Redfin

MARCH 2, 2023

Regardless of your experience, navigating the housing market can be daunting, especially when it comes to understanding the complex jargon and legalities involved in purchasing a property. One important concept that all homebuyers should be familiar with though is the appraisal contingency. What is an appraisal contingency?

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Purchase and sale agreement Earnest money deposit Finance Inspection 59

Housing Wire

APRIL 6, 2021

Linda (who asked that her real name not be used) beat out a dozen other prospective buyers in a bidding war by offering $445,000 and waiving all contingencies. Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. She recently had a deal fall apart due to appraisal.

Title search 539

Title search Loans Title Agents 539

Housing Wire

DECEMBER 8, 2023

Educate your clients about financing While many homebuyers can benefit from a 30-year, fixed-rate conventional mortgage , other borrowers might need access to other loan programs with more lenient guidelines. In today’s market, having a preapproval, at the minimum, is a must. What steps must they take to achieve loan commitment?

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Proof of funds Inspection contingency Inspection MLS 427

Housing Wire

MAY 18, 2021

“I started as an agent up here in 2009, and I’ve been saying since then the only thing that would slow down the market would be some sort of national or international event,” said Pullin, a managing broker at Skyline Properties. Here’s what to expect in the mortgage application process. Presented by: Citi.

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Marketing Agents Sales As-is 437

Housing Wire

MAY 20, 2022

Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Bluffton, South Carolina. Greenwich, Connecticut. Gillette, Wyoming.

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Marketing Loan Officer Brokerage Agents 407

Keeping Current Matters

JULY 23, 2021

The language of buying and selling a home may sound scary at first, but knowing how key terms relate to today’s market can help you. For example, current low mortgage rates and higher wages positively impact affordability for buyers, while home price appreciation continues to grow home equity , which sellers can use to fuel a move up.

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Marketing Equity Mortgages 231

Housing Wire

APRIL 8, 2021

Here are some of the key tactics and pieces of advice, shared by industry professionals on the housing market’s front lines, that go into creating an initial offer to buy a home, along with the negotiations you should be poised for if you catch the seller’s attention. In an extremely competive market?

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Housing Wire

JULY 29, 2022

Fast-rising home prices and interest rates coupled with a slipping economy helped to cool the nation’s housing market in June leading to a nearly 2% increase in the number of homes on the market. You’ll do more harm than good if you overprice and have to do a price reduction or take the home off the market.”. year over year.

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Inspection Sales Marketing As-is 462

Realty Biz

OCTOBER 20, 2023

However, amidst the excitement of finding the perfect property, there's a crucial step that many homebuyers might overlook or not fully understand - the home appraisal. In this article, we will take a closer look at why homebuyers might need a home appraisal and how this process can play a pivotal role in the real estate transaction.

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Purchase and sale agreement Inspection Finance Loans 115

HomeLight

JUNE 9, 2023

But as your eyes scan the details of the listing, you come across a term that makes you pause: “Contingent.” ” So, what does contingent mean in real estate? A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet.

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Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145

Housing Wire

MARCH 16, 2022

Interviews with other agents revealed that sellers were also reluctant to accept borrowers with down payment assistance, and that Latino borrowers were removing appraisal contingencies in order to compete. A lack of supply impacts the entire mortgage market, but for Latinos, it is particularly worrying, the report argued.

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Investor Loans Mortgages Finance 383

Housing Wire

MAY 11, 2022

In this hot housing market, Michigan-based wholesale lender Homepoint understands the key to originating more home loans is ensuring more sellers accept offers made by its buyers. ” But how does an all-cash offer benefit a mortgage lender? To do that it relies on the two words sellers increasingly want to hear: “All cash.”

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Lending Loans Investor Finance 383

Housing Wire

OCTOBER 1, 2021

But for the past 12 months, the metro’s housing market has been in complete chaos. “It The Provo-Orem market is growing at a faster rate per capita than really anywhere else in the state of Utah, including our capital, Salt Lake City.”. above the list price and sat on the market about 11 days before going pending.

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Marketing Land Agents Principal 417

HomeLight

DECEMBER 30, 2023

What buyer contingencies might put a listing back on the market? What home contingency missteps should you avoid when making an offer? While under contract, there are typically contingencies in the buyer’s offer that need to be resolved before the sale moves forward. Sellers are often wary of this clause.

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Realty Biz

MARCH 13, 2024

While rising prices and mortgage rates present challenges, it’s still possible to find your dream home with the right strategy. This article explores the key factors home buyers need to know about the Maryland housing market this year. Consider keeping your finance contingency for your protection. Zillow forecasts a 2.8%

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Pre-approval Marketing Inspection Closing costs 94

Realty Biz

JULY 11, 2022

The offer will spell out all of the common terms and conditions such as the offer amount, what you’re financing, any contingencies, and the closing date. One of the vital discussions you will probably have with your real estate agent is surrounding the real estate appraisal. Add or Waive an Appraisal Contingency.

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Earnest money deposit Purchase and sale agreement Marketing Equity 79

Keeping Current Matters

OCTOBER 25, 2021

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. Home Appraisal.

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Realty Biz

SEPTEMBER 11, 2023

During this stage, various contingencies, inspections, and other conditions may need to be met before the sale is finalized. Many sales will never make it to the closing due to various contingencies. Real Estate agents make the status of houses contingent when a contract has been executed. This can disrupt the sale process.

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Earnest money deposit Inspection Title Finance 112

HomeLight

JANUARY 3, 2024

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. What contingencies might be attached to ‘under contract’ listings? It sounds pretty straightforward, right?

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Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 109

Realtor.com

JULY 13, 2021

In our current seller’s market, the national inventory of active listings is down 43.1% year over year, according to the Realtor.com June 2021 Housing Market Trends Report. But some buyers in especially tight markets are taking even riskier measures to beat out competitors: They’re removing contingencies.

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RIS Media

APRIL 8, 2022

Once you find your dream home and it happens to be marked as contingent, you can still place an offer. Here’s all you should know about contingent sales as a potential home buyer. Contingent meaning. What about houses listed as “contingent?” Can a home listed as contingent fall through? Low appraisal.

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Debt-to-income ratio Title search Backup offer Home sale contingency 144

Realty Biz

AUGUST 22, 2022

That’s probably why the price was a little below the market average. Yeah, I’ve been studying the market for a while and knew what houses were selling for. In my eagerness to buy my first home, I made a full-price offer with the only continency being that my mortgage was approved. I didn’t even include an inspection contingency.

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Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 99

Realtor.com

DECEMBER 1, 2022

Getty Images As the housing market barrels toward the end of the year and all of its holiday trimmings, potential homebuyers are likely wondering what’s in store for the coming season. Homes are simply sitting—and sitting —on the market, ballooning the total number of homes for sale. The result?

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Mortgages Seller concession Closing costs Sales 120

Realty Biz

DECEMBER 15, 2022

A Low Appraisal Can Torpedo the Sale. An appraisal is part of securing financing for the property. If it comes in low: The buyer can get a second appraisal. Even with a solid appraisal, financing is not guaranteed. Buyers who get preapproved for a mortgage have an advantage here, but there are still challenges.

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Purchase and sale agreement Inspection Title Closing costs 129

HomeLight

MARCH 7, 2024

This comprehensive document details everything from the purchase price, down payment, and financing terms to contingencies, closing dates, and any specific conditions both parties must meet before the sale can be finalized. She says buyer’s remorse is something she’s seeing more often in the current housing market.

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Purchase and sale agreement Earnest money deposit Option period Due diligence 112

Realty Biz

NOVEMBER 10, 2021

Is Buying a Contingent Home Possible? It can take a long time to find your perfect home, but just when you think your search is over, you might discover that it is listed as a contingent house. So can you still offer on a contingent home, or have you missed the chance to buy your perfect property? Home Inspection Discoveries.

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Purchase and sale agreement Inspection Inspection contingency Finance 131

HomeLight

OCTOBER 24, 2023

Whether you’re a first-time seller or a seasoned pro, the appraisal process used to determine your home’s fair market value can be a little intimidating. Lenders require the appraisal to ensure they’re not loaning the buyer more money than the value of the home. All an appraiser is, is a glorified reporter.

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Realty Biz

SEPTEMBER 19, 2022

In fact, our mortgage was just given final approval less than a week ago. Four months ago, we made the full-price offer with only a financing contingency, which is probably why the seller has been patient with us. My husband’s new job is better but not enough to make up for the big jump in our mortgage payment.

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Purchase and sale agreement Finance Inspection Mortgages 100

Realty Biz

JULY 7, 2021

There may not be enough houses on the market right now, but more are coming on the market every day. When the market demands it, your highest offer should be at the high end of the market analysis. In today’s market, a good strategy is looking at houses below the top end of your budget.

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Inspection contingency Marketing Inspection Rent back 91

Realty Biz

JANUARY 4, 2024

One of the more researched topics in real estate is appraisals. Whether you are buying or selling a home, it is essential to have a firm grasp of home appraisals. From nearly forty years of experience as a Realtor, buyers and sellers should have at least a basic understanding of real estate appraisals and what they entail.

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FHA loan Construction Renovation Loans 101

Point2Homes

DECEMBER 8, 2020

When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. How is Contingent Different from Pending? Contingent Statuses.

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Purchase and sale agreement Backup offer Home sale contingency Short sale 145

Hank Miller Team

FEBRUARY 8, 2022

So what happens if the appraisal is below contract price? The early '22 market is already showing it'll be as tight or tighter than the '20 & '21 markets, buyers are tossing off all constraints to "win" the beauty contest of buying a home. Appraisals below contract price will continue to be a challenge in 2022.

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Due diligence Agents Loans Finance 98

Lighter Side of Real Estate

AUGUST 16, 2022

It wasn’t just about price; they also had to come in with as “clean” an offer as possible, which often meant waiving fairly standard contingencies. In case the term isn’t something you use in day to day life, a contingency is a clause in the contract that is in place to protect the buyer. Waiving a home inspection isn’t ideal.

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Inspection Inspection contingency Mortgages As-is 77

Realty Biz

APRIL 20, 2022

Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. One of the most common terms in an offer is the home inspection contingency clause. Mortgage Financing Clause.

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Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 108

Realty Biz

OCTOBER 13, 2021

But many have found that the tactic of making an aggressive bid to beat out other offers backfires, as the appraised value of the home falls well below the agreed price. Mortgage lenders will typically only lend the amount to cover the appraised value of the home, as opposed to what the buyer might think it’s worth.

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Sales Finance Lending Mortgages 110

Realty Biz

FEBRUARY 20, 2021

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. What Are The Most Common Real Estate Contingencies.

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Purchase and sale agreement Inspection contingency Earnest money deposit Home sale contingency 138

Realty Biz

JANUARY 9, 2024

Research the Local Market Before listing your home, it's crucial to research the local real estate market. Understand the current market conditions, including recent sales, average time on the market, and pricing trends. For example, the market has recently shifted in some areas of the country.

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Purchase and sale agreement Earnest money deposit Title search Title 96