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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Pre-approval Pre-qualification Title search Inspection 59

Lighter Side of Real Estate

AUGUST 5, 2020

Ask an agent to go see houses before getting pre-approved. There’s no greater let down than finding a house you love, and finding out you can’t be approved for a mortgage in the price range of that house. Besides, many sellers and their agents won’t even consider your offer if you don’t include a pre-approval letter.

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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. Clear the title. When you buy a home, you “ take title ” to the property and establish legal ownership—a process that’s confirmed by local public land records. Get final mortgage approval.

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RIS Media

OCTOBER 2, 2020

A title search can reveal a variety of issues that may create financial or legal problems. Even if you were pre-approved when you started house hunting, your circumstances may have changed since then and you may no longer qualify for the same amount and loan terms. Problems With the House. Legal and Financial Matters.

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Redfin

MARCH 3, 2022

It’s recommended to get pre-approved before house hunting to give yourself a realistic idea of how much home you can afford ; however, a mortgage pre-approval doesn’t guarantee that your loan application will be approved. With that said, it’s recommended to work with a knowledgeable, local mortgage broker. “A

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Realtor.com

JANUARY 2, 2023

“It’s true, on the average, that new homes of similar sizes historically outprice pre-owned by about 16%,” says Stephen Haines , president of Artisan Built Communities. “Depending on the age of the pre-owned homes, one should understand the remaining life expectancy of these components,” says Haines.

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New Construction Construction Pre-approval Inspection 105

Redfin

DECEMBER 15, 2023

Get pre-approved and secure your dream home Work with a lender to find the right loan for the home you love. Get pre-approved When is the right time to refinance your mortgage? In 2020, interest rates took a sharp dive as the Federal Reserve sought to stave off economic collapse amid the pandemic.

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HomeLight

AUGUST 31, 2021

The exact steps vary from state to state, but let’s take a general look : Pre-foreclosure: As the name implies, a pre-foreclosure isn’t in foreclosure yet, but it’s on the way there. Usually, a home goes into pre-foreclosure after several consecutive months of missed mortgage payments, and the lender issues a notice of default.

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HomeLight

JULY 31, 2020

Loan approval. In fact, buyers should go one step further (if they can) and get pre-underwritten for a loan , which offers even more security for both buyers and sellers. Once the buyer and seller sign the contract, the closing process begins — and therein lies the rub. It almost certainly will not move as quickly as anticipated.

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Closing Purchase and sale agreement Title search Earnest money deposit 104

HomeLight

OCTOBER 20, 2022

Many FSBO sellers will purchase a pre-listing appraisal. The buyer’s lender will probably require their own appraisal as part of their loan approval process. Preliminary title report. Pre-inspection. DISCLAIMER: As a friendly reminder, this blog post is meant to be used for educational purposes, not legal advice.

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Purchase and sale agreement Pre-approval Inspection MLS 96

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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Realtor.com

MARCH 10, 2021

When you are buying a home, you likely will start hearing some new real-estate and mortgage-related lingo, such as loan pre-approval, down payment, earnest money, escrow, closing costs, and more. There’s dreaming of buying a home—and there’s turning that dream into a reality. Fear not: There’s no need to get overwhelmed by the details.

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Pre-approval Closing costs Title search Finance 74

HomeLight

JANUARY 12, 2022

And in some scenarios, the seller won’t be required to attend in-person if they pre-sign the deed and other documents. But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. So if you list your home on Jan. 1 and accept an offer on Jan. How long each closing step takes.

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Point2Homes

JUNE 23, 2021

The best way to avoid this scenario is to get pre-approved with the lender selling that property. Even if your offer is taken into consideration, it can go through a lengthy approval process. Ideally, you should hire a company to run a full title search before closing to avoid unpleasant surprises.

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Realtor.com

DECEMBER 7, 2019

But keep in mind: Even with a pre-approval letter , things can still go awry in the final lending stages (including the appraisal—see the next item). That’s all hunky-dory in a buyer’s market. You want the house, and the seller doesn’t want any hiccups. Of course not! Say, for example, you’re paying in cash.

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Pre-approval Title search Title Inspection 90

Windemere Selling

MARCH 14, 2022

This is why many sellers find a pre-listing inspection to be beneficial: it provides transparency about the home’s condition ahead of time and can help to streamline the buying process, which can be especially helpful when selling in competitive markets. As a seller, it’s important to be transparent in listing any issues with the home.

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Redfin

AUGUST 10, 2023

Getting a Loan Estimate doesn’t mean you’ve been approved or that you must proceed with a particular loan, it’s simply a form to help you understand all the information before you move forward in the process. A mortgage loan is often the largest and most expensive loan you’ll apply for in your lifetime. Is the interest rate locked?:

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Loans Pre-approval Closing costs Title 58

Realty Biz

NOVEMBER 11, 2020

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. For example, if a home sale is contingent or pending, can you still make an offer? What does Contingent Mean?

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Real Trends

DECEMBER 27, 2022

Before a mortgage is approved, lenders will have a property appraisal. Before a mortgage is approved, lenders will have a property appraisal. 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? Inspection issues.

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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

Windemere Buying

AUGUST 31, 2022

Even if you are pre-approved for your mortgage , you may not be able to obtain the right loan for the home. It’s possible, but a more likely home buying experience is marked by negotiation, counteroffers, and a back-and-forth dialogue between both parties to reach a deal. And in some cases, the deal can fall through.

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HomeLight

NOVEMBER 9, 2021

If you need to sell your home pronto, now is a great time. The recent housing market has been hot and competitive due to an extreme lack of inventory. For a seller in a hurry, the shortage of homes means you can anticipate fewer days on market (DOM). Just how fast can you sell your home? You simply request a cash offer from fully vetted cash buyers.

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Windemere Buying

JUNE 22, 2022

Getting pre-approved early on helps to streamline this part of the closing process. A title search will generate a report for you and your lender detailing the history of the home you’re buying to ensure there are no legal barriers against purchasing it. Once the purchase agreement is signed, it becomes legally binding.

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The Residential Specialist

JUNE 23, 2020

to streamline scheduling, Gmail Templates to create and send pre-written emails that quickly answer frequently asked questions, and Gmail’s Priority Inbox feature to automatically separate important emails from junk. REALTOR ® Mike DelRose Jr. Automation essentials. Automation is a means to an end—and that end is speed. Masterful marketing.

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Pre-approval Title search Technology Agents 98

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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Purchase and sale agreement Title Proof of funds Pre-approval 98

HomeLight

SEPTEMBER 13, 2022

This means the buyer and seller have a pre-existing relationship of some kind (i.e. DISCLAIMER: As a friendly reminder, this blog post is meant to be used for educational purposes only, not legal or tax advice. Selling a house to a family member can be very rewarding. Selling a house to a family member can be very rewarding.

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Purchase and sale agreement Title Title search Finance 88

Redfin

APRIL 21, 2023

From beachfront condos to suburban single-family homes, the state’s diverse real estate market can make deciding where to start your search challenging. Buying a home in Florida can be an exciting, yet daunting process. What’s it like to live in Florida?

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Pre-approval Closing costs Title Loans 60

HomeLight

MARCH 6, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. While it’s long been considered a hub for big tech, the Bay Area, which includes San Francisco, Oakland, San José, and Sonoma, is also family friendly, diverse, and rich in arts, culture, and history.

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Redfin

AUGUST 3, 2022

Determining how much house you can afford is the first step in the home buying checklist – setting a realistic budget will relieve stress in the long run and help narrow your home search. Owning a beautiful home you can call your own is a dream come true. But it doesn’t have to be this way. Let’s get started. Know how much you can afford.

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Redfin

SEPTEMBER 14, 2023

4: Hillsboro, OR Median home price : $542,900 Hillsboro, OR homes for sale For those searching for a suburban atmosphere with a strong sense of community, check out Hillsboro. Prepare to embark on an exciting journey to homeownership in the Beaver State. What’s it like to live in Oregon?

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HomeLight

MARCH 17, 2021

It takes a lot of planning and preparation, possibly even some soul-searching, to decide what’s the right move in your situation. The nav system also tells you how long it will take, so planning out your road trip is easy. After all, how can you know how long it takes to buy a house, and what do you have to keep in mind?

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Redfin

JUNE 14, 2023

We’ve gathered market insights on several highly sought-after cities in North Carolina to start you on your home search. If you need help figuring out where to start, Redfin has your back. From market insights and the homebuying process, read on to make the jump to homeownership. What’s it like to live in North Carolina?

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Pre-approval Debt-to-income ratio Closing costs Title 56

HomeLight

JANUARY 29, 2021

Run a title search to surface liens or judgments attached to the property, such as unpaid taxes, a home equity line of credit, or a reverse mortgage. Meyer , an attorney whose decade-long practice includes probate, real estate, and title. Source: (Slidebean / Unsplash). Know where the mortgage stands.

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HomeLight

JUNE 30, 2021

Some states require only 40 hours of pre-licensing classes, while others may require more than 200 hours, for example. There are several different factors that determine home affordability and each lender can have its own mortgage approval standards when it comes to the buyer’s credit score, income, assets, debt, and liabilities.

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CT Homes

OCTOBER 28, 2021

When buying or selling a home, the topic of who pays closing costs is bound to come up eventually. Any real estate transaction will host numerous costs and fees that will be factored into the purchasing process on top of the property’s value. We’ll also settle once and for all who usually pays closing costs: the buyer or the seller?

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Closing costs Closing Purchase and sale agreement Title 75

HomeLight

MARCH 2, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. This Pacific Coast city combines the urban vibes of art and culture alongside fun physical activities like surfing or boating. Looking to Buy Your Dream Home in San Diego?

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Easy Agent Pro

NOVEMBER 12, 2021

Is this a buyer who is dragging his/her feet getting pre-approved for a mortgage? Actually, the posts are evenly split between homeowner topics and buying and selling topics. . That said, the agent said he’d prefer that his clients learn about down payment assistance and other such topics. Therein lies the problem, or problems.

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