HomeLight

JANUARY 5, 2022

If your friend plans to pay for your home with all-cash, then you want to have your attorney verify proof of funds. However, if your friend intends to finance their purchase, they should get pre-approved by a lender for the appropriate loan amount before you consider them a buyer in earnest. Source: (GaudiLab / Shutterstock).

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Pre-approval Purchase and sale agreement Title search Title 108

HomeLight

MAY 24, 2022

Without a lender to verify funds, the seller will likely request proof of funds and earnest money from the buyer. Some cash buyers may choose to supply this information with their offer letter ; others may need to contact their bank and arrange for funds verification. Title search: 3 days.

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Purchase and sale agreement Closing Title search Title 108

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. Clear title. Close for cash in as few as 10 days. Consult with a top real estate agent.

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Title Inspection Proof of funds Investor 103

HomeLight

APRIL 30, 2021

Buyers using financing and putting down 20% or more. Buyers using financing and putting down between 10% and 19%. If you’re using cash, you’ll have to show proof of funds with your offer. “There’s basically six levels of buyers in the marketplace right now, and the No. FHA and VA buyers with low down payments.

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Due diligence Finance Proof of funds Earnest money deposit 103

HomeLight

OCTOBER 20, 2022

Preliminary title report. Doing a title search before you put your home on the market alerts you about any pending taxes, restrictions, or liens on the property that you’ll have to clear before selling. You can ask for proof of funds and a mortgage pre-approval letter. Mandatory disclosures. Prepare for closing.

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Purchase and sale agreement Pre-approval Inspection MLS 106

HomeLight

MARCH 13, 2023

You are either replumbing the house, rewiring the house, or putting a new roof on the house prior to closing so that a financed buyer can get insurance. There’s just so much less risk with a cash offer than with a financed offer that it is night and day,” says Spray. Both parties sign a contract and submit it to a title company.

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Sales Investor Due diligence Renovation 88

HomeLight

JULY 31, 2021

Brian Martucci , a personal finance expert for Money Crashers , says that cash buyers tend to target the types of properties and sellers that reinforce the inherent advantages of their strategy. A 10-day closing translates as getting your home sold around five times faster than with a buyer who needs financing in today’s market.

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Earnest money deposit Inspection Proof of funds Inspection contingency 98

HomeLight

FEBRUARY 16, 2023

House Heroes further vets itself by providing a proof of funds bank statement. If your home was severely damaged in a weather event, or you’ve fallen years behind on routine maintenance, you can still sell without needing to make the extensive repairs that financed buyers may require.

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Purchase and sale agreement Closing costs Closing Investor 89

HomeLight

MARCH 16, 2023

You don’t need the added stress that comes with the risk of the buyer’s financing falling through or a home inspection turning up unpleasant surprises. Less hassle: You won’t need to worry about showings, open houses, fielding offers, negotiating, low appraisals, or the risk of the buyer’s financing falling through.

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Sales Purchase and sale agreement Earnest money deposit Investor 71

The Close

DECEMBER 29, 2022

Chain of title is an historical record of previous owners of a property that’s essential in establishing the legal ownership of the property. An established chain of title helps protect the buyer from future challenges to ownership. A title search helps create that chain and is usually conducted by a lawyer or title company.

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Purchase and sale agreement Title Proof of funds Pre-approval 97

HomeLight

NOVEMBER 21, 2022

Without carefully vetting the buyer, the sale could go up in smoke if you accept an offer from the wrong buyer who can’t obtain financing. Here are key considerations when considering an offer on your South Carolina home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds.

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Purchase and sale agreement MLS Pre-approval Agents 83