HomeLight

JANUARY 3, 2024

It means the buyer and seller have agreed to the terms of the contract, such as the price, the closing date, the personal property, the earnest money, tax preparation, and contingencies.” What contingencies might be attached to ‘under contract’ listings? Get Started What does ‘under contract’ mean?

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Windemere Buying

APRIL 12, 2023

After identifying which lender you’d like to work with, a helpful first step is to get pre-approved for a mortgage by submitting financial information for their review. Home Inspector The home inspection is key to the home buying process. It takes a village to purchase a home. 10 Important People in the Home Buying Process 1.

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Point2Homes

DECEMBER 7, 2020

Getting Pre-Approved. It’s always advisable to get pre-approved for a mortgage in any home purchase so you can make sure that you can actually get the loan that you believe your income justifies. Image: Andy Dean Photography / Shutterstock.com. Getting the Right Help.

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Realtor.com

JANUARY 4, 2023

Inventory levels are still low, but there are more homes coming on the market; the bidding wars and mind-boggling offers over the asking price have died down; and buyers can once again insist on inspections, contingencies, and repairs before the deal closes. Realtor.com / Getty Images Q: Is 2023 the year to finally buy a home?

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Point2Homes

SEPTEMBER 30, 2021

Real estate transactions often feature contingency clauses that allow both parties to back out of the sale under the circumstances stipulated in the contract. One common type you’ll encounter is a sale and settlement contingency. Signs of potential delays, scams or suspicious offers should all raise red flags.

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The Close

FEBRUARY 6, 2024

Ensure Your Client Has Loan Pre-approval Many sellers are anxious to get to the closing table quickly, which drives many to cash buyers , even for a lower price. Also, understand the difference between a prequalifying and a pre-approval letter. They thought I was a genius—which, of course, I am.

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Realty Biz

AUGUST 22, 2022

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. Getting out of the signed contract and having your earnest money returned to you is typically only possible if the contingencies are not met.

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Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 96

Windemere Selling

MARCH 14, 2022

When selling your home, a buyer may make their offer with contingencies attached. Here are some common contingencies you might see in a buyer’s offer and what they mean for you. If the seller chooses not to make the repairs outlined in the buyer’s home inspection report, the buyer can cancel the contract.

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HomeLight

JUNE 29, 2021

Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval. When it comes to offers on your home, cash is king for a reason. While all-cash offers used to be relatively rare, they now make up 25% of all home sales. OK, but what exactly is a cash offer? Good question.

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Windemere Buying

OCTOBER 18, 2021

Not getting pre-approved Getting pre-approved is a key component of the early stages of the buying process and will help to maximize your chances of getting your offer accepted. Because new credit changes your debt-to-income ratio, lenders will likely want to review your mortgage approval and your risk of non-payment.

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Redfin

FEBRUARY 2, 2021

1) Get Pre-Approved for a Home Loan. If you’re a first-time homebuyer , one of the smartest things you can do to ensure your chances of buying the home you want is to apply for a pre-approval on a mortgage. What is a Seller’s Market? Also, home sellers will have the upper hand when it comes time to negotiate.

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HomeLight

JUNE 21, 2022

As home prices and interest rates rise in 2022, savvy buyers want to get their money’s worth and pay for an inspection to ensure that the house is in good condition or identify any significant defects. What is a home inspection? The buyer might renegotiate a lower price if the house is in worse shape than expected.

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Realty Biz

DECEMBER 23, 2022

Last December, 19% of homebuyers waived the home inspection contingency component of their real estate sales contract. Even though most realtors don't recommend not ordering a home inspection, in a tight market, waiving the contingency may improve a buyer's chances of a seller accepting their offer.

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Realty Biz

NOVEMBER 11, 2020

For example, if a home sale is contingent or pending, can you still make an offer? Let’s take a closer look at the meaning of contingent , so you can see how it might affect a home you are looking to buy. For example, some agents will mark your home contingent, while others will mark pending. What does Contingent Mean?

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Real Trends

DECEMBER 27, 2022

Inspection issues. An inspection can often reveal major issues that either side would not have been aware of. Whatever side you are on, being aware of inspection issues and how to work with them will be paramount in increasing your close rate. Before a mortgage is approved, lenders will have a property appraisal.

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Windemere Buying

AUGUST 31, 2022

Contingencies protect buyers and sellers against these natural characteristics of the home buying process and any problems that may arise before a home sale is finalized. To sweeten their offers in such market conditions, buyers will typically waive their contingencies. Common Real Estate Contingencies. Financing Contingency.

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The Close

SEPTEMBER 10, 2020

Make Sure You Have a Proper Approval Letter From a Reputable Lender. At the first meeting with your buyer, help them understand the differences between a basic pre-approval and a full approval and how it strengthens their offer. Include an As-is Home Inspection Contingency. CALL the Listing Agent.

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Windemere Buying

JUNE 22, 2022

Prepare for counteroffers ahead of time with your agent by discussing your price limit , how much you’re willing to budge on your contingencies, your flexibility around closing dates, etc. Before closing, any contingencies attached to the offer must be met. This is an indication that your offer has piqued the seller’s interest.

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Dwell Real Estate

JULY 10, 2020

The financing contingency guarantees that you’ll get a refund for your earnest money if for some reason your mortgage doesn’t go through and you’re unable to purchase the house. Most experts recommend that you not waive the inspection contingency, unless you’re planning on tearing the property down. Not usually.

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Dwell Real Estate

JULY 10, 2020

The financing contingency guarantees that you’ll get a refund for your earnest money if for some reason your mortgage doesn’t go through and you’re unable to purchase the house. Most experts recommend that you not waive the inspection contingency, unless you’re planning on tearing the property down.

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Redfin

JULY 30, 2020

In New York City, some sellers aren’t even allowing buyers into their homes until they’ve been pre-approved for a mortgage, according to local Redfin agent Martin Freiman. . 45% of surveyed homebuyers said they made a bid on a home without first seeing it in person, up from 28% in 2019. Where in the building is the unit?

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HomeLight

APRIL 29, 2021

Your buyer’s loan approval is often the closing step that takes the longest. Your buyer will use the home inspection report to leverage a deal. To avoid repair negotiations, some sellers conduct a pre-listing inspection to get ahead of issues and make repairs in advance. Source: (Zac Gudakov / Unsplash).

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Realtor.com

DECEMBER 7, 2019

But as the housing market has rebounded , buyers are getting competitive —more and more are waiving those contingencies, or protections, in order to speed the deal through to closing. So getting those pesky contingencies out of the way is a win-win, right? You won’t need the lender, so you won’t need this contingency.

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Redfin

OCTOBER 12, 2020

From navigating the mortgage approval process to the possibility of a bidding war, it can be tricky to go at it alone. From navigating the mortgage approval process to the possibility of a bidding war, it can be tricky to go at it alone. However, even if this isn’t your first rodeo, the homebuying process can be complex.

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HomeLight

AUGUST 25, 2020

The overarching question, as you make your way down your pre-sale checklist , is likely something along the lines of: “How long is this going to take?”. Below are just some of the typical pre-listing preparations that Shapiro calls out as essential: Reduce clutter. Once you make the decision to sell your home, the clock starts ticking.

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HomeLight

JANUARY 3, 2023

While this is a general guide to selling a house by owner in Colorado, we always recommend that you look into the local regulations for your area and consult with a qualified legal professional before taking action. Higher interest rates have been cooling the housing market nationwide, and real estate in Colorado is no exception.

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HomeLight

AUGUST 31, 2021

The most obvious contingency with an offer that requires financing is, of course, the financing itself. submit your purchase offer with a pre-qualification or preapproval letter from a lender, these funds aren’t a sure thing until the loan is fully approved. Updated August 31, 2021. Though you can (and should!)

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HomeLight

MARCH 30, 2021

Buying a house is exciting, but before you get carried away dreaming about how you’ll lay out your furniture , don’t forget: This is a legal transaction. As a buyer, that means you have to do your due diligence from both a practical and contractual perspective. What does due diligence mean in residential real estate? Source: (Tim Trad / Unsplash).

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HomeLight

MARCH 31, 2022

FSBO sellers in Florida may want to consider getting a home inspection prior to listing their home for sale. Disclaimer : HomeLight does not provide legal advice. The seller’s market continues to boom in Florida. Early 2022 data from Florida Realtors® indicates a 23% increase in median sales price and a 33.3% Real estate transfer taxes? .

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HomeLight

NOVEMBER 9, 2021

If you need to sell your home pronto, now is a great time. The recent housing market has been hot and competitive due to an extreme lack of inventory. For a seller in a hurry, the shortage of homes means you can anticipate fewer days on market (DOM). Just how fast can you sell your home? You simply request a cash offer from fully vetted cash buyers.

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HomeLight

JULY 31, 2020

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). Loan approval. In fact, buyers should go one step further (if they can) and get pre-underwritten for a loan , which offers even more security for both buyers and sellers. Dodge move.

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Realty Biz

AUGUST 2, 2023

Best Tips for Quickly Selling a Home When selling your home quickly, utilizing the best methods is essential. This involves setting the right price that attracts potential buyers and making necessary repairs and enhancements to enhance its appeal. Overcoming common challenges is also vital. Let's cover each one of these things in greater depth.

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HomeLight

JUNE 17, 2022

“I think you have a lot of factors but currently in our marketplace, it’s more of a supply and demand,” says DeWayne Carpenter , who has 26 years of experience pricing homes and is recognized as a top-producing agent in the Melbourne , Florida, area. Such as in these scenarios: You’re listing in a seller’s market. You need to sell your home quickly.

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HomeLight

OCTOBER 8, 2020

Sale contingencies are frowned upon. Buying and selling at the same time is tough in almost any situation, but it’s especially difficult in today’s real estate market. You’re probably in a bidding war against several other buyers. And when it comes to selling your home, the pandemic makes showings a real challenge.

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HomeLight

OCTOBER 20, 2022

Many FSBO sellers will purchase a pre-listing appraisal. The buyer’s lender will probably require their own appraisal as part of their loan approval process. Pre-inspection. Getting a pre-listing inspection can facilitate a quicker sale because it eliminates surprises – and gives the seller time to fix major flaws.

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HomeLight

JUNE 30, 2021

Some states require only 40 hours of pre-licensing classes, while others may require more than 200 hours, for example. There are several different factors that determine home affordability and each lender can have its own mortgage approval standards when it comes to the buyer’s credit score, income, assets, debt, and liabilities.

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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. It’s rarely advisable to waive an inspection contingency. Get final mortgage approval. Clear the title.

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