Real Trends

JANUARY 25, 2023

“Now, any lender or agent has the ability to supercharge virtually any conventional or jumbo mortgage with a no-interest equity advance loan from Knock to receive the benefits of the Knock Home Swap,” says the statement. However, FHA and VA home loans are not eligible for the program.

Finance 56

Finance Backup offer Agents Equity 56

Realty Biz

SEPTEMBER 14, 2021

The seller has agreed to accept a contingent offer from the purchaser. During this time, the seller can still accept backup offers from other interested parties. FINANCING: Allowing the purchaser to secure their mortgage before the home sale closes. If the lender won’t fund the loan, the sale falls through.

Backup offer 124

Backup offer Purchase and sale agreement Inspection Sales 124

RIS Media

APRIL 18, 2022

Getting rid of the mortgage financing clause in their offer. You may see some of these things or all of them before making an offer. It will help tailor your offer when the time comes. It may make sense to put in a backup offer when you’re not the winning bidder. Get pre-approved for a mortgage.

Pre-approval 118

Pre-approval Backup offer Due diligence Rent back 118

RIS Media

APRIL 8, 2022

Real Estate appraisals are usually completed when homes are bought via mortgage loans. Some contingent offers are subject to a home buyer being able to sell their current home to be able to finance the new one. Most homebuyers can’t afford to carry two mortgages simultaneously. Low appraisal. It depends.

Debt-to-income ratio 144

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

HomeLight

NOVEMBER 1, 2021

It’s likely that you will sell your home to a buyer who will finance the purchase with a mortgage. According to the National Association of Realtors (NAR), 87% of home buyers finance property purchases with a mortgage. Mortgage companies require an appraisal to determine the value of a home. Why do appraisal gaps happen?

Purchase and sale agreement 92

Purchase and sale agreement Proof of funds Backup offer Finance 92

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home.

Home sale contingency 141

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 141

First Team Real Estate

DECEMBER 7, 2020

Having several offers on your home is fantastic, however, how do you guarantee you pick the very best deal and don’t miss out on an even better one? The purchasers will not get this cashback if they back out of the offer unless defined in the agreement. Usually, the purchasers need you to pay the mortgage throughout this time.

Purchase and sale agreement 98

Purchase and sale agreement Pre-approval Title Backup offer 98

HomeLight

OCTOBER 11, 2021

The homeowner could also have over-extended themselves with home equity loans or lines of credit, or the property might have some kind of financial lien placed against it, all of which can result in the owner being “underwater” on the home’s value vs. what is owed.

Short sale 73

Short sale Sales Banks Backup offer 73

HomeLight

JANUARY 13, 2022

In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I You’ll likely need this type of contingency even if you’ve been preapproved for a mortgage as that process does not guarantee that you’ll get a loan.

Backup offer 77

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 77

HomeLight

DECEMBER 31, 2020

Some home value estimates cost money to obtain, so they’re better saved for when you’re looking to sell or refinance your mortgage. You want to have a “backup offer” in case the regular listing process doesn’t work out. There have been multiple sales of comparable properties in the area. Do your own comps analysis.

Backup offer 103

Backup offer Sales Agents Investor 103

HomeLight

JULY 6, 2023

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. Financing contingency Sometimes called a mortgage contingency , this specifies that the deal hinges on the buyer securing their loan.

MLS 92

MLS Backup offer Inspection contingency Purchase and sale agreement 92

HomeLight

DECEMBER 30, 2021

According to the National Association of Realtors® Research Group’s 2021 data , 64% of buyers have conventional loans, 16% have FHA loans and 14% received VA loans. After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ).

Loans 117

Loans Agents Inspection Closing 117

HomeLight

JANUARY 5, 2022

Typically, the seller’s agent stops accepting offers once the home is pending sale. However, it’s often a good idea to table backup offers, which may come into play if the sale falls through. Seller’s agents are obligated to present all offers to the seller, even after a contract has been signed,” says Garrett.

Purchase and sale agreement 108

Purchase and sale agreement Backup offer Inspection Agents 108

HomeLight

MARCH 20, 2023

After all, few people can afford to hold two mortgages. Financing Contingency: If the buyer’s mortgage proceedings fall through, they can walk away from the home. With] your house under contract, we know what your buying power is, and [we can make] a much stronger offer.” Will a seller accept my home sale contingency offer?

Home sale contingency 91

Home sale contingency Purchase and sale agreement Sales Earnest money deposit 91

HomeLight

JUNE 29, 2022

As interest rates start increasing, as they are right now in 2022 , sellers may not have as many backup offers to consider as they would when rates were low. Price your house right to attract competitive offers. Make repairs that affect the buyer’s loan requirements. Lowball offers that are well under asking price.

Earnest money deposit 95

Earnest money deposit Purchase and sale agreement Closing costs Closing 95