Tuesday, December 6, 2022

What is a 72-hour clause?

 

What is a 72-hour clause?


Unless you’re well-versed in legalese, you may have a hard time wading through all the technical jargon and industry lingo that are typically included in a real estate contract. One phrase you may have come across in your reading is “72-hour clause.” Perhaps you’ve seen variations of this, such as escape clause, hedge clause, kick-out clause, release clause or right of first refusal clause. Enough with the clauses already, you say. But these clauses may be the only things that stand between you and disaster! Okay, that may be overstating. Let’s start with what a 72-hour clause is not. Some people mistakenly believe that the 72-hour clause is a buyer’s remorse protection, as in you buy a house and you have 72 hours in which to change your mind and give the house back. That’s not what it is. Let us explain. A 72-hour clause works like this: it is put in a contract to give a house seller the opportunity to accept a contingency offer while still marketing the house to other potential buyers. Let’s say that in order to buy a new house, you must sell your current residence first (most people are like that, so don’t feel bad). So you put down an offer on a house contingent on the sale of your current house. Easy enough. But then let’s say another buyer comes along, one who can buy the house outright without waiting for another house to sell. That buyer puts an offer on the house you’ve already put an offer on. Here comes the 72-hour part: now you have exactly 72 hours, or three days, to either sell your house and close on it or come up with a bridge loan or win Powerball to get that house. Another common scenario goes like this: a buyer puts down an offer on a house for $250,000. Three days later, another buyer comes along who finds out the seller has been offered $250,000. This second buyer really loves this house. He offers $300,000 for the house. Is the seller stuck with the lower price? Not if a 72-hour clause has been written into the contract. If the clause is there, the original buyer now has 72 hours to make a better offer than the $300,000 that the second buyer offered. But wait…there’s still more confusing stuff to add to the mix. The 72-hour clause does not have to be a 72-hour clause. In other words, you can specify that the 72-hour clause give the contingent buyer five days or five weeks to fulfill the contingency. Or the 72-hour clause can be 72 hours of working days and not include weekend days or holidays. Who does this clause protect? The seller. If the seller is forced to take the house off the market in the dim hope that your house will sell, they’re closing the door on buyers who potentially could buy the house today—not at some unspecified time in the future. As an added bonus, the buyer, knowing that her dream house is within her grasp but still on the market, has added incentive to stage the house, work on curb appeal and make sure that the marketing is the best it can be. Here’s a sample 72-hour clause courtesy of Bankapedia: The Seller shall have the right to keep marketing the property, and to receive alternative offers to purchase the property. Should the Seller receive a bona fide offer to purchase the property from a third party, at any stage prior to the fulfillment of the suspensive conditions contained herein, which the seller considers more favorable than this offer to purchase, the Seller shall be entitled to accept such offer to purchase. If the Seller accepts an alternative offer, the Seller shall notify the Buyer that the Release Clause has started to function immediately. The Buyer shall then have 24 hours to fulfill all suspensive conditions contained in this offer to purchase. The Buyer has to commit within this time frame, to taking transfer of the property, free from said conditions. Failing compliance within 24 hours, this agreement of sale shall lapse and become null and void, and neither party shall have any claim against the other whatsoever.


Call or text me today for more information: 435-602-8228

Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

https://paulahigmanrealestate.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME.

Friday, December 2, 2022

On How to Know You’ve Thrown a Succesful Holiday Party

 


How to Host a Stylish (and small) Holiday Party, 
According to the Experts


ill 2022 be the year of the beloved holiday dinner party’s return? Small parties are trending this year. But even if you do plan on downsizing your party to keep it more intimate this holiday season, the tiniest of gatherings still call for proper prep, from cocktails and food to decor and mood music. As the master of your domain, the responsibility falls on you to cultivate an inviting atmosphere for your guests.


On How to Know You’ve Thrown a Succesful Holiday Party

A sign of success is how your attendees change and evolve.

Planning is key. Then again, it’s also OK to not stick to the plan. Don’t become so obsessed with how you plan something that you get stuck. Observe how people are feeling and pivot as you need to. As a DJ that’s one of the most qualities to have. I use my intuition to observe how people are reacting and if something isn’t working, that’s OK and I move on to the next thing. I also enjoy giving my guests a task to get them engaged. I like to ask guests to help me set the table or light the candles. I was recently at a party and the hostess handed me the plates and asked me to set the table. I thought, ‘Oh my gosh!’ It makes your guests feel like this is our night, rather than your night.

On Curating a Small Party and Putting Your Magic Touch on the Night

I always encourage people to share more of their personality, culture and history when they are styling or preparing a menu. A dinner party is like a page in a journal. It’s a chance to show people, ‘This is a who I am,’ and especially as a chef. I’m always leaning into my Caribbean heritage, like serving food on banana leaves. It’s always a great conversation starter

For music, play a live recording of something. It brings life into the room because you can hear the applause or the background noise. It takes guests out of their element and puts them in the moment. You want your party to be an experience — an escape from the mundane.

Whenever you travel, pick up small things here and there that can bring unique style to your space

On Their Party Prep Must-Haves

The objects that electrify you and carry the story of who you are and where you’ve been. I didn’t grow up with a lot of money, and my family has passed things down to me that I love to bring into my events

I want to enjoy my own party. The worst party to me, is me slaving over a stove. I love creating a margarita station or making a batch of margaritas so guests can pour their own drink and I can enjoy my own party. I love serveware that’s super functional since I don’t have a lot of space in my apartment. I’ll serve dessert in a martini glass or drink wine out of anything! I collect charcuterie boards and little bowls and vessels — easy serving pieces. I’ll put sandwiches on a cake stand.

The layout of your room is really important. People always congregate somewhere. If you are noticing that people are going into a corner or that they can’t interact with other guests easily — like the chairs are too far away — it’s important to notice that and pay attention and adjust it. Pull up a bench so your guests feel at home. Be an observer.

On Planning the Guest List

In addition to space, it’s important to have people present who are good at reading a room. Sometimes I like to ask a friend to be the ‘connector’ for the evening — someone who is charismatic and who knows who’s coming to the party and can manage guest introductions. These ‘connectors’ are important fixtures in events for me. Sometimes it takes an hour for someone to feel comfortable to jump into a conversation

On Seating in Small Spaces

Try stylish stackable stools that could be used for other things or pillows on the floor. There’s something fun about sitting on the floor – it feels slightly irreverent.

On Keeping Guests From Conregating in the Kitchen

Watch the volume of music. No one will want to congregate in the living room if you’re blasting music. You have the whole evening to go. Start with something guests can bop a little, but still have a conversation. And no repeating playlists — keep it moving!

Remember that a party is a living thing. Feed it based on what it needs to keep the energy and vibe going.

Remember that a party is a living thing. Feed it based on what it needs to keep the energy and vibe going

Go-To Holiday Cocktail

  • 1½ ounces fresh lime juice

  • 1½ ounces Madre Mezcal
  • 1 ounce Chartreuse
  • 1 teaspoon light agave nectar
  • 1 large egg white
  • Garnish: lime twist
  • Garnish: YWxMM Black Citrus Salt

Monday, November 7, 2022

Luxury is Powerful


 

PAULA HIGMAN REAL ESTATE OFFERS THE POWER OF THE COLDWELL BANKER BRAND

Hundreds of Websites | The Coldwell Banker® Global Luxury brand's powerful online reach puts your home in front of buyers in 40 countries and territories.

$168.4 Million in $1 Million+ Homes Each Day* | Coldwell Banker Global Luxury handled 32,663 transaction sides of $1 million+ homes in 2020.

115-Year Legacy of Trust | The Coldwell Banker brand has been serving the needs of luxury home buyers and sellers since 1906.

Give your home a powerful advantage with Paula Higman!

Contact me today. +1 (435) 602-8228


         

 

Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.

Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.

 

Ensure that you have the best representation when buying and/or selling in Park City. 

Contact Paula Higman Real Estate Park City at 435-602-8228 



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Tuesday, November 1, 2022

Easy Living Homes.

 

Easy Living Homes


If you have family members or friends with physical limitations, you may have areas of your home that they’re unable to visit. This is especially problematic if you yourself become disabled or have a disabled person move in with you. How do you accommodate these needs? By building an EasyLiving Home, of course.

 

According to the EasyLiving Home website, the EasyLiving Home program is “the nation's first voluntary certification program that specifies criteria in everyday construction to add convenience in your new home and to welcome all friends, family and visitors regardless of age, size or physical ability.”

 

The EasyLiving Home program was developed by a coalition of public and private organizations to encourage the voluntary inclusion of key features that make a home cost-effective, accessible, and convenient for everyone without sacrificing style or adding substantial construction costs. EasyLiving Home certification enhances both the initial and resale value of a home and can be achieved for practically any home regardless of price, building site or architecture.

 

EasyLiving Home features: 

  1. Step-free entrances provide easy access and are never more than 1/2" from a driveway, sidewalk, or another firm route into the central living area.
  2. Exterior doors provide and interior passages provide easy passage because all doors and hallways on the main level (including bathrooms) offer ample clear passage space.
  3. Easy use with no less than one bedroom, a kitchen, some entertainment area, and at least one full bathroom with sufficient maneuvering space all on the main floor.

The EasyLiving Home program certifies that homes meet the program requirements through a non-profit coalition of organizations committed to making homes more accessible, including AARP and several access advocacy groups.

While EasyLiving Homes offer a substantial number of special features, virtually any home buyer can afford one because these certified homes are available at all price levels from the most modest starter home to country club estates. The EasyLiving Home program shows builders how to make their homes more convenient by making small improvements that add little or nothing to the cost of new construction but would be very costly to retrofit later.

EasyLiving Homes is all about convenience. By grouping all the most essential living areas on a single floor with ample-sized doors and a step-free entry, the EasyLiving Home allows easy access for bulky furniture and getting around whether you’re on foot or in a wheelchair.

“While you may be in perfect health now,” the website states, “the day may come when you or a family member experience health problems that could cause limited access to be a real problem. Elderly relatives will appreciate the easy access and extra entry width when they visit you in your new EasyLiving Home. And in an aging society, an EasyLiving Home will have a higher resale value when it's time to sell.”

 Visit http://www.easylivinghome.org/ for more information.





Paula Higman Real Estate - 

Coldwell Banker Global Luxury - Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME.

Tuesday, October 4, 2022

The great debate on paying cash for a house

 


Many investors consider paying all cash for an investment property, and in today’s market, it may feel like everyone is paying all cash.

To be clear, even when investors use terms like “all cash,” the truth is, no “cash” is actually traded. In most cases, the buyer brings a check (usually certified funds, or wire transfer) to the title company, and the title company writes a check to the seller. 

This is the easiest form of financing because there are typically no complications, but for most investors (and probably the vast majority of new investors) all cash is not an option. Let us look at the pro's and con's as our parents taught us on several subjects.

 

Pros:

1. Faster Closings

2. Waiving contingencies

3. Potential price discount

4. Save on mortgage interest and PMI

 

Con's:

1. Tying up your money

2. Losing out on better investments

3. It takes longer to save up

 

All-cash purchases: No mortgage is nice, but there are other expenses you will be responsible for as a homeowner.

1. Property taxes

2. Homeowners insurance

3. Utilities and maintenance

4. HOA fees

Basic wealth generators of rental properties:

1. Cash flow

2. Appreciation

3. Tax savings

4. Loan paydown

 

Liability:

1. Good Chance of being sue for your assets

2.  Disgruntled tenant 

 

Pretend it isn’t an all-cash offer:

1. Don't get Lazy, look for the best deal!

2. Run the numbers as if there was a loan.

3. Use entities wisely

4. Consider financing later

 


Paula Higman and Logo
PAULA HIGMAN
REALTOR® | SFR
Coldwell Banker Realty
Lic#: 10124111-SA00
+1 (435) 602.8228
Paula@PaulaHigman.com
Paula's Website
2018 Distinguished Member - 
Park City Board of REALTORS®


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Paula Higman Real Estate - Park City

Hello, we are Paula Higman Real Estate and we would love to assist you. Whether you are in the research phase at the beginning of your real estate search or you know exactly what you are looking for, you will benefit from having real estate professionals by your side. We would be honored to put our real estate experience to work for you.




 Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME.


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