CT Homes

MARCH 7, 2024

A mortgage is essentially a loan from a bank or financial institution that enables you to purchase a home. Higher equity means more profit from the sale that goes directly into your pocket, making understanding your home’s equity crucial when planning to sell. Understanding the Basics What Does It Mean to Have a Mortgage?

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Realty Biz

AUGUST 12, 2023

Here are some key terms and their definitions: Mortgage : A loan specifically used to purchase real estate. In a mortgage agreement, the buyer borrows money from the lender (usually a bank) and agrees to pay it back with interest over a specified period. Principal : The amount of money you borrowed to buy the home.

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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.”. Average Price Point.

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Realty Biz

JUNE 22, 2021

For example, there are substantial closing costs a buyer will pay when purchasing a home and getting a mortgage. You could look at the payment of the closing costs as a seller assist to the buyer’s benefit. The sale is being structured to accommodate the buyer’s financial situation.

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HomeLight

AUGUST 31, 2021

But what if a portion of your rent were going toward purchasing your rental home at a later date? Rent-to-own basics: Crediting rent toward a future purchase. A rent-to-own deal means you can start paying toward a home purchase even if you can’t technically qualify for a mortgage yet. Source: ( Shopify Partners / Burst ).

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HomeLight

JUNE 23, 2022

In many cases, if a homebuyer wants to back out of a contract and retrieve their earnest money, they’ll be able to find a way to do so within the confines of the real estate purchase contract. The typical amount is around 1% of the purchase price (ex. $5k 5k for a $500K home). Is earnest money refundable?

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Realty Biz

SEPTEMBER 14, 2023

They have a comprehensive understanding of real estate laws and regulations, which allows them to identify any potential issues or risks associated with a property purchase. Let's explore the different parties: Buyers Real estate attorneys work closely with buyers to navigate the complex legal aspects of purchasing a property.

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The Close

DECEMBER 29, 2022

This tool, also known as a like-kind exchange, allows investors to defer paying capital gains taxes on a sale. ” If a property is active contingent, a buyer has submitted an offer to purchase a property, but the sale won’t be finalized until certain conditions, or contingencies, are met. Active contingent. Call option.

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HomeLight

JULY 31, 2020

Closing on a house seems pretty straightforward. There’s a house for sale that you want to buy. Once the buyer and seller sign the contract, the closing process begins — and therein lies the rub. These are the top home closing delays that could affect if and when you close on your new home, and how to overcome them.

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Realtor.com

OCTOBER 29, 2020

That’s why we’ve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this closing process list handy to know you’ve done what you need to in order to close the deal. If something is wrong, you can request that it be fixed—or you can back out of the sale.

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HomeLight

AUGUST 9, 2022

It’s the first financial move you’ll make in securing your new home purchase. Since a down payment is, as the term suggests, the amount of money you’re putting down on the purchase of your home, your mortgage lender will need to see proof of these funds fairly early on in the approval process. So the down payment is due at closing?

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HomeLight

FEBRUARY 16, 2023

Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer within a week and close in as little as 10 days. They usually present a take-it-or-leave-it sale price. If you accept the offer, you’ll both sign a sales contract.

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HomeLight

AUGUST 30, 2021

Or maybe, you signed a purchase agreement with a real estate agent and have heard nothing but crickets since. For added insight on what constitutes a “good agent,” we interviewed top real estate agent Jason Farris who completes 11% more home sales than the average agent in Fresno, California. Source: (Surface / Unsplash).

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HomeLight

JUNE 19, 2023

Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. LandWatch is a free online resource you can use to search for rural properties and land for sale. It takes only a few minutes, and it’s free.

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HomeLight

APRIL 14, 2023

Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer within a week and close in as little as 10 days. They usually present a take-it-or-leave-it sale price. If you accept the offer, you’ll both sign a sales contract.

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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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HomeLight

MARCH 31, 2021

With rent-to-own homes , you get to try the home on for size while holding the door open to purchasing the home later. This method of buying a home can be more complicated than a straightforward home purchase, and it’s not a widely used technique. Source: (LinkedIn Sales Solutions / Unsplash). If so, consider the offer.

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HomeLight

JANUARY 19, 2023

Perhaps you’re behind on mortgage payments and need to sell before the bank forecloses. Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer within a week and close in as little as 10 days. They usually present a take-it-or-leave-it sale price.

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HomeLight

DECEMBER 30, 2021

When you make an offer to buy a house, you’ll sign and initial contracts for each offer, and when one is accepted, it’s now officially a purchase agreement , which becomes a legal document. Matt Laricy is a top agent in Chicago , completing 41% more sales than the average agent in his area. Transactions. Average Price Point.

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HomeLight

DECEMBER 30, 2021

Your agreement with a buyer’s agent may be one of the first legal documents you’ll encounter when buying a home. Dobbs works in Illinois, where buyer representation agreements are not common. This is why it’s so important to have a thorough home inspection conducted during the due diligence period of your purchase agreement.

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HomeLight

APRIL 29, 2022

“Some people have a lot more time and energy to engage and make the best of the sale, and some people don’t,” says George Graham , a top real estate agent in the Seattle, Washington, area. An as-is home sale often indicates that the home has some “big-ticket items” that won’t pass the required inspection or appraisal, he adds.

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HomeLight

SEPTEMBER 1, 2022

Once you have the purchase agreement in hand, you might think there are no more obstacles in your way, but the home still has to appraise for the amount you agreed to pay for it. When you’re financing your home purchase with a mortgage, the lender wants to make sure the property you’re buying is worth what you’re paying for it.

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HomeLight

DECEMBER 1, 2021

We also connected with HomeLight Home Loans Mortgage Sales Leader Richie Helali, who offered an insider’s look at mortgage options that could help you hold on to your home — or let it go without falling into foreclosure. Here’s when you may want to reconsider — or at least carefully weigh the consequences of — a home sale.

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Redfin

MARCH 12, 2021

As you close in on making an offer on a home, your real estate agent – or the seller’s agent – will ask about “earnest money.” Earnest money is a type of security deposit, also known as a “good faith” deposit, offered to show the seller of a home that you’re serious about purchasing the property. How does earnest money work?

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Redfin

MARCH 25, 2022

The commission they earn is a percentage of the home’s purchase price. Typically, the real estate agent is paid when the home purchase closes – when the money for the sale changes hands from buyer to seller. The commission payment is usually a cut of the sale price from the seller’s home sale proceeds.

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HomeLight

JULY 29, 2022

What can go wrong on the buyer’s side at closing. You can avoid getting into this situation by avoiding making other big purchases or applying for other loans once you are approved for a mortgage and under contract. First, when deciding to purchase a home, you’ll naturally try to make sure you’re at a stable point in your career.

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Redfin

JANUARY 25, 2021

When you purchase a house that ends up in need of a major repair, you could take a significant financial hit. The inspection contingency can protect you from purchasing a poor property investment because it allows you to back out of the deal if a major issue is discovered. 4) Home sale contingency. 2) Appraisal contingency.

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HomeLight

NOVEMBER 29, 2021

Plus, down payment and closing costs in New Jersey can set you back thousands of dollars. The amount varies, but it is usually based on a percentage of the home’s purchase price. You’ll find up-to-date information on new listings, days on market, median sales prices, housing inventory, and more. Homeowners taxes.

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Realty Biz

OCTOBER 4, 2022

Rent-to-own is a contract between the homeowner and the buyer that sets aside a certain percentage of rent towards an agreed-upon home purchase price. Under these agreements, the buyer pays a slightly higher-than-average rental price as well as a one-time option fee between 3% and 7% of the total home price. Mortgage Pros and Cons.

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HomeLight

JULY 28, 2022

HomeLight’s Simple Sale platform provides full cash offers for homes in almost any condition nationwide and in Alabama. Get an offer in as few as 48 hours and close in as little as 10 days. The company points to its local roots and willingness to help Alabamans sell their houses, and the company purchases more than 50 homes per year.

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HomeLight

AUGUST 16, 2021

Plus, if you do decide to take the leap, you’ll be ready to tackle your home purchase like a pro. Some savings you can use toward a down payment and closing costs? Estimate your down payment and closing costs. As for closing costs, they can add up to between 2% and 5% of the loan amount. Don’t we all?

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HomeLight

SEPTEMBER 30, 2022

Their insight and experiences can help you avoid costly problems, prevent unpleasant surprises, and make a smarter purchase. It may be helpful and provide peace of mind to have someone in your corner whose primary obligation is to serve your needs, especially if you’ve never purchased a new construction home before.

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HomeLight

OCTOBER 1, 2020

Two months of bank statements, if using savings. 60 days of bank statements. During those weeks prior to getting the green light and being clear to close, there are quite a few things that need to happen first. The seller accepts your offer to purchase. Items included or excluded in the sale. Closing date.

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Realty Biz

SEPTEMBER 28, 2022

Most buyers don’t usually have a large amount of money, so they often use their banks’ financing to help them buy homes. The appraiser will notice this form along with the purchase agreement. The home will serve as the security for the bank’s investment. They will then request an inspection.

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Windemere Buying

NOVEMBER 11, 2020

VA loans are backed by the federal government yet provided by private lenders such as banks and mortgage companies. Purchase Loan VA-backed purchase loans may be used to buy a single-family home, condo, manufactured home, or land. Additionally, you can use a purchase loan to build a new home. How Do VA Loans work?

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Marco Santarelli

AUGUST 28, 2020

But with a 1031 exchange , you get to defer paying those taxes if you reinvest the proceeds in a new property, making an “exchange” rather than a sale. A simple definition of 1031 exchange properties is the property being sold and the property being purchased in accordance with Section 1031 of the tax code.

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HomeLight

JUNE 30, 2022

You also want to check your FICO score, as this is what the majority of lenders use ; you can often get your FICO score for free if your banking institution provides it, but otherwise you might have to pay for this service. Be sure to do your research to find a reputable lender who can guide you through financing your first home purchase.

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