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 105

Closing Backup offer Sales Inspection 105

HomeLight

SEPTEMBER 9, 2020

Obtain proof of funds from the bank. If you make a cash offer and you want to be competitive, it’s a good thing to have a letter from the bank, advises Ludecker, in order to prove that you have the cash available. Providing a proof-of-funds letter is more secure than forking over a bank statement, which contains sensitive information.

Inspection contingency 105

Inspection contingency Proof of funds Inspection Title 105

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.

Purchase and sale agreement 79

Purchase and sale agreement Home sale contingency Inspection contingency Title 79

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 88

Inspection contingency Marketing Inspection Rent back 88

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 79

Inspection Inspection contingency Pre-approval Closing 79

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 118

Debt-to-income ratio Pre-approval Inspection Inspection contingency 118

HomeLight

AUGUST 29, 2022

As of June 2022, the median sales price of homes in Dallas county was $520,000. As of June 2022, the median sales price in Harris county was $241,500. As of June 2022, the median sales price in Travis county was $665,000. The median sales price for a home in Hood county was $330,000 as of June 2022.

Earnest money deposit 98

Earnest money deposit Title Inspection Title search 98

Dwell Real Estate

JULY 10, 2020

Earnest money remains in an escrow account or with the title company until the real estate sale closes. The financing contingency guarantees that you’ll get a refund for your earnest money if for some reason your mortgage doesn’t go through and you’re unable to purchase the house.

Earnest money deposit 40

Earnest money deposit Inspection contingency Purchase and sale agreement Pre-approval 40

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 122

Inspection Purchase and sale agreement Pre-approval Inspection contingency 122

Dwell Real Estate

JULY 10, 2020

Earnest money remains in an escrow account or with the title company until the real estate sale closes. The financing contingency guarantees that you’ll get a refund for your earnest money if for some reason your mortgage doesn’t go through and you’re unable to purchase the house.

Earnest money deposit 40

Earnest money deposit Inspection contingency Purchase and sale agreement Pre-approval 40

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 75

As-is Inspection contingency Inspection Investor 75

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 122

Closing Pre-approval Inspection Days on market 122

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 88

Purchase and sale agreement Home sale contingency Title search Inspection 88

HomeLight

JULY 31, 2020

There’s a house for sale that you want to buy. 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.

Closing 113

Closing Purchase and sale agreement Title search Earnest money deposit 113

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 80

Due diligence Inspection Pre-approval Pre-qualification 80

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 85

Closing Inspection Title Due diligence 85

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 79

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 79

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 119

Closing costs Loans Inspection Earnest money deposit 119

HomeLight

MARCH 30, 2021

Preapproval, on the other hand, is typically a more official process where the lender requires more documentation of your bank accounts and also looks into your credit history. After the inspection, you’ll receive a detailed report along with a summary of any issues. Source: (LinkedIn Sales Solutions / Unsplash).

Due diligence 105

Due diligence Inspection Title Pre-approval 105

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 82

Sales Investor Due diligence Renovation 82

Redfin

MARCH 30, 2021

Schedule a home inspection and negotiate concessions for any issues. Ideally, your purchase agreement included an inspection contingency. In a seller’s market, buyers may waive this to be more competitive, even if an inspection is in their best interests. Average time: 7-14 days.

Closing 76

Closing Purchase and sale agreement Title Inspection 76

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 98

Purchase and sale agreement Home sale contingency Sales Inspection contingency 98

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 97

Inspection Banks Short sale Title 97

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 114

Closing Inspection contingency Title search Purchase and sale agreement 114

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 67

Sales Staging Purchase and sale agreement Inspection 67

HomeLight

OCTOBER 8, 2020

Sale contingencies are frowned upon. Sneak peek, the agent you’re going to meet today has done more than $5 million in sales volume, and added $180,000 in GCI just this year, just from this easy button. So, people are not even considering an offer from somebody who is contingent upon the sale of that home.

Agents 81

Agents Pre-approval Inspection Staging 81

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 67

Sales Purchase and sale agreement Earnest money deposit Investor 67

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 139

Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

HomeLight

MAY 28, 2021

An example: Let’s say a property is listed as-is, and a home inspection finds a leaky roof and foundation issues. You’ll be on the hook for the entirety of those repairs, and you can’t expect any financial help from the seller if you pursue the sale. In some as-is home sales, you might see a “where-is” specification added in.

As-is 73

As-is Inspection Title search Inspection contingency 73

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 92

Earnest money deposit Agents Purchase and sale agreement Title 92

HomeLight

AUGUST 9, 2022

As we mentioned, your lender will need to see that you do actually have the money as part of your loan approval process — a current bank statement will usually suffice — but you won’t need to transfer it out until closing day. Earnest money is usually refundable if certain contingencies aren’t met causing the termination of the contract.

Earnest money deposit 97

Earnest money deposit VA loan Purchase and sale agreement FHA loan 97

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 92

Inspection Closing costs Inspection contingency Loans 92

HomeLight

OCTOBER 29, 2020

Contingencies can range from the relatively minor or otherwise workable — like requesting a $3,000 allowance to fix a plumbing issue that was revealed during inspection — to more serious stipulations, such as a buyer needing to sell their existing house before closing on the next. Negotiable contingencies. Home inspections.

Purchase and sale agreement 80

Purchase and sale agreement Pre-approval Earnest money deposit Inspection 80

HomeLight

JULY 29, 2022

Otherwise, you can arrange for a wire or bank transfer of funds that gets to the closing agent early (most likely via the title company). There are certain properties I would immediately order a title search before I do anything else: A foreclosure , a short sale , a bankruptcy, an estate sale,” Houck says.

Closing 105

Closing Purchase and sale agreement Title Home sale contingency 105

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 73

Mortgages Inspection contingency Loans Inspection 73

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 115

Purchase and sale agreement Inspection Title Pre-approval 115

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 98

Closing FHA loan Purchase and sale agreement Inspection 98