IS IT TIME TO SELL OR WAIT IT OUT?

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.

LET'S TALK...

Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME.

        

 

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

Connect With Us:

      

UPDATED HOME VALUE

  HOME EVALUATION:

A few of months ago you inquired online as to the value of your home. I sent you a market value report for the property, but I have not gotten any feedback from you on it. Since so much time has passed, it’s very likely your valuation has changed. I’m happy to put together a new valuation based on today’s current market if that would be helpful. Just let me know. Thanks!

        

 

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 

Contact 

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

Connect With Us:

      

LUXURY IS EXCLUSIVE

 

When a marketing program has been designed exclusively for high-end properties and an affluent clientele, the results are extraordinary. Just another reason to list your largest asset with me!

• Strategic affiliations and an extensive global network give your property the widest possible exposure.
• Exclusive marketing tools and proprietary publications provide unmatched opportunities to showcase your home directly to an ultra-affluent audience worldwide.
• Luxury Property Specialists are backed by stringent certification criteria and extensive market expertise to ensure knowledgeable service.

Give your home expert marketing unlike any other, Because you deserve the best.

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 

Connect With Us:

      

HOW ACCURATE IS YOUR ONLINE HOME VALUE?

 

HOW ACCURATE IS YOUR ONLINE HOME VALUE?

The typical home value of homes in the Park City area is $1,190,000. This value is seasonally adjusted and only includes the middle price tier of homes. United States home values have gone up 19.2% over the past year and I predict they will rise 13.6% in the next year.

Let me help you price your home correctly...Call me or Text me Today at (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 Contact Paula Higman Real Estate Park City at 435-602-8228 

Connect With Us:

      

BE A MARKET INSIDER!

 

Be a Market Insider!

Stay up-to-date with a monthly newsletter

Preparing to Buy or Sell

Market Trends

Home Maintenance Tips

For Sale

See Properties For Sale

Rentals

See Properties For Rent

         

 

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: