HomeLight

MARCH 2, 2022

Up next: The home inspection. Once the buyer orders a home inspection, your home is in the hot seat. Even if you’ve gone through the house with a fine-tooth comb and listed anything and everything on the seller’s disclosure , the home inspection might reveal issues that you weren’t aware of or are worse than you thought.

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HomeLight

JANUARY 31, 2025

Your to-do list when you sell your home is already sizable by the time you arrange for a home inspection. What fixes are mandatory after a home inspection? Although 20% of buyers waived inspection contingency , you may still be obligated to resolve certain issues, depending on your states and the buyers lenders policies.

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Inspection Purchase and sale agreement Inspection contingency Loans 97

Lighter Side of Real Estate

MARCH 5, 2025

Contract Cancellations Are on the Rise According to recent data , more home sales are being canceled than in previous years. In January alone, over 41,000 home-purchase agreements fell through, representing 14.3% of all pending sales that month. Meanwhile, pending home sales have dropped. Low appraisal?

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Purchase and sale agreement Pre-qualification Pre-approval Inspection 78

HomeLight

NOVEMBER 1, 2021

If you’ve received an exceptional offer on your home and the appraisal comes in unexpectedly low , don’t throw in the towel. The official appraised value of your home is based on the appraiser’s professional opinion and even professionals sometimes make mistakes. If your home appraisal has come in low, you’re not alone.

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Sales Purchase and sale agreement VA loan MLS 110

HomeLight

JANUARY 17, 2024

Buying a house is a major milestone, but what happens when you have second thoughts, or you can’t fulfill the agreement you signed? Backing out of a home purchase isn’t a decision made lightly, yet it’s a scenario that buyers might face. But what’s the real meaning of backing out of a home purchase?

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The Close

NOVEMBER 25, 2024

In this “How to Buy a Multifamily Property” guide, I’ll walk you through deciding which type of multifamily property you want to purchase, picking the right lender, and running the numbers to ensure profitability. Purchasing a multifamily property is an excellent way for investors to generate steady income.

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Purchase and sale agreement Property Management Hard money loan Renovation 105

HomeLight

NOVEMBER 1, 2021

If you’re selling your home in a hot market rampant with bidding wars that drive up the purchase offers on home sales, you may realize that your home is unlikely to appraise for the inflated purchase offer or even for your asking price. How is the appraised value of the home determined? What is an appraisal gap?

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Purchase and sale agreement Backup offer Proof of funds Finance 111

Realty Biz

FEBRUARY 20, 2021

Given they are significant legal terms in a purchase and sale, it is essential to have a strong working knowledge of how they work. Some of these clauses can benefit you when purchasing a home, so we will look at some of the contingency clauses you might encounter when buying a property. Real Estate Contingencies Explained.

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Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 137

Realty Biz

AUGUST 22, 2022

I didn’t even include an inspection contingency. In a few short weeks, the market has gotten much softer in this neighborhood and I’m not even sure the house will appraise for my purchase offer. It does sound like the appraisal is key to answering that question. Now I have buyer’s regret.

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Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 95

Realty Biz

MAY 24, 2022

We decided to sell our house as “for sale by owner” to save the agent’s commission. Both the buyer and we signed a generic purchase agreement. I don’t know what is in your generic purchase agreement. I’m assuming that once both of you signed the purchase agreement you stopped trying to find another buyer.

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HomeLight

JULY 29, 2022

Getting an appraisal is just one of those steps in the homebuying process, but arguably one of the most important — an appraisal helps determine the value of a property. You may be wondering — when is the appraisal done when buying a home? What is a home appraisal? First things first, what is a home appraisal?

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Purchase and sale agreement Earnest money deposit Inspection Loans 105

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 112

HomeLight

JUNE 9, 2023

The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home. ” Step one: Talk to a few buyer's agents!

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HomeLight

JANUARY 31, 2024

You can then make a strong offer on your next home with no home sale contingency. In real estate, when a house is listed as “ contingent ,” it means the sale of the property is conditional upon certain criteria being met. Inspection contingency: This gives the buyer the right to have the property inspected within a certain timeframe.

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Purchase and sale agreement Inspection contingency Home sale contingency Inspection 115

Point2Homes

DECEMBER 8, 2020

But, what does contingent mean and how does it affect your purchase? However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Contingent Statuses. No Kick-Out Clause.

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HomeLight

APRIL 19, 2022

Gone are the days where a simple handshake could solidify a working agreement between a buyer and their real estate agent. Instead of a handshake, buyer’s agents are presenting homebuyers with a document called a “buyer broker agreement” — and you might not know what that is! Buyer-broker agreements, explained.

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Realty Biz

DECEMBER 15, 2022

These days, having a neutral third party to make sure everyone is satisfied with the sale and purchase can give both buyer and seller more peace of mind. . Many home buyers and sellers know that escrow is a financial arrangement with a third party who holds money or other property until the terms of the sale are complete.

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HomeLight

JULY 12, 2024

You can then make a strong offer on your next home with no home sale contingency. This ensures that both the buyer and the seller fulfill their respective obligations before the sale is finalized. During the escrow period, several key activities take place to ensure the home sale stays on track.

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Purchase and sale agreement Earnest money deposit Home sale contingency Title search 111

HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed. Appraisal contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 111

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. If something is wrong, you can request that it be fixed—or you can back out of the sale. Clear the title.

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HomeLight

JULY 31, 2022

Even before you decided to put your home up for sale, you probably knew making minor repairs and sprucing up your home would increase the chances of attracting the right buyers and getting a great offer. What is an appraisal and why is it important? It’s important to distinguish that appraisals are not intended to be a home inspection.

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HomeLight

MAY 17, 2021

Typically, when we talk about keeping track of a home appraisal , the seller has more ability to stay on top of what’s happening. Sellers have done research on the market before they set a home price, and because it’s their house, reading the appraisal results won’t take as much hand-holding from the agent. But what about the buyers?

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HomeLight

MARCH 20, 2023

That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. Most often, this type of scenario calls for a home sale contingency. Find a Buyer's Agent What is a home sale contingency? Thus, the purchase agreement is “contingent” on the sale of the buyer’s existing home.

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Realty Biz

MAY 1, 2022

To make an informed decision, it’s important to understand the following: 1) What is the inventory of houses for sale? It’s also important to have a realistic appraisal that considers the wear and tear on the property. Waive The Home Inspection. Waive The Real Estate Appraisal. Ten percent or more?

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Purchase and sale agreement Rent back Inspection Pre-approval 145

HomeLight

OCTOBER 1, 2020

But for some buyers, that excitement can quickly turn to anxiety when it comes time to sign the purchase contract. Once you and the seller sign the purchase agreement, things start to get real. They’re protective clauses you put in your contract with the seller that allow you an out if certain conditions of the sale aren’t met.

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HomeLight

MARCH 17, 2021

There’s still a major hurdle to overcome in your homebuying process: the home inspection. And to follow along, you’re going to want a home inspection checklist specific to you as a buyer. A home inspection is much more than a mere formality. Get Your Home Inspection Checklist! What is a home inspection?

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HomeLight

SEPTEMBER 10, 2022

Say you’re visiting yard sales on a Saturday morning and you come across the perfect wicker patio set, exactly what you’ve been looking for. These clauses are most often used when a buyer needs to sell their current home before purchasing a new one. A contingency is a condition that must be met for the purchase to proceed.

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Purchase and sale agreement Home sale contingency Sales Inspection contingency 111

HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

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Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 115

HomeLight

OCTOBER 1, 2020

But after the appraisal, the tides have turned — the price initially seemed right, but the appraiser doesn’t feel the same way. Do you know how to negotiate with a seller after a low appraisal? A low appraisal presents an opportunity for you to negotiate with the seller. Figure out why the appraisal is low.

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Purchase and sale agreement Short sale Rent back Sales 98

HomeLight

MAY 24, 2022

If you only pay cash for the down payment, and take out a mortgage for the remainder of the purchase price, it keeps more money in your pocket. Even though it’s all cash to the sellers at closing, with a cash offer, “you don’t have to go through the appraisal or the bank approval process — it’s cleaner.”. A cash sale: Start to finish.

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HomeLight

SEPTEMBER 15, 2021

Even if you’re listing your home without a Realtor’s® help, you’ll still need to gather the necessary paperwork for the sale and fill it out correctly. We hope it helps illuminate this tricky part of the sale, while giving you an honest idea of just how complex real estate transactions can be! Original sale contract.

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Realty Biz

SEPTEMBER 14, 2021

In some places, active under contract indicates that a contract has been signed but is contingent on certain conditions being met before the sale is finalized. In other locations, the sale may be referred to as being contingent in the multiple listing service (MLS). The seller has agreed to accept a contingent offer from the purchaser.

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Backup offer Purchase and sale agreement Inspection Sales 126

Realty Biz

SEPTEMBER 19, 2022

Question from Ellie in ID: Hi Brian, We had a purchase offer accepted more than four months ago but it hasn’t closed yet. If you’re having second thoughts and want to back out of an accepted purchase offer, things can get complicated. When you sign a purchase agreement for real estate, you’re legally bound to the contract terms.

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HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

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Redfin

MARCH 18, 2025

When buying a home, youll likely come across the term earnest money – a deposit that shows the seller youre serious about the purchase. This deposit is usually between 1% and 3% of the homes purchase price, but the amount can vary based on the local market and the agreement between you and the seller. Do you get it back?

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Realty Biz

NOVEMBER 10, 2021

Listed homes for sale are classified in different ways to help you understand how far along in the sales process they are. If you see a home listed as “active,” this means it is for sale with the sellers considering bids from potential buyers. Will the Contingent Home Sale Fail? Home Inspection Discoveries.

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Purchase and sale agreement Inspection Inspection contingency Finance 129

HomeLight

DECEMBER 29, 2021

Nervous sellers ask, “Will my house appraise for the selling price?”. Savvy sellers know that if their home is priced right, they stand a very good chance of having it appraise accordingly, and keep the sale on track. And, as she emphasizes, “Our homes appraise — period.”. When does a home appraisal happen and why?

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