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17 First-Time Homebuyer Mistakes to Consider and How to Avoid Them

Redfin

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

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How to Buy a Foreclosed Home: The Ultimate Step-by-Step Guide

Redfin

Youll need to coordinate with your real estate agent in order to tour these properties. Government-owned properties Some mortgages are government-backed, like VA loans and FHA loans. If a buyer with a government-backed loan goes into foreclosure, the government will take control of the property.

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How Do You Sell a House As-is? Everything Agents Need to Know

The Close

As their agent, you must also know how to protect your clients through the as-is selling process and understand the nuances such as navigating inspections and disclosures. Notably, falling below MPR standards could be a deal breaker for some homebuyer programs, such as a Federal Housing Authority (FHA) loan or VA loan.

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How Long Can a House Be Under Contract?

Norada Real Estate

Additionally, the type of financing being used, such as FHA or VA loans, can also impact the length of the under-contract period. It's important for buyers and sellers to have a clear understanding of the expected duration of the under-contract period and to communicate any concerns or issues with their real estate agent.

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How Much Your Inspection Will Cost, And What It Will Tell You

HomeLight

The seller’s disclosures gave you a window into the home’s condition, and your agent may have pointed out watermarks on the bedroom ceiling, a sign the roof might leak, or cracks in the walls from a settling foundation. When your agent helped you write your offer , the home’s condition informed your offer price.

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51 Brilliant Real Estate Tips for Buyers to Edge Past the Competition

HomeLight

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?

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Will My House Appraise for Its Selling Price? 10 Tips to Steer Clear of a Low Valuation

HomeLight

In fact, Tamara Bourne , a top-selling agent in Atlanta ’s South Metro who sells 84% more properties than her peers in Peachtree City, says she looks at a home like an appraiser does when she goes to a listing property. FHA and VA loans have additional requirements an appraiser must evaluate, most of which relate to safety and soundness.