What is a home appraisal gap?

Housing Wire

When you go to buy a home , your mortgage lender will almost always order a home appraisal. Specifically, they want to be sure it’s worth the money they’re lending you and, most importantly, that they’ll recoup their investment if you default on the loan.

Pros and Cons of Removing Contingencies Early

RIS Media

So should your clients submit an offer with no contingencies to maintain an edge over competing offers? Here’s a look at the pros and cons of removing contingencies early: Pros. – Loss of Earnest Money Deposit (EMD) and other financial liabilities.

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What is Earnest Money and Why Do You Need It?

Redfin

As you close in on making an offer on a home, your real estate agent – or the seller’s agent – will ask about “earnest money.” How does earnest money work? Earnest money is the money you pay soon after a home seller has accepted your offer on a house.

The Most Common Home Buying Real Estate Contingencies

Realty Biz

Contingencies in Real Estate Explained. Do you know what a real estate contingency is and how it works? Real Estate contingencies are when some defined action or outcome must occur before a contract becomes legal and binding. Home Buying Contingencies Explained.

3 Top Reasons Why Sellers Sue Buyers for Backing Out of Home Sales

HomeLight

Will you lose your deposit? You now have skin in the game in the form of your earnest money deposit, plus you have a legal duty to buy the home (barring certain circumstances). Which contingencies you included in your contract with the seller. Appraisal contingency.

Everything You Need to Know About Making an Offer: 15 Tips for Homebuyers

HomeLight

Yes, writing a high offer will incentivize the seller, but money isn’t the only factor! No sales contingency? Make sure your agent stresses that your offer doesn’t contain a sales contingency. Determine how much earnest money to offer. Outline your contingencies.

Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending. Contingent Meaning.

What Does Contingent Mean in Real Estate Sales

Realty Biz

The Definition of Contingent. Do you know what contingent means when either buying or selling a home? For example, if a home sale is contingent or pending, can you still make an offer? For example, some agents will mark your home contingent, while others will mark pending.

How to Make Your Offer More Competitive!

CT Homes

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). Reduce/Waive Contingencies. Inspection Appraisal Financing.

House Appraisal Tips: What Home Buyers and Sellers Should Know

Realty Biz

What to Know About House Appraisals. A house appraisal can be concerning whether you are buying or selling a home. The licensed appraiser will check the property to work out the fair market value. Will the appraiser assess the home to be worth what is expected?

I Have to Make an Offer Contingent Upon Selling My House. How Do I Sweeten the Deal?

HomeLight

This is why many buyers make offers on their new home that include a sales contingency. With a sales contingency in your offer, you won’t have to close on your new home unless you’ve sold your old home. But a sales contingency could also make it harder to get an offer accepted.

How To Compete, And Win, In 2021.

The Living Room

So beyond the record low mortgage rates giving buyers unprecedented access to borrowing money cheaply (and thus increasing their buying power), the COVID pandemic has pushed many more people into the market than normal as their living situations have changed quickly, unexpectedly and seriously.

How to Make Your Offer More Competitive!

CT Homes

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). Reduce/Waive Contingencies. Inspection Appraisal Financing.

How to Make Your Offer More Competitive!

CT Homes

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). Reduce/Waive Contingencies. Inspection Appraisal Financing.

7 Creative Strategies to Make Your Offers Stand Out in a Seller’s Market

The Close

When writing the offer with this strong of an approval letter, it allows you to have a shorter financing contingency time and more emphasis on the appraisal contingency time frame. Include an As-is Home Inspection Contingency. Strengthen the Financing Contingency.

17 Home Closing Delays and How You Can Avoid Them

HomeLight

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). The appraisal is lower than the purchase price. However, sometimes buyers submit an offer that’s higher than the appraisal value.

Think The Cash Closing Process Is Always Fast? 11 Delays Buyers Should Watch Out For

HomeLight

And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. You were planning to take money out of the account to cover your cash purchase. Not enough money for closing costs.

Eliminating Stringent Contingencies: How to Make a Contingent Offer Stronger

HomeLight

And that’s before buyers even start thinking about steps like making a contingent offer. This means buyers need to come prepared with enticing offers and the capacity to quickly follow through, and nothing can sideline an otherwise stable deal like tricky contingencies. We’ll explore what buyers can do to help strengthen a contingent offer and secure a spot at the closing table. What is a contingent offer? Negotiable contingencies. Home appraisals.

Your Conclusive Guide to Buying a House with Cash

HomeLight

A cash offer simply means you have all the money you need to buy the home in cash. Typically, with a financed offer — that is, one that’s backed by a mortgage — your offer is contingent on the mortgage going through successfully. Avoid common mortgage contingencies.