HomeLight

MAY 28, 2021

A seller may lack the resources or finances to complete repairs at the moment and doesn’t want to have that contingency to sell the home. You think it’s almost too good to be true when you see one crucial caveat: It’s selling “as-is.” Red flags pop immediately into your head; you assume that can only be a nightmare.

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Realty Biz

JUNE 20, 2023

Researching Foreclosures Start your search by understanding the real estate market in your area. REOs: If a property does not sell at auction, it becomes a real estate-owned property, owned by the bank or lender. You want a property with a clean title, or at least an understanding of what you're taking on.

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Rent, Buy & Sell

JANUARY 20, 2023

Before You Buy: Be Honest About Your Finances The question isn’t really how low can prices go during a recession. Understanding how solid your finances are is just as important during a recession as finding a good deal on real estate. These searches are important because they verify that the home’s title has no issues.

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Realty Biz

DECEMBER 8, 2022

Here are all of the steps to consider in order to get financing for a home purchase. If you don't already know your credit score, your bank might offer a service to give you this number for free. Your debt-to-income ratio is an important consideration when lenders look at your finances. How to Get a Mortgage.

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Loans Debt-to-income ratio Due diligence Title search 132

Point2Homes

JUNE 4, 2021

Many online listing platforms will differentiate between pre-foreclosures, REOs (bank-owned properties) and actual auctions. The easiest way to assess the property’s condition is to visit and take a look at the exterior , searching for any signs of damage, squatting, etc. It’s also essential to run a title search on the property.

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Realty Biz

AUGUST 20, 2023

It gives you a clear understanding of your budget and helps you make informed decisions when searching for properties. It's essential to gather the necessary documentation, such as bank statements and pay stubs, to support your application. Mortgage pre-approval is an essential step when buying a house. What Is Mortgage Pre-approval?

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HomeLight

MAY 24, 2022

Even though it’s all cash to the sellers at closing, with a cash offer, “you don’t have to go through the appraisal or the bank approval process — it’s cleaner.”. With a mortgage, the bank verifies that the buyer has the down payment available to close. Why pay cash for a home? Despite this, there are benefits to a cash offer.

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Realtor.com

NOVEMBER 28, 2022

There are some costs that aren’t usually calculated into APR, including the home appraisal, title search, title insurance , credit report , and transfer taxes. That said, the appraisal, credit report, title search, and title insurance should normally be fairly minor costs when compared with the cost of the loan.

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HomeLight

JULY 25, 2023

If you agree to an offer of $350,000, your cash buyer will need to show proof that they have that $350,000 at the ready in a bank account or something equivalent. Sell Your House for Cash: Request an Offer Today HomeLight provides you with a convenient, no-obligation all-cash offer to buy your home, on your timeline.

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HomeLight

AUGUST 31, 2021

A foreclosed home is a property that has been seized by the bank after the homeowner failed to make their mortgage payments. A home goes through several steps before the bank physically takes over the house and sells the property. You’re reading through a new MLS listing, and you believe you found your ideal home.

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HomeLight

OCTOBER 30, 2020

A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. With a mortgage, there are all kinds of things that can go wrong to delay closing — financing issues and appraisals coming in low are two of the most common. Financing issues. Why do sellers love cash so much?

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HomeLight

JUNE 23, 2022

It is usually held in the broker’s or title company’s trust or escrow account until closing. DISCLAIMER: This blog post is meant to be used for informational purposes only, not legal advice. What is earnest money? Earnest money is often referred to as a “good faith” deposit. The typical amount is around 1% of the purchase price (ex. $5k

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Point2Homes

JUNE 23, 2021

Often, dealing with the bank directly can allow you to pace your home buying decision and even provide a better deal. Real estate-owned (REO) properties, also known as bank-owned, are properties that have not sold at a foreclosure auction , and as a result, they are owned by the foreclosing bank. What Is an REO Property?

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RIS Media

SEPTEMBER 21, 2020

If you’re searching for your first new home, you will likely hear many words that you’ve never heard before. Here are 15 homebuying terms you should become familiar with before you start your home search: . Fees may include the appraisal, the home inspection, a title search, a pest inspection and more.

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Realtor.com

OCTOBER 29, 2020

Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. Clear the title.

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HomeLight

JUNE 19, 2023

If you know for certain you want to buy land, but don’t have any specific property in mind yet, try doing an online search. LandWatch is a free online resource you can use to search for rural properties and land for sale. While everyone you know is talking about buying a house, the thing you’re eyeing isn’t a building.

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Redfin

MARCH 3, 2022

Financing issues. Unless you’re submitting an all-cash offer, you’ll need to obtain financing to purchase your home. Most title companies and attorneys don’t accept personal checks over $500, sometimes less. Make sure you know in advance how you will be getting a bank check or wire transfer, so you’re able to close on time.

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Realty Biz

SEPTEMBER 14, 2023

Some of their key responsibilities include: Reviewing and preparing legal documents Ensuring the clarity of title and title insurance Facilitating the transfer of funds Resolving legal disputes Importance of Hiring a Real Estate Attorney Hiring a real estate attorney is crucial to protecting a buyer's interests.

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HomeLight

AUGUST 16, 2021

Between searching for, viewing, negotiating , inspecting, and possibly renegotiating on a home, the road to the closing table is rarely a short one. In a short sale, the homeowner owes more on the mortgage than the house is currently worth, and the bank has agreed to accept a lower price to satisfy the debt. It’s a long sale.

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HomeLight

MARCH 9, 2022

This step is commonly referred to as a title search , title review, or property history search — but by any name, it involves delving into the formal records of a home and the property on which it sits. But what really goes on during a property history search? A title search is very important.

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HomeLight

AUGUST 16, 2021

This means that the homeowner stopped making payments on their mortgage, and the bank seized the property to recoup the funds. This is usually the outstanding balance owed on the defaulted mortgage, but it may also include tax liens and other fees associated with the bank’s expenses in servicing the property.

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HomeLight

JULY 31, 2020

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. It almost certainly will not move as quickly as anticipated.

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Realty Biz

MARCH 31, 2023

These homes will not be listed for sale by the bank unless someone does not become a winning bidder. This means the title is sold at auction, and the home has a new owner. Though it is possible to finance the purchase, you must show you have the funds to buy to qualify as a bidder. What Happens During an Auction?

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HomeLight

NOVEMBER 9, 2021

A traditional home sale in which a seller lists with an agent and a buyer finances with a mortgage takes approximately 18-30 days to go under contract, plus an additional 30-45 days to closing. Buyer’s financing method. If you need to sell your home pronto, now is a great time. Just how fast can you sell your home? Listing price.

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HomeLight

OCTOBER 29, 2020

Choosing a qualified agent and searching for the perfect home in terms of ideal size, location, price, and condition can already feel like a journey, but making an offer on a property is when the challenge really begins. Is it an understatement to say that buying a house can be a complicated process? Source: (JJ Badenhorst / Unsplash).

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Purchase and sale agreement Pre-approval Earnest money deposit Inspection 77

HomeLight

AUGUST 29, 2022

Whether you grew up in Texas, are relocating for work, or always dreamed of living in this affable state, it’s a great place to buy a house. Nicknamed the Lone Star state, Texas is the second most populous state in the country and the second largest state in land mass. Your dollars might stretch much farther here than they do in many other states.

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Redfin

DECEMBER 15, 2023

The phrase “refinancing” refers to a mortgage transaction in which your bank or lender pays off your old mortgage in exchange for a new one. In 2020, interest rates took a sharp dive as the Federal Reserve sought to stave off economic collapse amid the pandemic. What is a mortgage refinance?

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HomeLight

JANUARY 12, 2022

But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. According to the loan software firm ICE Mortgage Technology, it took 50 days on average to close on a purchase loan for a house, as of Q3 2021. So if you list your home on Jan. 1 and accept an offer on Jan.

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HomeLight

JULY 31, 2022

You’ve decided it’s time to buy a house ! One of the first steps is to pick a real estate agent to work with. But what if you decide that you don’t want to work with a buyer’s agent to buy your home? Well, welcome to your step-by-step guide to buying a home without a real estate agent. Find a lender you can trust. Research your ideal neighborhoods.

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HomeLight

JANUARY 13, 2022

There’s a nearby park, and it’s only blocks away from one of your favorite restaurants. You’re getting ready to call your agent to schedule a showing when you notice that the listing says the property is “active contingent.”. What on earth does active contingent mean? you think to yourself. Source: (Chase Chappell / Unsplash).

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HomeLight

SEPTEMBER 9, 2020

That’s because “a buyer purchasing a home with a mortgage loan could still lose their financing, even with a solid preapproval letter. Obtain proof of funds from the bank. Providing a proof-of-funds letter is more secure than forking over a bank statement, which contains sensitive information. Get the cash together.

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HomeLight

FEBRUARY 14, 2022

It’s not terribly common to rent-to-own because most of the people who are in the rental situation are those who, for whatever reason, can’t get financing the conventional way through a bank. Or, maybe the idea sounds so far-fetched you wonder if rent-to-own homes are even real in the first place — totally fair! Margaret Labus.

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Real Trends

DECEMBER 27, 2022

Keep reading to learn about the reasons a deal is starting to slip and the warning signs that a deal will never close. How often does a pending home sale fall through? A pending sale may be referred to as “under contract” by some real estate agents. Regardless of terminology, the meaning is the same. Reasons your deal may slip: 1. Inspection issues.

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HomeLight

MAY 27, 2021

Step 1: Prepare your finances. Before you can get a mortgage, you have to have your finances in line. But when it comes to one of the key aspects of buying that home — how to get a mortgage loan — you may draw a blank. We’ve prepared this simple guide to lead you through the process, step-by-step. Source: (Matthew Henry / Burst).

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Loans Mortgages Title FHA loan 78

Marco Santarelli

DECEMBER 22, 2020

Real estate or mortgage note investing is owning real estate without property management or without becoming a landlord where the homeowner pays the investor instead of the bank. Mortgage note investing is one of the best real estate investment opportunities available but it is rarely discussed.

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The Close

DECEMBER 29, 2022

And now we present the 131 real estate terms you need to know—and be able to define for clients—in 2023: 1031 Exchange. This tool, also known as a like-kind exchange, allows investors to defer paying capital gains taxes on a sale. The catch is that they must sell one property and buy a similar one within a set time frame. Active contingent.

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HomeLight

SEPTEMBER 16, 2021

A ‘cash offer’ simply means the offer does not include a financing contingency — in other words, it’s not dependent on the buyer being able to secure a loan.”. However, cash offers historically tend to be lower than financed offers. You know your home’s worth and you’re ready to search for a qualified cash buyer.

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