Cleveland area, where they’re both originally from, home values plummeted.

“For many years, our home was worth less than what we paid,” Jusko says. “It’s only now—more than 15 years later—that I believe we could sell for more than our purchase price.

And don’t get me started on how much money we’ve put into the house over that time.”

Selling your home is, above all, a personal decision. Do what will help you live—if not happily ever after— happily for now.

gain from the sale of your home if you owned and lived in the home for two of the past ve years. A sale before the two-year mark, if you don’t meet any

of the exceptions, could be a costly mistake. By the time you pay capital gains tax, you won’t have as much equity left as you’d planned.

BUT BEWARE OF SNAP DECISIONS Of course, there are no promises that selling will be better for you in

Stephanie Booth's stories have appeared in magazines such as Real Simple, Cosmopolitan, Glamour, and Psychology Today.

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524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

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8 | May 23, 2021 | Lewiston Tribune

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Debbie Lee (Broker/Owner) 208-791-8103 debbielee@assist2sell.com LewistonClarkstonHomes.com

524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

Marilyn Flatt 509-751-7711

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Theresa Reynold 208-413-1111

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Casey Barney 208-791-3964

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Debbie Keller 208-413-2993

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Maggie Waits 208-816-8370

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Lewiston Tribune | May 23, 2021 | 9

HOW TO PREPARE TO MAKE A DOWN PAYMENT ON A HOUSE

By Craig Donofrio Courtesy of Realtor.com

One of the biggest hurdles in buying a home is coming up with a down payment—the large chunk of cash that’s typically required to secure a mortgage for a house.

Fortunately, most lenders today offer a wide range of down payment options for 5%, 10%, 15%, or 20% of the price of the house. For many rsttime home buyers, a government-backed FHA loan can be obtained for as little as 3.5% down.

If you are a military member or veteran, there are even more budget-friendly options available to you.

If you have your eye on a home and want to see what a mortgage will look like based on different down payments, you can crunch your numbers with an online mortgage calculator or a home affordability calculator. And if you have the down payment you need, you can go straight to applying for mortgage pre-approval.

However, if you need to come up with a bit more cash, setting up a savings plan now will help you get the down payment you need. Here’s what you need to know when it comes to making a down payment.

WHY BIG DOWN PAYMENTS ARE BETTER Sound nancial planning can help you amass

a large down payment. Here’s why that’s usually a good idea: • Smaller monthly payments: Homeowners with small down payments will nd themselves with larger monthly mortgage payments.

• Less risk for the lender: While low downpayment loans are available, lenders prefer to write loans with larger down payments. So you’ll have a larger choice of lenders to choose from.

• Competitive interest rates: A bigger down payment increases your chances of getting a loan with a lower mortgage interest rate.

• No mortgage insurance: If you choose a loan that requires less than a 20% down payment, your lender may require you to pay private mortgage insurance (PMI). The PMI is usually tacked on to your monthly payment until you’ve built 20% equity.

DOWN PAYMENT STRATEGIES Many home buyers tap their savings to procure the funds for a down payment, and often postpone large outlays in order to save money.

But here are some other ways to come up with a chunk of money.

• Gifts from family or friends: Some types of loans allow “gift” funds—money that is given to you—for a down payment. The person

who gives the money must have no nancial interest in the property and the funds must be a true gift, backed up by a letter. Banks won’t allow “gift” funds if the gift is actually a loan that has to be repaid.

• Down payment assistance: Many local and state government programs offer down payment assistance for borrowers in need, so check with your lender or state housing commission for more information.

• No-PMI home loans: There are a few loan options that allow you to put down less than 20% without the added PMI cost. Check with your lender to see if it offers a low-downpayment, no-PMI product if a 20% down payment seems too challenging MAKE SAVING A HABIT The surere way to make your down payment is to start a fund for it now. Sure, saving for a down payment is tough, and building up a nest egg one paycheck at a time can be frustrating. To help you get you to a down payment faster, here are some strategies you can use to make saving money a habit—not a chore.

Review your budget. If you don’t know where your money’s going, you won’t know where you can cut back.

Curb nonessential spending. Once you know where your hard-earned pennies are going, ask

yourself if you really need that Starbucks, namebrand item, or subscriptions to every streaming service. Trim the fat from your budget—and the savings could be substantial.

• Direct deposit: Set up a payroll deposit into your savings account or an automatic checking-to-savings transfer on payday, to make savings a no-brainer • Low-risk investments: Consider certicates of deposit, money market funds, and other low- to no-risk savings or investment vehicles to help your savings accumulate interest.

• Nix credit cards: Reduce your credit card debt by only using a card for emergencies.

• Adjust your tax withholding: It may feel good to get a tax refund in the spring, but that’s essentially a free loan to the government. The money you get back is cash that could have been earning interest for a year. The IRS website has a calculator to learn how much in taxes you should have withheld from your income.

Updated from an earlier version by Broderick Perkins Craig Donofrio covers home fi nance and all things real estate for realtor.com. His work has been featured in outlets such as The Street, MSN, and Yahoo News.

BUY, SELL, OR BUILD YOUR HOME. Shelly Montoya 208-816-1477

smiles@assist2sell.com LewistonClarkstonHomes.com

524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

Pam Trees 208-790-2258

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524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

Robin Mecham 208-305-3125

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524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

Paula Earl 208-305-6760

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524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

Christie Scoles 208-816-3469

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524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

Cam Bickford 509-254-1877

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524 Bryden Avenue, Lewiston ID 508 Sycamore Street, Clarkston WA

YOU R HOM E , YOU R L I F E 2 0 2 0

10 | May 23, 2021 | Lewiston Tribune

6 HOME UPGRADES BUYERS WANT IN THE COVID-19 ERA

By Lauren Sieben Courtesy of Realtor.com

If you imagined 2020 was the year you would nally list your house for sale, you may have hit the brakes on those plans when the coronavirus pandemic arrived.

But now, over a year later—with vaccines rolling out and cities beginning to reopen—the real estate market is again heating up with buyers eager to upgrade to a new home.

So stop putting it off: Now is the time to step on the gas in preparing your home to sell. We talked with experts to learn which home improvements will hit the right note with buyers beyond the pandemic.

1. UPGRADE YOUR OUTDOOR SPACE Most of us are suffering from an acute case of cabin fever these days. It’s little wonder that outdoor space has become more important than ever to prospective buyers.

“Even pools are becoming more popular in areas where they weren’t before,” says Bill Walker, chief operating ofcer of Kukun, a web resource for home improvements.

That doesn’t mean you need to splurge on a new in-ground pool; even a minor landscaping refresh can make a big difference and increase curb appeal.

Depending on your budget and your neighborhood, you might also consider adding an in-ground re pit or outdoor kitchen to maximize your outdoor space.

If you live in a cooler climate, extending the usability of your outdoor space will be a big draw for buyers.

“Get a low-cost outdoor heater and area rug to stage the space as an outdoor living room,” says Francie Malina, a real estate agent in New York’s Westchester County.

2. CREATE A FUNCTIONAL HOME OFFICE OR CLASSROOM Many workers aren’t heading back to the ofce until later this year—if at all. That means home ofce space is at a premium.

“People need a dedicated space for multiple people to be able to be on calls at the same time,” says Walker, who currently works at home alongside his wife. “It denitely creates challenges when we all need to be on calls and need space to work.

Even if you don’t need two home ofces or

a remote learning station for your own family, consider staging your home to show the possibilities for buyers.

“Staging a guest bedroom as a home ofce or classroom is a good idea,” says Walker, who points out that most of us host guests in our guest rooms for less than a month per year. “The potential buyer can see the room being used in a versatile way and visualize it for themselves.”

3. ADD SEPARATION OF SPACE “Open oor plans are losing a bit of luster,” Malina says. “Homeowners are looking for distinct spaces for family members to work or study.”

If your space isn’t well-segmented, you may want to create separate spaces by adding barn doors or pocket doors—or even room dividers for a quick and easy solution.

Having distinct rooms helps to minimize volume from other people’s activities, and can also create a different feeling in each part of the house.

“As people are spending more time at home, they want room and different environments to not feel stuck inside,” Walker says.

4. ADD SPACE FOR A HOME GYM Many people were forbidden from the gym during the pandemic, forced to work up a sweat from home to minimize risks of coronavirus transmission. That means people are looking for space to house gym equipment, from yoga mats to treadmills and stationary bikes.

Your home may not have the space for a fully equipped home gym, but you can still carve out a

corner where home buyers will be able to picture their future at-home HIIT workouts or yoga ows.

5. GIVE YOUR IN-LAW SUITE A MAKEOVER If you have a guest house, this can be an attractive feature for buyers right now—especially those with multigenerational households, or people looking for a potential source of rental income.

“With people bringing elderly family members home, [additional dwelling units] are a good option, especially if there is a kitchen and bathroom,” Walker says. “Even if this space isn’t used for personal reasons, it can be an investment property.”

6. SPRUCE UP THE LAUNDRY ROOM Concerns about cleanliness and hygiene have been at an all-time high during the pandemic, which means “laundry rooms are more important than pre-COVID,” Malina says.

People are doing laundry more often after running errands, and many of us have become more diligent about washing our bed linens. Plus, who couldn’t use more room for ironing, folding, and hang-drying clothes?

“Having a dedicated space to do laundry is a wonderful luxury, and buyers often want the space to be beautiful like the rest of their homes,” Malina says.

Lauren Sieben is a writer in Milwaukee. Her work has appeared in the Guardian, Washington Post, Milwaukee Magazine, and other outlets.

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Lewiston Tribune | May 23, 2021 | 11

TOP MORTGAGE MYTHS–BUSTED

By Daniel Bortz Courtesy of Realtor.com

Buying a home and getting a mortgage typically go hand in hand. Yet home loans aren’t always easy to understand—and there’s a lot of misinformation out there about how mortgages work.

“A lot of home buyers think the process is simple, but when you start explaining the details, their eyes glaze over,” says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of “Mortgages: The Insider’s Guide.”

While it’s understandable that mortgages aren’t a scintillating topic, falling for many of the rampant mortgage myths circulating among (well-meaning) friends and advice givers can hurt your homebuying chances, big-time. For instance: You might believe you can afford a $600,000 house and start looking at properties in that price range. But when you meet with a lender, you might learn your price range actually caps at $500,000. This is what the experts call “a rude awakening.”

To avoid this fate, make sure to crunch your numbers in our mortgage calculator or a home affordability calculator, and apply for mortgage pre-approval to see just where you stand in terms of how much house you can afford.

And make sure you’re aware of the biggest misconceptions about home mortgages. Here are four of the most egregious mortgage myths— debunked.

YOU NEED TO MAKE A 20% DOWN PAYMENT Sure, a 20% down payment on a home is ideal.

After all, the more money you put down, the less you’ll owe—and the less strain you’ll feel to cover your monthly mortgage payments. Still, that doesn’t mean you must put 20% down. Plenty of loan programs accept far less.

The Federal Housing Administration lets borrowers get a mortgage with a down payment as low as 3.5%, as long as their credit score is 580 or higher. (People with credit scores between 500 and 579 are still eligible but must make down payments of at least 10%.)

The catch? If you pay any less than 20% on a conventional loan, you’ll have to cough up private mortgage insurance, an extra monthly fee paid to mitigate the risk that you might default on your loan. And PMI can be pricey, amounting to about 1% of your whole loan—or $1,000 per year per $100,000.

Still, if you’re champing at the bit to buy a home, there’s no reason to lose hope if you lack a huge down payment.

THE BEST MORTGAGE IS ONE WITH THE LOWEST INTEREST RATE Todd Sheinin, a mortgage lender and chief operating ofcer at New America Financial in Gaithersburg, MD, compares shopping around for home mortgages to buying a car.

“Just because a dealership offers you the

cheapest price doesn’t necessarily mean it’s the best option,” says Sheinin.

While your mortgage interest rate is important because it will affect the size of your monthly payments, don’t forget other fees can vary wildly from offer to offer. For instance, there’s an origination fee to cover the processing and paperwork of the loan, which can vary from 0.5% to 1.5% of your loan—that’s quite a spread.

TO MAKE SURE YOU’RE GETTING THE BEST BARGAIN, TALK TO AT LEAST THREE LENDERS. “Don’t just ask about the interest rate,” says Sheinin. Instead, ask the lender for a breakdown of your total costs.

“Loan estimates should break down the fees so that borrowers know exactly what they’re getting,” says Staci Titsworth, a regional manager of PNC Mortgage in Pittsburgh. Another question worth asking is the loan ofcer’s availability. Do they provide clients with their cellphone number?

“If it’s the weekend and you need a pre-approval letter on a property ASAP, but your lender only works 9 to 5, you’re in a bind,” Sheinin points out.

PRE-QUALIFICATION AND PRE-APPROVAL ARE ESSENTIALLY THE SAME Absolutely not.

“Pre-qualication is basically having a conversation with a lender,” says Redmond. “It means nothing.”

On the other hand, a pre-approval entails your providing a loan ofcer with all necessary documentation—your tax returns, bank

statements, pay stubs, and more—to obtain a mortgage. The ofcer then packages the loan and submits the le to an underwriter for review. A lender will then provide you with a letter stating you’ve been pre-approved for a certain amount. And with that letter in hand, you’ll be in prime position to make an offer when you nd your dream home.

(Of course, the loan will still need to go through formal underwriting when you go to purchase a property.)

AN ADJUSTABLE-RATE MORTGAGE (ARM) IS ONLY FOR RISK TAKERS ARMs got a bad rap after the 2008 nancial crisis.

Because while they offer a lower interest rate for a xed initial period (typically ve years), the rate is subject to change based on market conditions— and could go way up. This is how thousands of homeowners ended up unable to pay their loans, so it’s understandable plenty of potential homeowners are now hesitant to get an ARM. Yet an ARM may be a viable option based on your unique circumstances. For example, if you’re planning to move within ve years, then you’re a good candidate. An ARM’s rate won’t even start adjusting until you’ve left the property. And in that time frame, you’ll save a ton on interest, because an ARM’s interest rates are typically lower than that of xed-rate mortgages. This translates to lower monthly mortgage payments and, of course, more money in your pocket.

Daniel Bortz has written for the New York Times, Washington Post, Money magazine, Consumer Reports, Entrepreneur magazine, and more. He is also a Realtor in Virginia.

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12 | May 23, 2021 | Lewiston Tribune

COVID-19 COMPLETELY TRANSFORMED THE WAY WE BUY HOMES—BUT WILL IT STICK?

By Lisa Johnson Mandell Courtesy of Realtor.com

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Remember lazy Sunday afternoons when home buyers could leisurely hop from open house to open house, partaking of wine and cheese laid out to reel in more foot trafc—the more the merrier.

Much can change in a year.

On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, triggering a wave of lockdowns that dramatically changed our lives in countless ways—including how we buy and sell homes.

Still, now that vaccines are becoming more widely available and life soon promises to resume some semblance of pre-COVID-19 normalcy, home buyers and sellers might be wondering: Will the old ways of real estate return, too?

Now that we’ve passed the one-year mark, we thought it tting to look at all the ways the pandemic has changed residential real estate transactions—and why many of these adjustments are likely to stick around for good.

OVER: LARGE, LAVISH OPEN HOUSES Pre-pandemic, holding an open house was often akin to throwing a party, with some brokers spending tens of thousands of dollars to throw buzz-worthy events complete with Champagne, live music, and more.

Yet once COVID-19 precautions prohibited large gatherings in enclosed spaces, this glitzy breed of open house quickly disappeared.

Instead, buyers weren’t even allowed to visit homes; but if they were, they did so individually, by appointment only—encased in masks, gloves, and booties.

While poking heads in closets and checking water pressure was once par for the course, pandemic buyers were discouraged from touching doorknobs and faucets, lest they leave traces of the coronavirus behind.

While the legendary open houses before COVID-19 were certainly fun, they aren’t likely to return in their usual splendor—which is ne by many real estate agents, since these epic events attracted tons of looky-loos who had a low probability of actually making an offer.

“To me, it’s a gift,” says Michelle Schwartz of The Agency in Los Angeles. She adds that most agents agree that individual showings are a far safer and efcient use of time, as it narrows down visitors to those who are more serious about buying.

Schwartz adds that this more modest approach has also tamped down on people entering the home for more nefarious purposes,

like stealing belongings, “This has reduced the sellers’ fear of putting their most prized possessions on display to the public,” she explains. More subdued open houses will likely return as pandemic precautions are removed, but “don’t touch” provisions and requirements of always having a real estate agent or representative with you are likely to stay in place.

HERE TO STAY: VIRTUAL HOME TOURS Given home buyers couldn’t tour homes in person easily during the pandemic, technology ramped up to allow them to check out homes in other ways. They include video tours (where a real estate agent shows a home remotely to buyers on a live video steam), virtual open houses (same as above, but to numerous buyers simultaneously), and 3D virtual tours (where buyers click through an interactive, 360-degree view of a home on their own).

A year ago, virtual viewings were a safety precaution. But since then, they’ve become a beloved convenience among buyers who adore checking out homes from the comfort of their couch. As such, this relatively new technology is no doubt here to stay, and will only become more sophisticated over time. (Think: virtual reality headsets with which you can “walk” through a house.)

“Virtual showings through 3D videos have revolutionized the way our industry does business and likely will continue to do so,” says Kirste Gaudet, broker for @properties in Chicago.

“The 3D tours are so realistic that we may be able to put open houses to rest. I nd that my clients now want them as part of the marketing effort.”

Aside from the convenience, virtual tours help home buyers quickly and easily narrow their options to a few houses they might like to actually visit.

“Ideally, most people want to see a home in person before they buy, but virtual home tours certainly help them reduce the number of homes they have to spend time and effort touring,” says Josh Judge of Berkshire Hathaway HomeServices/ Verani Realty in Southern New Hampshire.

HERE TO STAY: GREATER COMFORT WITH SIGHTUNSEEN OFFERS Most people used to shudder at the thought of making an offer on a house without seeing it in person, and most experts advised against it. But the pandemic has persuaded many to take that leap of faith.

“Now the average home buyer is more inclined to buy a property sight-unseen,” says Lance

YOU R HOM E , YOU R L I F E 2 0 2 0

Lewiston Tribune | May 23, 2021 | 13

REPAIRS

continued from page 6 come — adding a manufactured stone veneer to your house — was a 96% return on average.

And in most cases, the returns on renovations had fallen between 2019 and 2020.

Americans generally view owning a home as a nancial investment — and the fourbedroom home with a white-picket fence surely factors in the American Dream. Many people go into homeownership hoping to see their equity grow over time — with the goal of passing that money onto their children or using it as a cushion in retirement. But when you compare real estate to other assets, it’s clear that owning real estate is more complicated than that.

“Many nancial investments will grow as fast, or faster, than personal real estate and be far more exible if you need any access to liquidity along the way,” said Sean Pearson, a Pennsylvania-based nancial adviser and associate vice president with Ameriprise Financial Services. “If you live in your house long enough, and you sell during certain types of markets, depending on interest rates, you might see a positive ROI from your home.

But that could be a long way from now, and requires a lot of things to happen along the way.”

Instead of approaching buying a home with an investor’s mindset, I suggest you

HERE TO STAY: REMOTE CLOSINGS In the past, closing on a house was one moment when all parties gathered together in an ofce to sign paperwork, swap keys, shake hands, and be off on their merry way. But no more!

During the pandemic, “drive by” or “drive up” closings became common, where you’d sign papers sitting in your car, while a masked and gloved runner delivered papers back and forth.

Odds are, remote closings are here to stay, and may even be doable from home. In some states where remote online notarizations are permitted, all documents can now be signed through an approved online notary platform (e.g., Notarize) or audiovisual portal (e.g.,

Microsoft Teams).

And in the many states where only professionally witnessed ink signatures will do, lending ofcials may send a notary public to the buyer’s residence or place of business. Although this convenience might cost extra, many buyers seem happy to pay for it.

“I have one client who lives about two blocks from the escrow ofce, but still opted to pay the $125 extra to have a notary come to his house,” says Kalfeltz.

OVER: DESKTOP APPRAISALS For all the changes that seem here to stay, there are some aspects of residential real estate transactions that will likely revert to the way they were done before the pandemic, like desktop appraisals. This is where a home appraiser assesses the value of a home merely by looking at it online. However, banks, buyers, and sellers don’t seem to be consistently happy with this practice, as important details can easily be missed this way.

“It’s impossible to assess the value of the neighborhood and the position of the house within it when you’re doing a remote appraisal,” says Schwartz.

Also, one bad camera angle on an online photo can unduly inuence an appraisal by thousands of dollars, and keep a loan from going through.

No one wins in a situation like that.

Lisa Johnson Mandell is an award-winning writer who covers lifestyle, entertainment, real estate, design, and travel. Find her on ReallyRather.com

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Kalfeltz, a broker with LV RE Services in Las Vegas. “Being able to work from home allows them to live almost anywhere, and it’s not always convenient to tour a home before buying it.”

Kalfeltz points out that in hot markets like his—where many buyers are making an exodus from Orange County and Los Angeles—by the time a would-be buyer got on a plane (which many were reluctant to do over the past year) or made the drive, the property would be gone.

Besides, unless they agree to an “as is” contract, buyers are most often allowed to back out of a sale if the property doesn’t pass inspection. As such, sight-unseen offers aren’t as risky as they might seem, which is helping more buyers feel comfortable enough to go for it on homes they’re admiring via the many virtual viewing options they now have at their disposal.

consider the myriad other reasons why homeownership can be benecial. Owning a home allows you to take control over your housing costs. Sure, the property tax bill or utility rates may vary over time, but you won’t need to worry about a landlord jacking up the rent unexpectedly. And the equity in your home — if used appropriately — can become a useful nancial tool to consolidate other debts or nance a child’s college education. (Again, approach cashing out home equity with caution.)

You’re almost 50 — and maybe a decade or so away from retirement. Think about whether this home could be your forever home. If you’re making major renovations, you could really ensure that this home would be one you could live in for the rest of your days by approaching those repairs with accessibility in mind. If you can afford major home improvements, and they’ll enrich your quality of life, it’s hard to put a price tag on that.

Or you might decide that owning a home isn’t worth it. There is a benet, after all, to being able to rely on a landlord or property manager to handle upkeep. And in many parts of the country, renting a home and using your remaining money wisely could be a better deal that becoming a homeowner.

Whatever path you choose to take, I encourage you to keep trusting your gut. It’s not led you astray so far.

YOU R HOM E , YOU R L I F E 2 0 2 0

14 | May 23, 2021 | Lewiston Tribune

AVOID THESE 6 MISTAKES WHEN UPSIZING TO A NEW HOME

By Ana Durrani Courtesy of Realtor.com

Tired of having your already cramped bedroom do double duty as a home ofce and athome gym? It might be time to upsize. But while getting more space may seem enticing, upsizing can hold pitfalls for unwary home buyers.

“It is important to be aware of these mistakes because upsizing can be expensive, but if you plan it well, do your research, and shop around, it doesn’t have to be,” says Lior Rachmany, founder and CEO of Dumbo Moving and Storage in New York.

Before taking the plunge, here are some mistakes to avoid when upsizing to a larger home: MISTAKE NO. 1: RUSHING TO BUY A BIGGER HOME You can’t stop fantasizing about bigger spaces, but take a break for a reality check. You don’t want to ditch your current dwelling without understanding the market and thinking things

through.

“Although the frenzy of the current real estate market creates motivation to move as quickly as possible, it is important to be diligent and thoughtful in your decision process,” says John Hollyer, senior portfolio manager at Bespoke Real Estate in New York. “Make sure you understand the market, comparable sales, and value of the house you may bid on. Your broker can assist with an analysis of sold properties and competing inventory.”

And in the rush, don’t get suckered into

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new home, how your family’s needs might change in that time, and whether the home would continue to meet your requirements.

Another thing homeowners often forget is that upsizing brings extra costs that can snowball over time—bigger homes cost more to maintain.

“Factor in for larger utility bills, and have [more] money set aside to do repairs when budgeting for your new home,” says Rachmany.

MISTAKE NO. 4: DISREGARDING FINANCING Make sure to do your homework on nancing, and don’t go in blind when trying to buy a bigger (read: more expensive) home.

“Without accurate information regarding what you are qualied for, you’ll be wasting time,” says Hollyer.

Rachmany suggests leaving it to the experts if you aren’t well-versed in applying for loans or mortgages. Consider using a nancial consultant and/or a mortgage broker—ask around for referrals.

“It is very easy to get screwed over by interest rates when applying for loans,” says Rachmany.

And while mortgage rates are at historic lows, experts say you should still compare nancing paying for any conveniences you don’t need, such options, which can vary considerably. as expediting certain services.

“Bigger homes mean larger property taxes, “A lot of times, when you want service to your larger mortgage, and larger homeowner old home or upsized home, you are paying more insurance,” says Rachmany. “Only upsize your for speed,” says Rachmany. home if you have the budget, realistically, for it.”

Instead, allow yourself time to get those MISTAKE NO. 5: NEGLECTING things done.

YOUR CURRENT HOME MISTAKE NO. 2: MISCALCULATING Don’t let maintenance of your current home YOUR SPACE NEEDS fall by the wayside in your rush to upsize.

It’s important to be realistic about how much Rachmany suggests keeping up the space you actually need. maintenance of your home, and if something “Assess your space in your current home, and breaks, to x it before you move out. what’s missing or necessary to improve upon it,” “In order to capture your current home’s says Hollyer. It may turn out that the oor plan peak value, you want to keep it in top condition,” or your furniture layout is the problem, and not a says Hollyer. “Investing in routine and proactive lack of space. By the same token, make sure that maintenance of your current property is space in a new home is laid out for maximum necessary to provide more value to you when it’s usability. time to sell.”

And once you move into that bigger space, live MISTAKE NO. 6: SPENDING in it for a while, without buying extra furniture, TOO MUCH ON ITEMS to assess what pieces you really need, says FOR THE NEW HOME Rachmany. He says furniture needs space to be Upsizing to a new home doesn’t give you carte used effectively, so you can move between pieces blanche to go crazy and overspend. without squeezing through.

“People have an initial ‘hotel’ experience “Also, plan your home for everyday use, not for with their new home, where they leave all their special occasions. People have a habit of buying lights on, and just really change their living at too much chairs and larger-than-needed sofas home habits and become more wasteful,” says for company. But you can always use foldable Rachmany. chairs for that,” says Rachmany.

He suggests holding off on buying all new MISTAKE NO. 3: IGNORING stuff. Instead, replace items when they break or LONG-TERM FACTORS are no longer usable.

When making any major purchase, try to “Extra space doesn’t always need extra items. picture how your life might change in coming You don’t have to ll up your kitchen counter years. with gadgets just because you have extra space,” “Buying a new home that won’t potentially t says Rachmany. “See how much your living your needs in the future will only lead to another expenses change, then get extra items if needed.” purchase and move that could be avoided with Anayat Durrani is a freelance education reporter for proper forward thinking,” says Hollyer.

U.S. News and World Report. Her work has been featured He says to make sure to have a realistic in Military Officer, California Lawyer, the American projection of how long you plan to stay in the Scholar, and PracticeLink magazines.

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Lewiston Tribune | May 23, 2021 | 15

WHAT IS A CONTINGENT OFFER?

WHAT IT MEANS WHEN BUYING A HOME

By Angela Colley Courtesy of Realtor.com

A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the nal sale is contingent upon certain criteria that have to be met. These criteria, or contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval.

Such contingencies are mainly put in place so that buyers can back out of a real estate sale if something goes wrong, usually without losing their earnest money deposit. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.

HOME INSPECTION CONTINGENT OFFER A home inspection contingency could well be the most important one for home buyers.

This contingency gives buyers the right to have their new home professionally inspected after putting down earnest money. And nalizing the real estate transaction usually hinges on this contingency. If something is wrong, a contingent offer allows the buyer to request that it be xed and to renegotiate the price—or back out of the sale. It’s rarely advisable to waive an inspection contingency, and home buyers should generally consider this a must-have clause in a sales contract.

“Never in my life have I seen a home inspection contingency waived,” said Bishoi Nageh, vice president of branch operations for the Petra Cephas Team at Mortgage Network Solutions.

If something is wrong with the current home on the real estate market, a good inspection will nd it.

Nageh recalled an instance of a rst-time buyer who asked the seller to x up some

windows, then found that mold had been growing under the framework. This is how a contingency works during a home sale. Once you know the problems, you can talk with the sellers about what they need to x before you buy the home.

APPRAISAL CONTINGENCY With this real estate contingency, a third party hired by the mortgage lender evaluates the fair-market value of the current home for sale. In the event that the appraised value proves to be less than the sale price, the appraisal contingency lets you back out of the deal.

“It’s in no one’s best interest to overpay,” Nageh said. “If the home comes in under the [asking] amount, you have the right to back out.”

In hot markets, eager buyers might feel pressured to waive a contingency, but they could end up paying more. However, the lender will only put up a certain amount of money for the appraised cost—which may not be the asking price—and the buyer will have to cover the rest.

For example, let’s say you have a xed-rate loan that covers 90% and you need to put 10% down for a home selling for $500,000. If the property is appraised at $475,000, the lender is only going to cover 90 percent of that appraised

value, or $427,500. In this case, instead of a $50,000 down payment, you would be expected to put down $72,500 to cover the difference.

Waiving this contingency in the purchase contract can be a gamble.

MORTGAGE CONTINGENCY You don’t want to sign a property sale without having the money to back it up. A mortgage contingency is a contingency that protects the buyer and seller from getting into a real estate sale without a proper loan. Under this contingency, the buyer has a specied period of time to obtain a loan that will cover the mortgage after the offer is accepted. If the buyer can’t get a lender to commit to a loan, the buyer has the right to walk away from the sale with the down payment.

To expedite the process, “Know if you qualify sooner than later,” Nageh said. If you’re preapproved, you won’t be wasting the seller’s time or yours during the loan-hunting period, which could take a couple of months.

Like an appraisal contingency, eager buyers and sellers in hot real estate markets might want to waive this contingency for the current home for sale, especially if cash is on the table.

But waiving this contingency means that if your mortgage lender delays or denies your loan after a seller accepts your offer, you can lose the deposit during escrow, so it’s a risky venture.

Angela Colley writes about real estate and all things renting and moving for realtor.com. Her work has appeared in outlets including TheStreet, MSN, and Yahoo.

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