HomeLight

JULY 31, 2020

For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. Because the entire sale hinges on securing this loan, it is a top criteria for closing, and it’s also the most common reason for a delay in the closing process. Image Source: (Shutterstock.com/Chokniti Khongchum).

Closing 108

Closing Purchase and sale agreement Title search Earnest money deposit 108

HomeLight

AUGUST 10, 2022

Founded in 2014 , We Buy Houses Hotlanta is a family-owned operation that advertises Creative Real Estate and Short Sale certifications on their website. It’ll also buy from sellers in any situation such as being upside down on a mortgage. Title search. Cash-for-homes companies often handle title issues.

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Closing costs Purchase and sale agreement Closing Inspection 74

HomeLight

MAY 24, 2022

Mortgage interest is tax-deductible , and many homeowners appreciate the deduction. 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. With a mortgage, the bank verifies that the buyer has the down payment available to close.

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Purchase and sale agreement Closing Title search Title 102

HomeLight

JANUARY 13, 2022

An appraisal contingency allows a buyer to walk away from a sale if after an appraisal is completed if the value of the home is found to be less than the purchase price. 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.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 75

HomeLight

JULY 29, 2022

When you’re buying a house, the list of what can go wrong at closing includes everything from issues with the mortgage loan and buyer’s credit, insurance snags, appraisal problems, title claims, and events beyond everyone’s control (such as natural disasters, or buyer or seller illness or death).

Closing 103

Closing Purchase and sale agreement Title Home sale contingency 103

HomeLight

OCTOBER 29, 2020

When you use a mortgage to buy a home, your lender will need to order an independent appraisal to evaluate what it’s worth. Unless you’re paying cash for a house, your best course of action is to include a pre-approval letter from a mortgage lender with your offer. Short sale or bank approval contingencies.

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Purchase and sale agreement Pre-approval Earnest money deposit Inspection 78

HomeLight

JULY 31, 2021

The CMA does a deep dive into how your property stacks up against the sale prices of nearby homes that are similar in size, style, age, and features. In a mortgage-backed transaction, a lender will require an appraisal as a condition of financing. Order a home appraisal. But home appraisals have other uses.

Earnest money deposit 98

Earnest money deposit Inspection Proof of funds Inspection contingency 98