HomeLight

AUGUST 31, 2020

You may have heard that short sales, foreclosures, or bank-owned properties offer great opportunities for a steal , but what do these different terms mean, and how does the homebuying transaction work for each? What’s the difference between buying a short sale vs. a foreclosure, and where can the best deals be had?

Short sale 89

Short sale Sales Banks Inspection 89

HomeLight

MAY 24, 2022

Even though it’s all cash to the sellers at closing, with a cash offer, “you don’t have to go through the appraisal or the bank approval process — it’s cleaner.”. With a mortgage, the bank verifies that the buyer has the down payment available to close. People know that there are so many more buyers than there are properties.”

Purchase and sale agreement 106

Purchase and sale agreement Closing Title search Title 106

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. Verify past sales. Harvell also suggests getting concrete proof that the buyer has purchased properties in their name as part of the vetting process. If only there were a way to — poof!

Earnest money deposit 98

Earnest money deposit Inspection Proof of funds Inspection contingency 98

The Close

DECEMBER 29, 2022

This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. This is the amount of a property that a person (not the bank) actually owns. A third party holds funds in escrow during the real estate transaction, releasing them at closing. Generally, this refers to earnest money funds.

Purchase and sale agreement 98

Purchase and sale agreement Title Proof of funds Pre-approval 98