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13 Steps to Buying a Bank-Owned Foreclosure

HomeLight

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

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How Long Can a House Be Contingent?

HomeLight

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.

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What Are the Pros and Cons of Buying a Bank-Owned Home?

HomeLight

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.

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Buying Your House With Cold, Hard Cash? Here’s Your Step-by-Step Guide

HomeLight

The share of all-cash home buyers has declined since 2014 because, “money is cheap right now with low interest rates, so some people who could buy in cash opt to buy with a mortgage,” says Sherry Ludecker , a top-rated real estate agent in Johnson City, Tennessee. Obtain proof of funds from the bank. Choose a settlement agent.

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Tempted by a Cash Offer for Your Home? Dissect It With This Guide

HomeLight

A cash offer won’t always be the best deal,” says Enas Latif , a top real estate agent who sells homes 62% quicker than the average Harris Hill, New York agent. To get a true value, hire a top real estate agent in your area to conduct a comparative market analysis. Review the terms of the deal for contingencies.

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Tips to Help Buyers Successfully Navigate a Hot Real Estate Market

Realty Biz

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.

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The Most Common Home Buying Real Estate Contingencies

Realty Biz

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.