Toronto Realty Blog

DECEMBER 1, 2023

TorontoRealtyBlog On Wednesday, I took a look at the pre-construction condominium market in Toronto and how prices and those sweet builder “incentives” look this fall. Today, I want to continue the pre-con theme and present you with a story that I’ve been holding on to for about a month now. There was no catch.

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Pre-approval Pre-qualification Development Construction 97

Realtor.com

JULY 9, 2021

The couple lived in a third-floor apartment with their two children in a pre-war building they loved on Manhattan’s Upper West Side. After a two-year, $2 million renovation completed just before the pandemic, Ms. We kept it in the pre-war style of the building, so we maintained its spirit, but everything is modern and new.”.

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Pre-approval Renovation Finance Construction 94

Redfin

FEBRUARY 22, 2021

All-cash offers, pre-approval letters, and flexible timelines are all strategies that can beat out the highest offer. Get pre-approved for a mortgage. One of the first steps you should take towards purchasing a house is obtaining a pre-approval letter. Go in with an all-cash offer.

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Pre-approval Inspection Lending Renovation 71

HomeLight

JANUARY 26, 2023

People usually finance buying a house through a bank or other traditional lending institution. Houses are no longer garnering multiple offers in most markets and the average home price dropped from $413,800 in June 2022 to around $380,000 (which is still significantly above their pre-pandemic levels). Let’s dig in.

Finance 105

Finance Pre-approval Lending Loans 105

Redfin

MARCH 5, 2025

Below are some of the best ways to find an affordable home without breaking the bank. A mortgage pre-approval can give you a clearer picture of your financial standing and help you secure a deal faster. Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range.

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Debt-to-income ratio Backup offer Finance Pre-approval 43

HomeLight

JULY 25, 2022

While it’s true that you can breathe a sigh of relief and not have to second-guess every decision involving your bank account once the keys are in your hands, there are still a few things you should keep in mind after the ink has dried on your closing documents. Don’t necessarily start renovating (yet!). Don’t forget to set up autopay.

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Closing Banks Inspection Renovation 116

Toronto Realty Blog

MARCH 10, 2025

Imagine that you’re purchasing a pre-construction condominium or a house that’s to be built by a developer, and these are closing well into the future. As I have mentioned many, many times before, I got into the real estate industry in 2004 when pre-construction prices were lower than comparable resale.

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Purchase and sale agreement Pre-approval Banks Construction 65

HomeLight

JULY 25, 2022

In fact, to help pre-empt the possibility of a delayed or canceled closing due to repair negotiations, some sellers even commission their own appraisal or inspection reports. However, the appraisal might note the home’s increased value because of a newly renovated kitchen with quartz countertops, or its proximity to the beach.

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Inspection Pre-approval Loans Finance 111

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?”. Below are just some of the typical pre-listing preparations that Shapiro calls out as essential: Reduce clutter. Resist the urge to do major renovations. Condition of the home.

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Closing Pre-approval Inspection Days on market 122

HomeLight

JUNE 28, 2021

HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan. The buyer must work with a HUD-approved real estate agent/broker for all bidding (HUD homes are sold at auction). No problem!

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Pre-approval Pre-qualification FHA loan Inspection 105

HomeLight

JUNE 21, 2022

However, an appraisal is generally ordered by the buyer’s mortgage lender to assess the home’s condition, including upgrades, renovations, and serious defects, as well as market factors and comparable properties. The appraiser utilizes this information to establish the home’s worth which affects the size of the mortgage the bank will approve.

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Inspection Purchase and sale agreement Pre-approval Inspection contingency 122

Realty Biz

JANUARY 19, 2024

Start by gathering all relevant financial documents, such as bank statements, tax returns, and pay stubs. This documentation will be necessary when applying for a mortgage pre-approval. It's advisable to reach out to multiple lenders and obtain pre-approval. Next, examine your credit score and history.

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Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

AUGUST 16, 2021

This means that the homeowner stopped making payments on their mortgage, and the bank seized the property to recoup the funds. If you’re using a mortgage to buy the property, never start bidding before you’re pre-approved,” warns Reynolds. Source: (Maksim Safaniuk / ShutterStock). What houses go up for auction?

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Title Due diligence Finance Inspection 111

HomeLight

AUGUST 31, 2022

If you meet eligibility requirements, many banks, credit unions, and other financial institutions have loans that allow homeowners to convert part of their equity to cash. You can use that money for anything — debt consolidation, tuition, home renovation, a dream vacation, etc. If that application is approved, they now have two loans.

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Equity Finance Loans Closing costs 105

Norada Real Estate

JUNE 22, 2022

They usually buy them at REO auctions, renovate them and rent them out to the tenants, before putting the property on the market for sale. You don't need to pay a bank attorney for the mortgage. Shortage of any of these factors could make you not pre-qualify for a loan. Cash buyers often get a discount from sellers.

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Finance FHA loan Investor Loans 96

Windemere Selling

JULY 12, 2023

Talk to your agent about which home renovations are drawing buyer interest and strategize accordingly. Home Inspector Another important aspect of preparing your home for sale is being aware of what repairs it needs, which is why some sellers conduct a pre-listing inspection. Buyers may choose to work directly with a mortgage lender.

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Pre-approval Title Staging Inspection 80

Redfin

MARCH 5, 2025

Below are some of the best ways to find an affordable home without breaking the bank. A mortgage pre-approval can give you a clearer picture of your financial standing and help you secure a deal faster. Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range.

Debt-to-income ratio 38

Debt-to-income ratio Backup offer Finance Pre-approval 38

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. submit your purchase offer with a pre-qualification or preapproval letter from a lender, these funds aren’t a sure thing until the loan is fully approved.

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Due diligence Inspection Pre-approval Pre-qualification 106

HomeLight

AUGUST 31, 2021

A divorce, job move, or low bank account can all be strong motivators to go for the speed and convenience of a cash sale. The cash buyer will likely wire the funds over to your bank account in a process that all in all may take only a matter of weeks or even days. You get paid! Lower-maintenance sale.

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Proof of funds Investor Due diligence Title 144

HomeLight

MAY 27, 2021

However, some sellers hire a home inspector before listing their home to conduct what’s known as a pre-listing home inspection. The appraiser’s valuation verifies that the approved loan doesn’t exceed the value of the property. A homeowner may hire an appraiser before a buyer is involved to complete a pre-listing appraisal.

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Inspection Purchase and sale agreement Pre-approval Loans 105

HomeLight

AUGUST 16, 2022

A Pew Research Center analysis of data from 44 advanced economies found consumer prices have risen substantially in nearly all of those countries since the pre-pandemic era. So, to help you navigate in this new world where everything costs more, we’re arming you with the latest information about: what is causing inflation.

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Marketing Pre-approval Equity New Construction 110

HomeLight

MARCH 30, 2022

Selling a house is rarely easy — but it certainly helps if you’re physically nearby to coordinate repairs, approve paint colors, or pop by during your lunch break to check on things. Sometimes these are classified as REOs, or real estate-owned properties , because they’re now owned by a bank, government agency, or other lender.

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Pre-approval Agents Closing MLS 116

HomeLight

JULY 31, 2022

But when you place your home on the market, it’s hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan. A conventional loan is a private mortgage, which is usually backed by a commercial enterprise such as a bank, mortgage company, or credit union. Unpermitted work.

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Closing FHA loan Purchase and sale agreement Inspection 98

The Close

FEBRUARY 19, 2025

Their short sale mortgage is said to be underwater, if they secure a buyer, they must get bank approval to proceed with the sale. A real estate short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance with the lender’s approval. What Happens in a Real Estate Short Sale?

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Short sale Sales Due diligence Purchase and sale agreement 52

Marco Santarelli

DECEMBER 20, 2020

In other cases, the investment property is the one in desperate need of repairs or renovations. Fix-and-rent is a hybrid of these two approaches, buying homes in need of repair, making the needed renovations and repairs, and then renting out your newly desirable rental property. This can help you avoid competition, bidding wars.

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Sales MLS Renovation Investor 80

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.

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Sales Investor Due diligence Renovation 98

HomeLight

MARCH 16, 2023

There are just not enough buyers who have a good credit rating and can get bank underwriting,” he says. They sign the lease just a couple of weeks after the home is renovated and ready for occupancy. In the past two years, they could easily sell homes above market price, particularly to out-of-state buyers.

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Sales Purchase and sale agreement Earnest money deposit Investor 93

GeekEstate

DECEMBER 22, 2020

Young startups in the home renovation space have recently raised tens of millions from top investors. Outfit is to renovations what IKEA is to furniture, a natural next step. AngelList sees thousands of deals and only writes checks into a few, so it’s a big stamp of approval for what Ian is building. Business Model. There are 2.6

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Renovation Construction Staging Design 93

HomeLight

MAY 19, 2022

Consider a pre-listing inspection. A pre-listing home inspection is the same as a standard home inspection except that the seller pays for it before listing their home on the market. Not every buyer who has an approval letter will get to the finish line.”. It’s a win-win for everybody. Understand buyers may still negotiate.

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As-is Inspection Investor Closing costs 119

Marco Santarelli

JULY 3, 2024

This shift has sent ripples of concern through the industry, with a recent downgrade from major investment banking firm Raymond James serving as a prime indicator. For sellers, this might involve carefully evaluating renovation projects to maximize your home's appeal or exploring creative financing options to attract potential buyers.

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Marketing Pre-approval Renovation Construction 52

HomeLight

APRIL 11, 2022

Researchers at the Federal Reserve Bank of Philadelphia found in 2018 that roughly 30% of appraisals precisely equalled the contract price , a finding consistent with other studies. An appraiser looks at the age of the home, the square footage, the layout, the location, utilities, and various upgrades or renovations.

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Loans Pre-approval Inspection Agents 111

Redfin

SEPTEMBER 27, 2021

Shopping for a mortgage, you might encounter lenders who pre-qualify you for a higher loan amount than you expected. Keep in mind that you’ll need to account for taxes, insurance, repairs and renovations, along with increased utility expenses. Bank or department store credit card. Recurring debt can include: . Student loans.

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Debt-to-income ratio Closing costs Loans Title 71

Redfin

AUGUST 9, 2023

Various programs are available for first-time homebuyers in Utah , including the Federal Home Loan Bank: Home$tart Program , which can assist with up to $7,500 in down payment assistance. Get pre-approved from a lender Getting pre-approved from a lender is essential when purchasing a house in Utah.

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Pre-approval Agents Sales Closing 59

Redfin

AUGUST 3, 2023

Preparing the necessary documents, such as bank statements, tax returns, and pay stubs, streamlines the mortgage application process and increases your credibility as a serious buyer. Get pre-approved from a lender Getting pre-approved from a lender is crucial when buying a house in Georgia, as it offers several significant advantages.

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Purchase and sale agreement Pre-approval Debt-to-income ratio Loans 59

The Close

NOVEMBER 8, 2022

Funds wired to nefarious accounts, especially in offshore and often unregulated banks, are incredibly difficult to recover and are often never seen again. Homeowners are promised representation with their bank and more time in their home to sort out a solution to their financial problems.

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Property Management Inspection Pre-approval Agents 98

Toronto Realty Blog

JUNE 24, 2024

While the home was situated in a fantastic area, the house needed a complete renovation, or could have been torn down entirely to build a new home. Then they sent a database to my clients to “approve,” and the auction began. And if the house looks like it needs major renovations, many buyers won’t care regardless.

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Purchase and sale agreement Closing Sales As-is 104

Redfin

JUNE 14, 2023

Charlotte’s skyline is adorned with impressive skyscrapers, and the city is home to the significant headquarters of renowned companies such as Bank of America, Lowe’s Inc., Get pre-approved from a lender Getting pre-approved from a lender is equally important with several significant benefits.

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Pre-approval Debt-to-income ratio Closing costs Title 59