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CALL OR TEXT ME TODAY (435) 602-8228

 

Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME

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.

Luxury is Timeless

 

When a real estate company has been known and trusted for 115 years, it's because extraordinary service and success never go out of style.

• Our rich company history includes more than a century of trust, experience, and proven results.
• Luxury Property Specialists undergo a rigorous education in effectively marketing high-end properties.
• Our expertise is backed by a proven track record of $1 million+ property sales and a commitment to protecting your interests.

Give your home representation you can count on.

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 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 

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

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Things That Will Lower A Home Values

 

Do you know some of the things that will decrease a home’s value? Considering that your home is probably one of (if not the) biggest investment you own, it only makes sense to do what you can to preserve its value.

But if you are like most homeowners, you may not be aware of everything that can lower your property’s value. Some are obvious; some are less so.

Many things that will lower a home’s value can be found in and around a property. It is important to understand how these factors can influence the long-term value of a home.

Sometimes buyers get so caught up in the excitement of a home’s interior appeal that they forget that the house is an investment as well. External factors can significantly influence a property’s value.

For this reason, it is essential to do due diligence in real estate. You not only want to know the history of a house but all of the surroundings and potential items that can influence the property value.

It’s too late when you conclude later on that you’ve bought a lemon nobody wants. Here are some things to consider when deciding how to select a neighborhood to live in. Understand what people want and don’t want!

For More Information Call or Text me today (435)-602-8228.

THERE HAS NEVER BEEN A BETTER TIME IN HISTORY TO SELL A HOME

 There has never been a better time in history to sell a home, but sellers are still sitting on the sidelines despite current home value growth and record-low mortgage rates. 

Paula Higman Real Estate partnered with Coldwell Banker Global Luxury® is recognized as a world leader in the marketing of exceptional properties and is widely considered to be among the world’s consummate marketing programs for successfully promoting luxury properties to a local, national and international marketplace.

Let me help you Sell Your Most Valuable Asset.

        

 

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

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LUXURY IS CAPTIVATING

 

When your property is expertly marketed and displayed on hundreds of websites worldwide, it’s going to get noticed.

• Our unmatched internet reach puts your home on the world’s most-visited real estate websites.
• Coldwell Banker Global Luxury^® properties receive additional exposure on 50+ international websites targeting high-net-worth consumers.
• Exclusive websites coldwellbankerluxury.com, USLuxuryEstates.com, and PaulaHigmanRealEstate.com attract and cater to an international, affluent audience.

Give your home the attention it deserves.

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.

 

Connect With Us:

      

LET'S HAVE A COFFEE CHAT

LET'S HAVE A COFFEE CHAT

 

       

 

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.

 

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