HomeLight

AUGUST 31, 2020

Some potential homebuyers pass over foreclosures or buying a bank-owned home entirely because they are daunted by the special considerations that go into this kind of sale. The reality is, there are a variety of substantial pros and cons that any would-be buyer should weigh seriously before purchasing a bank-owned property.

Banks

Realtor.com

OCTOBER 29, 2020

Most purchase agreements have contingencies —things that buyers must do before the real estate transaction is official, explains Jimmy Branham , a Coral Springs, FL, real estate agent at the Keyes Company. It’s rarely advisable to waive an inspection contingency. Your home inspection reports.

Closing

HomeLight

JANUARY 31, 2024

Here are some of the most common contingencies you might encounter: Home sale contingency: This allows the buyer a specified amount of time to sell their current home. Inspection contingency: This gives the buyer the right to have the property inspected within a certain timeframe.

Purchase and sale agreement

HomeLight

NOVEMBER 8, 2024

We’ll also share tips on how you can make a strong, non-contingent offer so you’re not stuck in the pending zone. Find a Top Agent With Experience in Contingency Offers If you need to make an offer on a home with contingencies, you’ll want a top agent by your side who can avoid pitfalls and secure the home you want.

Inspection contingency

HomeLight

JANUARY 13, 2022

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? Barnes has completed 10% more deals than the average agent in his area. Inspection contingencies. Appraisal contingencies.

Backup offer

HomeLight

JULY 31, 2022

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. You’ve decided it’s time to buy a house ! Find a lender you can trust. Find a home.

Earnest money deposit

Realty Biz

FEBRUARY 20, 2021

The home buying contingencies below should be completely understood before signing on the dotted line of a purchase and sale agreement. Home inspection: often called a due diligence contingency, will give the buyer rights to have the house inspected. Most buyers will have a home inspection contingency in their contract.

Purchase and sale agreement

HomeLight

OCTOBER 30, 2020

All-cash offers are beloved by sellers and real estate agents alike — and they’re more than three times as likely to be chosen from the pack. We talked to two top real estate agents to walk us through what can hold up even an all-cash deal. But is the cash closing process always seamless? Why do sellers love cash so much? Not always!

Closing

HomeLight

MAY 17, 2022

Real Estate Agent. Real Estate Agent at Compass RE Texas. Mary Stewart in Sugar Land , Texas, is in the top 1% of agents in her area for successfully selling homes. Some auctions do allow interior inspections, so stick with those auctions if you fear buying a dilapidated and rundown property. Mary Stewart. Mary Stewart.

Inspection

HomeLight

SEPTEMBER 30, 2020

I’ve had them take up to 10 months,” says Laura Snyder , a top-selling Bel Air South, Maryland-based real estate agent with extensive short sale experience. You can protect yourself with contract contingencies, which are clauses in a real estate contract that allow you to back out of the deal if certain conditions aren’t met.

Short sale

Point2Homes

DECEMBER 7, 2020

This should show you how much you can afford to spend on mortgage payments and reveal how much a bank is likely to lend to you. The real estate agent you choose to work with is even more important when buying a foreclosure. What’s more, the right agent can also help you find foreclosed homes that you might have otherwise missed.

Debt-to-income ratio

Realty Biz

JULY 7, 2021

The preapproval letter is based on the lender reviewing and confirming your W-2s, bank statements, credit score, and other relevant documentation. There may be rare local circumstances where this will work but it should only be based on the advice of a trusted real estate agent. Require a minimal home inspection.

Inspection contingency

Redfin

JANUARY 25, 2021

Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider. 1) Home inspection contingency. As the buyer you should always order a home inspection. 2) Appraisal contingency. 4) Home sale contingency.

Home sale contingency

HomeLight

SEPTEMBER 10, 2022

You offer the owner $200 but explain you don’t have the cash with you and that you need to run by the bank. We’ve done the research, read contract language, and talked to a veteran real estate agent to learn what buyers need to know about 72-hour kick-out clauses. Real Estate Agent. Real Estate Agent at RE/MAX Accent.

Purchase and sale agreement

HomeLight

SEPTEMBER 30, 2020

The purchase contract will most likely still include an inspection contingency , which gives buyers a built-in window to walk away. Under the inspection contingency, the buyer asks you to repair it (even though you listed as is). Find an experienced agent. And a buyer makes an offer. Consider finding a cash buyer.

As-is

HomeLight

OCTOBER 8, 2020

In this bonus Walkthrough episode, you’ll learn why homeowners call HomeLight Trade-In the “easy button” of real estate and why agents say it’s a “game changer” that’s helping them sell more homes and create happy clients. You can find the group here: HomeLight Agent Community – The Walkthrough.

Agents

HomeLight

JULY 31, 2021

turn four walls and a roof into money in the bank, without the need for inconvenient showings, nail-biting appraisals , or a 50-day closing. If the whole house has been renovated recently and the seller wants full market value, they’re typically better off working with an agent.”. Work with a real estate agent. Good bones.

Earnest money deposit

HomeLight

AUGUST 25, 2020

Using input from a top agent and some experienced real estate investors, we’ve put together this in-depth guide to help you understand the process, pinpoint the biggest time-wasters, and learn what actions you can take to get from listing to closing as quickly as possible. An experienced agent (or lack thereof). Condition of the home.

Closing

HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. We tapped the expertise of top Illinois real estate agent Jen Ortman , who walked us through some of her best advice for buyers. Hiring an agent. Hiring an agent is a big deal. And the best part?

Closing costs

HomeLight

OCTOBER 29, 2021

We’ve talked to an experienced real estate agent who’s been through hundreds of closings, reviewed closing documents , and broken the house closing process into 17 steps. A good real estate agent will be with you every step of the way, making sure things are progressing. A typical house closing process follows these steps.

Closing

HomeLight

SEPTEMBER 25, 2020

Getting a mortgage also allows you to keep more of your liquidity intact : If you had $500,000 in the bank, and use it on an all-cash home purchase, you now have $0 in the bank. Then they’ll buy the house on your behalf in cash, eliminating the need for financing and appraisal contingencies.”.

Mortgages

HomeLight

FEBRUARY 28, 2021

on the southwestern bank of the Potomac River. Top-performing Arlington real estate agent Ray Gernhart , a 30-year Arlington resident, says people want to buy a house in Arlington for several reasons. “A for safety, security, and good schools,” says Gernhart, a single-family home expert, closing 73% more deals than area agents.

Earnest money deposit

HomeLight

MARCH 30, 2021

Cesi Pagano , a real estate agent with over 30 years of experience in Orange County, California , says, “It’s important that buyers look at every detail. Some people just focus on a home inspection and that’s not enough. Ask your real estate agent to help you gauge the current real estate market in your preferred area.

Due diligence

Redfin

OCTOBER 12, 2020

Real estate agent. However, the process will feel less daunting with an experienced real estate agent by your side. From finding the ideal home in your price range to knowing how much to offer on a house , your real estate agent is there to make your homebuying experience as smooth as possible. Home appraiser.

Title

Realty Biz

DECEMBER 23, 2022

Last December, 19% of homebuyers waived the home inspection contingency component of their real estate sales contract. Even though most realtors don't recommend not ordering a home inspection, in a tight market, waiving the contingency may improve a buyer's chances of a seller accepting their offer.

Inspection

HomeLight

AUGUST 31, 2021

From the seller’s point of view, it doesn’t make much difference whether the cash comes from the buyer’s personal bank account or from a mortgage loan. The associated contingencies , which come with additional risks for the seller, are where you’ll find most key distinctions between a cash offer and an offer backed by a mortgage loan.

Due diligence

HomeLight

JUNE 30, 2022

We asked our top agents for their best advice for first-time buyers and we’re going to delve into the top dos and don’ts when buying a home; some may be odd, others may be more obvious, and several you may have never considered. Bank statements. Work with an agent. Tax returns for the last two years. W-2s or 1099s.

Purchase and sale agreement

HomeLight

JULY 31, 2022

To explore your options with potential appraisal required repairs, we gathered expert advice from appraisers, lenders and top agents. A conventional loan is a private mortgage, which is usually backed by a commercial enterprise such as a bank, mortgage company, or credit union. Connect with a Top Agent. Find Agent.

Closing

HomeLight

NOVEMBER 9, 2021

During a seller’s market like the one, we had in the summer of 2021, a top real estate agent could help you find a buyer for your home in as few as 75 days from listing to closing. To help you set the best price on your home, a top real estate agent will provide you with comps and a pricing recommendation. Days on market.

Purchase and sale agreement

HomeLight

JUNE 21, 2022

Buyers typically pay for the inspection to uncover major issues that may give them second thoughts about purchasing the house and avoid surprise repairs after moving in. Contingencies can be costly. The appraiser utilizes this information to establish the home’s worth which affects the size of the mortgage the bank will approve.

Inspection

HomeLight

DECEMBER 31, 2020

Real estate agents keep an eye on sales pending properties because there are a number of ways that the deal could fall through and the house could come back on the market. Things that could derail a sale during the sale pending period include: The home inspection. You’re locked into the contract once you sign.

Closing

HomeLight

OCTOBER 29, 2021

We’ve rounded up advice from top real estate agents, plus talked to a few first time buyers who shared how they turned that impossible dream into a reality. Once you buy a house and see your now-depleted bank account, that’s shocking,” she says. “I Find a reputable and experienced agent. So, how much do you need to save ?

Inspection

Realty Biz

JUNE 7, 2021

It’s typically based on reliable and up-to-date information provided by a real estate agent knowledgeable about the local market. The agent’s suggested price comes from what is known as a “market analysis.” That means the bank will loan 80% of the value of the house and the buyer needs to pay cash for the other 20%.

Inspection

HomeLight

OCTOBER 29, 2020

We tapped the expertise of top California-based real estate agent Jordan Clarke , who sells 13% more homes than the average agent in his area. The agents get a smooth transaction and speedy commission. But what if that cash could do a lot more for you if it’s not tied up in a home? Source: (XPS / Unsplash).

Finance

Redfin

FEBRUARY 10, 2021

Buyers should ask their real estate agent about their local market and advice on making offers competitive. Well, it’s not only the difference between getting a low-interest rate on a home loan versus a high one, but it will also directly impact how much a bank or lender will loan you. Buyers should be prepared to compete.

Debt-to-income ratio

Redfin

AUGUST 29, 2024

There are programs on the federal, state, and local levels, so it’s best to research your options and speak to your real estate agent to learn more. It’s important to get quotes from multiple lenders, rather than choosing the first mortgage lender you come across or even your current bank. FangXiaNuo via Getty Images 6.

Earnest money deposit

HomeLight

AUGUST 24, 2022

According to Todd Auslander , who completes 27% more sales than the average Stamford, Connecticut agent, selling a house ‘as is’ in Connecticut is mostly done when the owner inherits the house, lives out of state, or the house is in really bad condition. No but agent write ‘as is’ in the remarks section according to Auslander.

As-is