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 74

Banks Inspection contingency Inspection FHA loan 74

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. While 18% of settlements are delayed, problems encountered during inspections hold up one in ten contracts. What is a home inspection?

Inspection 120

Inspection Purchase and sale agreement Pre-approval Inspection contingency 120

HomeLight

JUNE 29, 2021

House flippers , on the other hand, pay cash to purchase homes that require major repairs, renovate them, and then resell them for a profit. Home inspection contingency. Home inspection contingencies may lead to further price negotiations , depending on what issues turn up. Source: ( Thom Bradley / Burst ).

Inspection contingency 56

Inspection contingency Proof of funds Inspection Pre-approval 56

HomeLight

AUGUST 25, 2020

If your home is overdue for some repairs or renovations that you opted to skip, that could deter buyers who are looking for something that’s move-in-ready. If the accepted offer is significantly above the appraised value, the bank will not approve the loan,” warns Liu. Resist the urge to do major renovations.

Closing 120

Closing Pre-approval Inspection Days on market 120

HomeLight

AUGUST 31, 2021

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. The associated contingencies , which come with additional risks for the seller, are where you’ll find most key distinctions between a cash offer and an offer backed by a mortgage loan.

Due diligence 75

Due diligence Inspection Pre-approval Pre-qualification 75

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. On the other hand, a home in foreclosure might list as-is because the bank doesn’t want to invest money or spend time on fixes. Another misconception is that a home inspection isn’t allowed. USDA loans.

As-is 69

As-is Inspection Title search Inspection contingency 69

HomeLight

MARCH 13, 2023

With the strong Florida sun shortening the lifespan of roofs and air conditioning systems, costly renovations may be necessary. A cash buyer relieves them of the headaches of renovating and listing the property. Many people who contact Reiner have older homes that haven’t been updated. For a rental, not as much,” explains Joseph.

Sales 77

Sales Investor Due diligence Renovation 77