Top

Katie Reuben Real Estate

Huntersville, Cornelius, Davidson & Charlotte Real Estate - Call 704-792-8768

Blog

/ Buying, Selling

Buying a Home Contingent on Selling Your Existing Property: What You Need to Know

So you found your dream house.

The trouble is you need to sell the one you live in before you can buy it.

Putting in an offer and going under contract on a new home contingent on selling your current home can be pretty anxiety inducing. It can produce even more angst on the sellers’ end, as buyers are more protected by North Carolina Real Estate laws in these cases. Knowing the ins and outs of contingent sales can help calm those nerves and feel more confident in your decisions along the way, because you’ll know what to expect in every scenario. Enlisting the help of a Realtor ensures that you have a trusted and knowledgeable advisor in your corner to minimize risk and help you get from point A to point B (that dream house) as smoothly as possible. Read on for what you need to know before you sign that contract…

Edited January 2022: In a persistent sellers’ market, when inventory is low and multiple offers are a distinct possibility, a contingency can be a big hurdle and a deterrent for sellers when choosing an offer among many. Talk to your Realtor and mortgage professional about cash offer services or loan options you might qualify for in order to remove the contingency from your offer. If removing the contingency isn’t a possibility, talk to your Realtor about ways to strengthen your contingent offer!

If I go under contract on a new home, how long do I have to find a buyer for my existing home?

When you put in an offer on a home when your existing property is not under contract, your agent will include a Contingent Sale Addendum. In the event that your offer is accepted and you go under contract, you will have until the end of your due diligence period (usually 30-60 days) to find a buyer for your existing property. If your existing property does not go under contract by the end of the due diligence period stipulated in your contract on the new home, the contract becomes null and void. There is no need for the buyer or seller to terminate the contract. Earnest money deposits are returned to the buyer.

If my offer is accepted with a Contingent Sale Addendum, can the seller “kick out” my offer if a better one comes along without a contingency?

No. Some states have what is known as a “kick out” clause that allows sellers to “kick out” a buyer in favor of an offer with better terms if they do not remove the contingency within 3 days. At one time, North Carolina’s Contingent Sale Addendum contained this clause, but it has not been a part of the Addendum since 2011.

If my property is under contract by the end of the due diligence period, but it doesn’t close by the settlement date in the contract with the seller, who can terminate the contract?

In this case, the buyer has the right to terminate the contract and get their earnest money deposit back, as long as they terminate within 3 days following the settlement date in the contract.

In the above scenario, when does the seller have the right to terminate?

If the buyer does not terminate the contract within 3 days following the settlement date, and the buyer is unable to close on the sellers’ property within 14 days of the contractual settlement date, the seller may choose to terminate the contract. In this case, the buyer would lose their earnest money deposit.

What if my existing property is under contract on the effective date of my contract with the seller, but my contract falls through?

In the case that a buyer’s contract falls through on their existing property, they must notify the seller. At this point, either the buyer or seller has the right to terminate the contract, and any earnest money deposits are returned to the buyer. However, If the buyer is able to submit a second contract with another buyer, they would again be in compliance with the Contingent Sale Addendum and the seller would no longer be able to terminate the contract.

If the seller terminates the contract during any period when they are permitted to do so, what happens to due diligence monies?

Due diligence monies are only required to be returned to the buyer if the seller terminates the contract during the due diligence period.

While a sale contingency can add additional steps and sometimes obstacles along the road to your new home, know that you are not alone! Approximately 75% of home sales include a buyer contingency. Don’t let it deter you from moving forward…enlist a trusted agent to guide you through the process and minimize your risk. If you have your eye on your next home, and you’d like to find out more about what your existing home is worth and what it will take to get it sold, give me a call and let’s chat! 704-792-8768.

/ Fitness

How to Fit In Health & Fitness as a Busy Mom

I wasn’t always part of the #fitmoms or #momswithmuscles tribe. I used to feel so incredibly removed from a healthy lifestyle that I couldn’t even imagine myself doing the things I do now…waking up before the sun to work out, making a health food shake for breakfast, cooking healthy meals for my family, running virtual fitness bootcamps for other busy mamas…what?? None of that was on my radar, because it didn’t seem doable to me. I would tell you I “wasn’t a morning person” or I “hated exercise.” I had no idea what to do at the gym when I went with my husband. And we went out or got take out more than I would like to admit. If dinner was make at home, it usually came from a packet. I just didn’t have a clue.

But I wasn’t prepared for how pregnancy would change my body and age would change my metabolism without changing my habits. It was enough to make me curious and start looking at the #fitmoms, wondering what they were doing to combat the natural and seemingly unavoidable effects of mother nature, and how they were making time for it all with the demands of a job and motherhood.

It didn’t happen overnight, but I changed my story. These are things that helped me.

  1. Learn to cook. I spent a whole summer on this one. I subscribed to Cooking Light magazine and made 3-4 recipes a week. There were MANY epic failures, but the more I did it, the more I learned and the better I got. Cook with whole, clean ingredients, experiment with seasonings and flavors, learn healthy swaps for processed foods, save recipes to Pinterest boards, buy a cookbook, join recipe groups on Facebook…You’re welcome to join mine! Tried and true family recipes from mamas in my ‘hood!

Join here: https://www.facebook.com/groups/1048904335178169/

  1. Let go of limiting beliefs! If you know that you’ll never ever in a million years be able to get a workout in any other time other than 5AM, but you’re “not a morning person,” guess what…you ARE NOW! You’ve got to change the story you tell yourself, because whatever you’re telling yourself is TRUE. So if you want to become a morning person, tell yourself you are! Is waking up early going to feel AWFUL for a week or two and be immensely hard? Yep! But I promise, you can do hard things, and once you get through the beginning and it becomes a new habit, it will get easier. Maybe it isn’t 5AM…maybe it’s naptime or after work…but be honest with yourself about the best way to fit it in, and then tell yourself it will happen!
  2. Find a workout you LOVE and look forward to! Try new things! Take the free class at that gym with a friend…go for a walk/run with your dog…sign up for the free trial for the at home fitness programs…see what you like! Don’t just try one thing, decide you hate it, and swear off all exercise because it must all be the same…it isn’t! And everyone is different! Find your FIT!
  3. Never leave the house without at least one meal. You can plan all you want, but there will always be those errands that multiply, that meeting that pops up unannounced, that traffic jam that is unexpected, or the event that runs long…be prepared! Even if it’s as simple as a snack or meal replacement bar in your purse, keep something with you that aligns with your health goals and will keep you on track.
  4. Listen to self-help audiobooks and podcasts in the car that make you feel like a badass! (I feel like I could write a whole other blog post on my favorites!) If you need motivation, start with Mel Robbins’ The 5 Second Rule…you’re welcome.
  5. Reward yourself for small victories with non-food items! If you wake up without hitting snooze for a whole week, lose 2 pounds, go a whole week without a caramel machiatto with whip, or workout 3 out of 5 days…have something you’re working toward and reward yourself! Get a manicure or a message, buy yourself new workout clothes, or treat yourself to a bubble bath at home…something to celebrate your wins!
  6. Start looking at self-care differently. Self-care is not always bubble baths and indulging in wine and chocolate cake with girlfriends or binge watching This Is Us. I do those things sometimes, because they’re good for the soul, but true self care is different. I have learned that self-care is doing the things that help me feel and operate as my best self even when I don’t want to do them. I don’t always FEEL like cooking dinner or planning meals or waking up early or working out or choosing the hard-boiled egg over the cookie. But I do these things, because feeling healthy, prepared, and in control make me happier, stronger, more patient, and just plain better for the people I love.

 

I know how it feels to have a healthy lifestyle of fitness and good, clean nutrition feel absolutely foreign. I know how it feels to know what I should be doing, but feel so overwhelmed with the demands of a job, family, and life that I just couldn’t get it together to start. It took grace and lots of baby steps and failing forward to get to where I am today, but I know it can be done, and I love my side gig helping other busy mamas get started with a healthier lifestyle for themselves and for their families. If you are curious about what I do personally…the programs I have followed for my own nutrition and fitness for the past 12 years…email me at [email protected] or find me on Facebook! I would love to answer your questions and help you get started too!