HomeLight

SEPTEMBER 30, 2020

“You have to wait for the current owner’s bank to approve the short sale,” says Jessica Sanchez, Director of Underwriting and Loan Management at HomeLight. On average, you can expect a short sale to take between 60 to 90 days before you get the bank’s approval on your offer.

Short sale 138

Short sale Loans Sales FHA loan 138

HomeLight

DECEMBER 27, 2021

By following these pre-listing suggestions step by step, you can achieve a smoother and more profitable home-selling experience. Many renovations provide only 50% (or less) return on investment. Follow a home inspection/appraisal checklist. A home inspection is a requirement for many mortgage loans. Don’t be overwhelmed.

Pre-approval 110

Pre-approval Inspection Staging Renovation 110

HomeLight

JULY 25, 2022

While they typically report to people on the other side of the transaction, the appraisal and inspection report generated by these professionals can impact your bottom line. In the December 2021 survey, 19% of buyers waived the inspection contract contingency, down from its height of 27% in July 2021. Request Estimate.

Inspection 88

Inspection Pre-approval Loans Finance 88

The Close

FEBRUARY 6, 2024

Ensure Your Client Has Loan Pre-approval Many sellers are anxious to get to the closing table quickly, which drives many to cash buyers , even for a lower price. Also, understand the difference between a prequalifying and a pre-approval letter. In fact, I suggest quite the opposite.

Pre-approval 75

Pre-approval Earnest money deposit Inspection Inspection contingency 75

RIS Media

OCTOBER 29, 2020

When you are happy with what a lender is offering, you need to get pre-approval. A pre-approval letter will show real estate agents that you are a serious buyer who can get the loan needed, which could give you an advantage over other buyers. Home Inspections. You can attend the inspection if you want.

Pre-approval 139

Pre-approval FHA loan Inspection Closing costs 139

Redfin

FEBRUARY 22, 2021

All-cash offers, pre-approval letters, and flexible timelines are all strategies that can beat out the highest offer. Get pre-approved for a mortgage. One of the first steps you should take towards purchasing a house is obtaining a pre-approval letter. Go in with an all-cash offer.

Pre-approval 71

Pre-approval Inspection Lending Renovation 71

Windemere Selling

JULY 12, 2023

Talk to your agent about which home renovations are drawing buyer interest and strategize accordingly. Home Inspector Another important aspect of preparing your home for sale is being aware of what repairs it needs, which is why some sellers conduct a pre-listing inspection.

Pre-approval 74

Pre-approval Title Staging Inspection 74

Point2Homes

OCTOBER 19, 2021

Distressed properties or fixer-uppers may be cheaper but can pack higher renovation costs. Remember to factor in not just the price of the house but also renovation costs and carrying costs such as taxes, insurance and utilities. then deduct your estimated renovation costs. Find Financing. Buy the Property. Assemble Your Team.

House Flipping 94

House Flipping Renovation Pre-approval Finance 94

RIS Media

JULY 27, 2021

When you apply for mortgage pre-approval, a lender will tell you how much money it’s willing to give you to buy a house. People often move into a house and then discover that it has issues that weren’t noted in the inspection report. That will make it easier to pay for renovations and upgrades down the road.

Mortgages 95

Mortgages Pre-approval Inspection Renovation 95

HomeLight

JUNE 28, 2021

HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan. The buyer must work with a HUD-approved real estate agent/broker for all bidding (HUD homes are sold at auction). No problem!

Pre-approval 89

Pre-approval Pre-qualification FHA loan Inspection 89

Rent, Buy & Sell

FEBRUARY 1, 2021

The following pre-sale home renovations typically protect or increase a home’s value regardless of whether a real estate market is up or down. Pre-Sale Home Renovations That Add Value. Check with your local electric company to inquire about a free energy audit inspection. Replacing a roof in need of repair.

Pre-approval 95

Pre-approval Renovation Sales Inspection 95

Marco Santarelli

MAY 4, 2023

With prices still much higher than they were pre-pandemic, buyers don't have much room in their budgets for costly repairs, and they want a home that is move-in ready. Strategy 2: Get Pre-Approved for a Mortgage Getting pre-approved for a mortgage can give you a competitive edge in the housing market.

Sales 52

Sales Pre-approval Investor Renovation 52

HomeLight

AUGUST 25, 2020

The overarching question, as you make your way down your pre-sale checklist , is likely something along the lines of: “How long is this going to take?”. Below are just some of the typical pre-listing preparations that Shapiro calls out as essential: Reduce clutter. Resist the urge to do major renovations. Condition of the home.

Closing 117

Closing Pre-approval Inspection Days on market 117

Redfin

JUNE 21, 2023

Lastly, establishing relationships with reputable contractors and property managers can streamline property renovations and day-to-day operations. Never buy a property without having an inspection A home inspection is pivotal in identifying potential flaws within a property.

Due diligence 57

Due diligence Earnest money deposit Investor Inspection 57

HomeLight

AUGUST 31, 2021

submit your purchase offer with a pre-qualification or preapproval letter from a lender, these funds aren’t a sure thing until the loan is fully approved. Cash buyers have the option of taking these same steps for appraisals and inspections, but they aren’t required to so to appease a lender. The inspection.

Due diligence 73

Due diligence Inspection Pre-approval Pre-qualification 73

HomeLight

FEBRUARY 8, 2023

Home inspection fees: The average cost of a home inspection in New York ranges from $300-$400. Repair, renovation, and staging costs: These will vary widely based on the condition of the property. Buyers often prefer properties that are in good condition and do not need significant repairs or renovations.

Purchase and sale agreement 78

Purchase and sale agreement Inspection Investor Agents 78

HomeLight

JULY 31, 2022

It’s important to distinguish that appraisals are not intended to be a home inspection. While an appraisal is not in the same category as the more in-depth home inspection, different mortgage types (such as conventional loans or government-backed FHA , USDA, or VA loans ) have different minimum property standards.

Closing 98

Closing FHA loan Purchase and sale agreement Inspection 98

HomeLight

AUGUST 31, 2021

The Section 203(k) program, by contrast, is specifically designed to provide funds to both buy and renovate, upgrade, and repair a home. A Standard 203(k) is for homes that need major renovation or have structural issues. Only lenders that have been approved by the FHA can offer 203(k) loans.

Loans 78

Loans FHA loan Pre-approval Finance 78

HomeLight

SEPTEMBER 30, 2020

Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan. HUD homes are sometimes eligible for FHA 203(k) renovation mortgage loans. HUD-approved housing counseling agencies provide advice on the process and can help you explore financing options.

Earnest money deposit 75

Earnest money deposit FHA loan Pre-approval Finance 75

HomeLight

JUNE 17, 2022

Your want to sell your home without renovating. You don’t have the time or money to do renovations and want to move without extensively updating your home, and are willing to accept less money for it. But more importantly, the issues a home inspection reveals can even be more costly which the buyer is willing to forgo.

Inspection 101

Inspection Pre-approval Inspection contingency Renovation 101

HomeLight

MARCH 13, 2023

With the strong Florida sun shortening the lifespan of roofs and air conditioning systems, costly renovations may be necessary. A cash buyer relieves them of the headaches of renovating and listing the property. Many people who contact Reiner have older homes that haven’t been updated. For a rental, not as much,” explains Joseph.

Sales 77

Sales Investor Due diligence Renovation 77

HomeLight

JULY 25, 2022

Though the inspection fees and other closing costs will have been paid for by now, remember that your shiny new mortgage comes with a regular monthly payment. Ideally, saving room in your budget to ensure you can make the first several mortgage payments without worry should be part of your pre-purchase gameplan. Technically, sure.

Closing 97

Closing Banks Inspection Renovation 97

HomeLight

MAY 19, 2022

These are any problems the purchaser wouldn’t be able to discover for themselves during a visual inspection, as well as anything that would pose a health or safety hazard. Consider a pre-listing inspection. So once you do that inspection, you must disclose all of that.”. Understand buyers may still negotiate.

As-is 94

As-is Inspection Investor Closing costs 94

HomeLight

MARCH 16, 2023

They sign the lease just a couple of weeks after the home is renovated and ready for occupancy. He routinely works with multiple crews of contractors so he completes renovations at a lower cost and with fewer headaches than most homeowners. He adds that negotiations and home inspection issues could further reduce the price by 10%.

Sales 63

Sales Purchase and sale agreement Earnest money deposit Investor 63

Realty Biz

AUGUST 2, 2023

Age and condition of your home: Factor in any necessary repairs or renovations that potential buyers may consider when determining value. Include details such as the number of bedrooms and bathrooms, square footage, and recent renovations. Respond promptly to requests for information and provide any necessary documentation promptly.

Purchase and sale agreement 92

Purchase and sale agreement Title Staging Inspection 92

HomeLight

MARCH 13, 2023

Speed: One of the biggest benefits is a fast sale, as cash buyers are able to close the transaction quickly without the delays often associated with traditional home sales, such as waiting for financing approval or appraisal. Although there are no required disclosures because the property is being sold as-is, there is an inspection period.

Sales 86

Sales Purchase and sale agreement Due diligence Inspection 86

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.

Pre-approval 92

Pre-approval Short sale Banks Finance 92

HomeLight

SEPTEMBER 15, 2022

The National Association of Realtors agrees that auctions can accelerate a sale, in addition to offering these key benefits for sellers: Higher visibility among pre-qualified, prepared buyers who are ready to buy. Your home will be visible to pre-qualified, serious buyers. The sale is not contingent on an appraisal or inspection.

Pre-qualification 81

Pre-qualification Pre-approval Investor Agents 81

HomeLight

MAY 23, 2022

Buyers need to ask direct questions and pay close attention to the results of a home inspection so that they can determine the condition of the property and its features. The buyer may request answers in writing, especially after a home inspection. It’s worth noting there are many buyers out there looking for a renovation project.

As-is 86

As-is Inspection Investor Sales 86

HomeLight

AUGUST 20, 2021

Typically within a week after you’ve had the house inspected, you’ll most likely have to endure a home appraisal , a professional assessment of your home’s value. Ford shares an example: “In California, pre-1978 and pre-1992 housing were of lower quality. Pre-1978 did not require any corner sheer panels.

FHA loan 102

FHA loan Inspection Pre-approval Loans 102

HomeLight

JANUARY 3, 2023

FSBO sellers in Colorado may consider getting a home inspection prior to listing their home for sale. However, be aware that if you get a pre-listing inspection, you will be required to share relevant findings with buyers and how you did or did not address them. Get a pre-listing appraisal. Closing date. Earnest money.

Purchase and sale agreement 92

Purchase and sale agreement Inspection MLS Inspection contingency 92

HomeLight

JUNE 29, 2021

Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval. House flippers , on the other hand, pay cash to purchase homes that require major repairs, renovate them, and then resell them for a profit. Home inspection contingency.

Inspection contingency 56

Inspection contingency Proof of funds Inspection Pre-approval 56

HomeLight

MARCH 31, 2022

FSBO sellers in Florida may want to consider getting a home inspection prior to listing their home for sale. Addressing any issues upfront helps buyers have peace of mind when making an offer and helps to prevent inspection-related closing delays. Get a pre-listing appraisal. Get Estimate. Step 2: Fill out your disclosure forms.

Purchase and sale agreement 85

Purchase and sale agreement Inspection Title MLS 85

HomeLight

MAY 24, 2022

By waiting, you risk increasing interest rates that limit the number of qualified buyers as well as the size mortgage that lenders will approve. With a cash buyer, there’s no worry about mortgage approval or financing contingencies delaying the sales process. Read on for the reasons why 2022 might be the year to make your move.

Pre-approval 98

Pre-approval Equity Agents Closing costs 98

Redfin

AUGUST 3, 2023

Get pre-approved from a lender Getting pre-approved from a lender is crucial when buying a house in Georgia, as it offers several significant advantages. These laws may restrict alterations, renovations, and demolitions of a historic home to maintain their architectural integrity and historical value.

Purchase and sale agreement 54

Purchase and sale agreement Pre-approval Debt-to-income ratio Loans 54

HomeLight

FEBRUARY 28, 2021

These numbers will help immensely as you start the process of getting pre-approved for a mortgage. There are also additional expenses to consider, including taxes, home insurance, home maintenance, and inspection costs. Home inspections. In addition to a standard home inspection, don’t forget the termite inspection.

Inspection 71

Inspection Pre-approval As-is Agents 71

HomeLight

AUGUST 16, 2021

If you’re using a mortgage to buy the property, never start bidding before you’re pre-approved,” warns Reynolds. Homes sold at auction are sold on an as-is basis, meaning you won’t be able to negotiate for repairs or schedule inspections for a full overview of what you’re getting into. Move in or start working.

Title 106

Title Due diligence Finance Inspection 106