HomeLight

SEPTEMBER 1, 2020

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

Banks

HomeLight

AUGUST 31, 2020

Some potential homebuyers pass over foreclosures or buying a bank-owned home entirely because they are daunted by the special considerations that go into this kind of sale. The reality is, there are a variety of substantial pros and cons that any would-be buyer should weigh seriously before purchasing a bank-owned property.

Banks

HomeLight

JANUARY 31, 2024

You can then make a strong offer on your next home with no home sale contingency. Learn More What does contingent mean? In real estate, when a house is listed as “ contingent ,” it means the sale of the property is conditional upon certain criteria being met. How long can a house be contingent?

Purchase and sale agreement

HomeLight

SEPTEMBER 30, 2020

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

Short sale

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request that it be fixed—or you can back out of the sale. Your home inspection reports.

Closing

HomeLight

NOVEMBER 8, 2024

In real estate, “pending” means a seller has accepted an offer, and the property is under contract , but the sale hasn’t yet closed. A home is marked as pending once an offer is accepted and both parties have agreed to the sale’s terms. More on contingencies in a minute.) What contingencies can impact a pending sale?

Inspection contingency

Realty Biz

FEBRUARY 20, 2021

We will take an in-depth look at the most common real estate contingencies you need to understand when buying a home. Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Most buyers will have a home inspection contingency in their contract. What is a Kick-Out Clause.

Purchase and sale agreement

HomeLight

SEPTEMBER 6, 2024

Generally, an appraisal contingency protects a buyer when a home they’ve made an offer on appraises for less than the amount the buyer offered to pay. Appraisal contingencies are just one type of contingency. Other types include a sales contingency , financing contingency, and inspection contingency.

Inspection contingency

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.

Purchase and sale agreement

HomeLight

JANUARY 13, 2022

These conditions are known as contingencies, which is where the term “active contingent” comes from. Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common types of contingencies.

Backup offer

HomeLight

MAY 17, 2022

But although you might pay less than you would on the open market, closing a sale on a foreclosure can take a long time, and properties may be sold “as-is ,” without a seller’s disclosure. Before you get started down the road toward buying a foreclosure, it’s good to know the different types of sales that you might encounter.

Inspection

HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

Closing

HomeLight

OCTOBER 30, 2020

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. With cash, buyers are able to waive common contingencies, making the deal smoother and faster (not to mention sweeter for the seller). Because it’s fast.

Closing

Redfin

JANUARY 25, 2021

Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider. 1) Home inspection contingency. As the buyer you should always order a home inspection. 2) Appraisal contingency. 4) Home sale contingency.

Home sale contingency

Point2Homes

DECEMBER 7, 2020

If a homeowner fails to keep up with their mortgage payments, the lender can begin foreclosure proceedings, and the sale of foreclosed homes can sometimes be a bargain to home buyers. As an example, below are some of the steps involved in the sale of a foreclosed home that you need to be aware of. How to Buy Foreclosed Homes.

Debt-to-income ratio

HomeLight

MARCH 16, 2023

Do you need to connect with cash home buyers in Houston for a fast sale? Whatever your reason for needing a quick sale without making expensive repairs, Houston is teeming with cash home buyers ready to make you an offer no matter your home’s condition. Need to Sell Your House Fast in Houston? No showings, no repairs, no open houses.

Sales

HomeLight

MARCH 13, 2023

Whatever your reason for needing a quick sale without making a substantial investment, the Orlando real estate market is teeming with cash buyers ready to make a deal no matter your home’s condition. Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready.

Sales

HomeLight

SEPTEMBER 30, 2020

you need to protect your sale price from sinking. With the average buyer negotiating $14,000 in savings from the inspection , your concerns are valid. Here we’ve compiled the myths and risks about an “as is” sale so you don’t go in blind. I’m selling this house as is.” And a buyer makes an offer.

As-is

Realty Biz

JULY 7, 2021

The preapproval letter is based on the lender reviewing and confirming your W-2s, bank statements, credit score, and other relevant documentation. Minimal or no contingency clauses. Contingencies are specific conditions that must be met before the sale can be completed. Require a minimal home inspection.

Inspection contingency

HomeLight

JULY 31, 2021

turn four walls and a roof into money in the bank, without the need for inconvenient showings, nail-biting appraisals , or a 50-day closing. Reports from the National Association of Realtors show that nearly a quarter of existing home sales were made with all-cash in the spring of 2021 — but how do you go about finding your cash buyer?

Earnest money deposit

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?”. Your sale could be different. Every house, every market, and every individual sale will vary in terms of days on market and closing timelines.

Closing

HomeLight

JUNE 21, 2022

But you’ll still have to get over the home inspection hurdle that could reveal issues requiring repairs or cause buyers to renegotiate a lower sales price or even walk away from the deal. It’s critical to know what home inspectors look for because serious problems could derail the sale altogether. What is a home inspection?

Inspection

HomeLight

JULY 31, 2022

When you find a neighborhood you love, the next step is finding a home that’s for sale and in your price range. If you decide that you are not willing to proceed with the sale because of the scope of the problems, then this will be your first chance to walk away. Common contingencies include: Inspection contingency.

Earnest money deposit

Realty Biz

JUNE 7, 2021

That means the bank will loan 80% of the value of the house and the buyer needs to pay cash for the other 20%. In a general sense, it gives the buyer more power to negotiate a lower sales price and ask for more contingencies. It estimates how many months it would take to sell all of the houses currently available for sale.

Inspection

HomeLight

SEPTEMBER 25, 2020

Getting a mortgage also allows you to keep more of your liquidity intact : If you had $500,000 in the bank, and use it on an all-cash home purchase, you now have $0 in the bank. Though here, too, a home inspection is always a good idea to save you from unpleasant — and potentially expensive — surprises.

Mortgages

HomeLight

FEBRUARY 27, 2023

But when it’s an estate sale, emotions can run even higher. He is the broker and owner of Proof Real Estate in San Francisco, California where he specializes in estate sales. On today’s episode, we’re gonna talk about Craig’s five-step formula for estate sale listing success.

Sales

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.

Inspection

HomeLight

NOVEMBER 9, 2021

If you need to move even more swiftly than that, selling to an online direct buyer through a platform like HomeLight’s Simple Sale could take as little as 10 days. The Simple Sale process frees you of the hassle of staging your home and jumping through hoops for the buyer’s lender. Direct Buyer (Simple Sale). Traditional Sale.

Purchase and sale agreement

Marco Santarelli

AUGUST 2, 2020

Our main focus would be on the last month's housing prices and sales statistics in NYC. The median sales price in the NYC hit $718,000 in June for the highest figure year-to-date. Residential sales in NYC were reported to be down by 25% as compared to last year. The median home sale price in Manhattan was $1M.

Marketing

HomeLight

AUGUST 31, 2021

Ever since the 2008-2009 recession, cash offers have become more prevalent, accounting for 33% of sales as of 2021 — that’s up from 20% in 2019. From the seller’s point of view, it doesn’t make much difference whether the cash comes from the buyer’s personal bank account or from a mortgage loan. Updated August 31, 2021.

Due diligence

HomeLight

JULY 31, 2022

Even before you decided to put your home up for sale, you probably knew making minor repairs and sprucing up your home would increase the chances of attracting the right buyers and getting a great offer. It’s important to distinguish that appraisals are not intended to be a home inspection. Condition of the stairs.

Closing

HomeLight

OCTOBER 29, 2021

In that case, you could get your earnest money back if you have an inspection contingency and make the decision within the period the contract specifies. The house must appraise for at least the sales price listed in the contract for you to receive your mortgage, so it never hurts to confirm that the lender has scheduled the appraisal.

Closing

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.

Purchase and sale agreement

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. Bank statements. Consider what other houses are selling for by looking at the comparable sales in your area.

Purchase and sale agreement

HomeLight

AUGUST 24, 2022

According to Todd Auslander , who completes 27% more sales than the average Stamford, Connecticut agent, selling a house ‘as is’ in Connecticut is mostly done when the owner inherits the house, lives out of state, or the house is in really bad condition. Median sales price in Connecticut. Estate sales. Request Offer.

As-is

Redfin

FEBRUARY 10, 2021

Later in the year, the worst of the pandemic will hopefully be behind us, and as businesses reopen and daily activities become safer, a new batch of homebuyers and sellers will enter the housing market, making for the strongest year of home sales since 2006. ”. There is a shortage of homes for sale. We’re in a seller’s market.

Debt-to-income ratio

HomeLight

JANUARY 27, 2021

A lender with a local presence will likely know the ins and outs of your market better than a big bank, and they’ll have local relationships that will make closing your deal easier. Your agent, on the other hand, will be well-versed in the homes for sale in your area. Definitely include an inspection contingency.

Closing costs