HomeLight

JULY 31, 2020

These are the top home closing delays that could affect if and when you close on your new home, and how to overcome them. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. Home sale contingency. Loan approval. Dodge move.

Closing 111

Closing Purchase and sale agreement Title search Earnest money deposit 111

HomeLight

NOVEMBER 9, 2021

How it might take 12-75 days to sell your home. A traditional home sale in which a seller lists with an agent and a buyer finances with a mortgage takes approximately 18-30 days to go under contract, plus an additional 30-45 days to closing. It’s going to take more time to sell to a buyer who finances with a mortgage.

Purchase and sale agreement 86

Purchase and sale agreement Home sale contingency Title search Inspection 86

HomeLight

APRIL 15, 2022

They find this offer to be satisfactory and are able to close in days without mortgage lender involvement. They skip showing the home and drop their keys in a lockbox upon move-out. The little “i” for “instant” is descriptive of the fast cash offers these operations are able to make on homes. Financing contingency.

Title 85

Title House Flipping Title search Sales 85

HomeLight

JANUARY 13, 2022

This is the most commonly waived contingency, with 21% of buyers going without an appraisal, according to NAR data. Home sale contingencies. A home sale contingency allows buyers a specified amount of time — usually between 30 and 60 days — to sell their current home. Settlement contingencies.

Backup offer 78

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 78

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. You offer the owner $200 but explain you don’t have the cash with you and that you need to run by the bank. An inspection contingency. An appraisal contingency.

Purchase and sale agreement 96

Purchase and sale agreement Home sale contingency Sales Inspection contingency 96

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). Problem: Wire fraud (money goes missing).

Closing 104

Closing Purchase and sale agreement Title Home sale contingency 104

HomeLight

JUNE 23, 2022

In most cases, real estate purchase contracts are exclusive agreements , meaning a seller can’t continue marketing the home and accepting additional offers once the home is under contract. The Appraisal Contingency : This contingency typically only applies to offers that require a mortgage to purchase the property.

Earnest money deposit 108

Earnest money deposit Purchase and sale agreement Due diligence Home sale contingency 108

HomeLight

MARCH 31, 2023

To give you all the information you need to evaluate if a bridge loan is right for you, we spoke with Rick Ruiz , who sells homes 67% faster than other agents in the Las Vegas, Nevada area, and Heidi Daunt , Branch Manager and owner of Treehouse Mortgage Group with over 35 years of lending experience. Let’s dive in.

Loans 74

Loans Debt-to-income ratio Equity Finance 74

HomeLight

MARCH 31, 2023

A bridge loan is typically more expensive than a traditional mortgage. The bridge lender will lend the buyer the equity they have built in their existing house so they can move forward with the purchase of a new home. In many cases, the lender providing your new mortgage will also handle your bridge loan.

Equity 82

Equity Loans Debt-to-income ratio Finance 82

HomeLight

MARCH 21, 2022

Generally trade-in companies will offer to buy your current home, freeing up your funds to buy a new home and removing the need for a home sale contingency. Example home trade-in companies: HomeLight Trade-In. Some home-buying companies focus on purchasing houses in specific regions, states, and cities.

Closing costs 96

Closing costs Home sale contingency Investor Closing 96

HomeLight

OCTOBER 30, 2020

A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. Makes sense, right?

Closing 112

Closing Inspection contingency Title search Purchase and sale agreement 112

HomeLight

JULY 31, 2022

You can check to see how much you could qualify for in just a few minutes with a mortgage loan calculator, but it will take some time to gather all of your information and submit it to a lender when you’re getting a preapproval or underwritten preapproval. Without an agent, you will need to do all comparable sales research yourself.

Earnest money deposit 90

Earnest money deposit Agents Purchase and sale agreement Title 90

HomeLight

JANUARY 4, 2022

Below are some of the types of non-institutional buyers who may have the cash on hand to transact without a financing contingency: The creative buyer. HomeLight’s 2020 agent survey found that buyers who would traditionally use a mortgage are finding ways to pay cash however they can. You need quick access to cash.

Investor 98

Investor Finance Inspection Sales 98

HomeLight

JANUARY 28, 2022

Selling your home for cash to a “we buy houses” operation is tempting for a good reason. There are times in life when you need cash in your bank account, not in a home’s equity. Home sale contingency : The buyer’s existing home has to sell before they will purchase the home.

Purchase and sale agreement 108

Purchase and sale agreement Investor Agents Sales 108

HomeLight

MARCH 13, 2023

You don’t need the added stress of waiting for the buyer’s mortgage approval or a home inspection turning up any unpleasant surprises. No repairs: If your home is in need of repairs you can’t afford or don’t want to handle, you can skip them altogether. An investor is simply there to make a return on investment.

Sales 82

Sales Investor Due diligence Renovation 82

HomeLight

NOVEMBER 21, 2022

“To make your home competitive with the rest of the homes and the rest of the inventory, I recommend doing so,” she says. However, Richter cautions FSBO sellers that private appraisals may differ from bank appraisals. “I I tend to see that those come in much lower than actual market value,” says Richter. See the next step!).

Purchase and sale agreement 77

Purchase and sale agreement MLS Pre-approval Agents 77

HomeLight

APRIL 26, 2023

A bank statement will help weed out people who are just looking around and don’t have the qualifications to purchase your house from legitimate buyers who can obtain financing. Graham says the next step is to ask for a pre-approval letter from a reputable mortgage company that you’re comfortable with. Require everything in writing.

MLS 69

MLS Agents Sales Proof of funds 69

HomeLight

APRIL 21, 2022

Before short-term and vacation rental platforms became popular, it was often difficult to hold onto more than one home and potentially pay more than one mortgage. Cash offers from iBuyers (instant buyers) have resulted in sellers selling their homes to companies rather than private buyers. Increase adaptive reuse projects.

Construction 101

Construction Agents Home sale contingency Mortgages 101