Real Trends

DECEMBER 27, 2022

How often does a pending home sale fall through? A pending sale may be referred to as “under contract” by some real estate agents. A sale is considered pending until the seller formally accepts an offer from a buyer. It should be reassuring for all real estate agents that not many home sales fall through.

Sales 60

Sales Home sale contingency Pre-approval Inspection 60

Realty Biz

JUNE 20, 2023

The lender does so by forcing the sale of the asset used as the collateral for the loan, typically a house. REOs: If a property does not sell at auction, it becomes a real estate-owned property, owned by the bank or lender. You want a property with a clean title, or at least an understanding of what you're taking on.

Due diligence 74

Due diligence Hard money loan Inspection Title 74

Realty Biz

AUGUST 12, 2023

In a mortgage agreement, the buyer borrows money from the lender (usually a bank) and agrees to pay it back with interest over a specified period. These can include title search fees, appraisal fees, attorney fees, and more. Principal : The amount of money you borrowed to buy the home.

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Purchase and sale agreement Mortgages Pre-approval Title search 97

Point2Homes

JUNE 4, 2021

Many online listing platforms will differentiate between pre-foreclosures, REOs (bank-owned properties) and actual auctions. It’s also essential to run a title search on the property. Auction sales usually have the lien amount listed, and you can use it as a starting point for planning your budget. Research the Property.

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Title search Title Inspection Short sale 96

HomeLight

AUGUST 31, 2021

A foreclosed home is a property that has been seized by the bank after the homeowner failed to make their mortgage payments. A home goes through several steps before the bank physically takes over the house and sells the property. Different types of foreclosure sales. Short sale. Source: (Adam Wilson / Unsplash).

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Pre-approval Short sale Banks Finance 99

RIS Media

SEPTEMBER 21, 2020

Approved for short sale : A term that indicates that a bank has approved a homeowner for a reduced listing price on a home, and said home is ready for resale. Closing costs : Fees associated with the purchase of a home due at the end of the sales transaction. The document includes loan terms, monthly payment and closing costs.

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Pre-approval Pre-qualification Title search Inspection 61

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?

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Closing Backup offer Sales Inspection 105

Point2Homes

JUNE 23, 2021

Often, dealing with the bank directly can allow you to pace your home buying decision and even provide a better deal. Real estate-owned (REO) properties, also known as bank-owned, are properties that have not sold at a foreclosure auction , and as a result, they are owned by the foreclosing bank. What Is an REO Property?

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Pre-approval Banks Title search Inspection 71

Redfin

MARCH 3, 2022

“Most title companies and attorneys don’t accept personal checks over $500, sometimes less. Make sure you know in advance how you will be getting a bank check or wire transfer, so you’re able to close on time. The home appraisal is lower than the sale price. Clouds on the title. How to remedy the situation.

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Closing Title search Purchase and sale agreement Title 63

Realty Biz

SEPTEMBER 14, 2023

Attorneys assist in reviewing and negotiating sale agreements, clearing title issues, and preparing all necessary legal documents. Lenders Lenders, such as banks or mortgage companies, may also engage real estate attorneys to represent their interests in a transaction. Lawyers do this by performing a title search.

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Purchase and sale agreement Title search Title Due diligence 99

Realty Biz

MARCH 31, 2023

These homes will not be listed for sale by the bank unless someone does not become a winning bidder. This can lead to the home being listed for sale in an auction. Homes with unpaid property taxes can also be subject to a tax deed sale. This means the title is sold at auction, and the home has a new owner.

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Title Title search Renovation Inspection 83

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.

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Closing Purchase and sale agreement Title search Earnest money deposit 112

HomeLight

JANUARY 12, 2022

24, you can expect to close on the sale of your home somewhere between the end of February to mid-March. A cash sale can usually be turned over in a week to two weeks , as it allows you to skip the mortgage process and the appraisal, which are typically the two most time-consuming steps in the process. So if you list your home on Jan.

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Closing Purchase and sale agreement Pre-approval Inspection 113

HomeLight

OCTOBER 28, 2021

In a recent study , Florida was found to have more homes for sale than any other state in the nation. These charges, also referred to as settlement fees, are due at the end of the transaction when the title of the property is transferred to the buyer. This involves paying both the title search fee as well as title insurance.

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Closing Title search Closing costs Title 56

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.

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Earnest money deposit Title Inspection Title search 96

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.

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Purchase and sale agreement Home sale contingency Title search Inspection 86

HomeLight

SEPTEMBER 21, 2020

Desperate for a clean break from the situation, you’re wondering: can you sell a house with a lis pendens for a decent price — ideally before the bank forecloses or you rack up a bunch of legal bills? Typically the claim involves either the title to the property or a claimed ownership interest in it. Steven Herzberg, Esq.

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Title Banks Investor Title search 93

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.

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

HomeLight

APRIL 15, 2022

We also include information about HomeLight’s Simple Sale platform, an online home-selling program that provides competitive all-cash offers for homes across the country. Consider starting with HomeLight’s Simple Sale platform, available nationwide. Request a Cash Offer from Simple Sale. What is an iBuyer? Request Cash Offer.

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Title House Flipping Title search Sales 86

Lighter Side of Real Estate

JULY 26, 2023

But what you can bank on is that there might be some things that hold up the process. So let’s take a look at things that could potentially affect how long it takes for you to buy a house, to help you decide when to start your home search: Finding a house you like. Scheduling the closing.

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Title Closing Inspection Title search 81

RIS Media

FEBRUARY 21, 2021

Part of the lender’s title insurance requirements is to have a title agency check to see if there are any open claims against the home you are buying. If an issue appears before closing, the seller needs to take care of it, either with their own money or their own title insurance policy.

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Title Closing costs Title search Closing 84

HomeLight

JANUARY 29, 2021

Run a title search to surface liens or judgments attached to the property, such as unpaid taxes, a home equity line of credit, or a reverse mortgage. Only the executor or personal representative is legally authorized to make decisions about the home sale. Source: (Slidebean / Unsplash). Know where the mortgage stands.

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Pre-approval Title Renovation Title search 110

Redfin

MAY 26, 2021

This third party’s responsibility is to oversee the transfer of ownership from seller to buyer according to the terms of the contract of sale. . Escrow benefits the homebuyer by making sure the seller fulfills all the conditions of the sale, such as any repairs they agreed to make. The escrow agent facilitates the sale.

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Purchase and sale agreement Title Earnest money deposit Loans 78

HomeLight

OCTOBER 5, 2020

An appraiser will compare the home to others around it, taking into account recent sales prices for other homes with similar features. Also remember that, although you may be hoping for a discount, the bank is trying to recoup as much of the appraised value as possible. They are going to say, ‘Okay, we’re willing to take.80

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Due diligence Earnest money deposit Banks Inspection 54

Marco Santarelli

DECEMBER 22, 2020

Real estate or mortgage note investing is owning real estate without property management or without becoming a landlord where the homeowner pays the investor instead of the bank. On the courthouse steps, this property will be auctioned for sale. As long as you comply with the timing and the noticing, then that sale goes through.

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Mortgages Purchase and sale agreement Fixed-rate mortgage Loans 122

HomeLight

MAY 26, 2021

According to the National Association of Realtors®, only 22% of residential sales are cash sales, so it’s likely that you’re taking out a mortgage to finance your home purchase. You’ll learn jargon you’ve never heard before, like earnest money , escrow, and title search. Source: (Erik Mclean / Unsplash).

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Inspection Residential Due diligence Title search 95

HomeLight

JUNE 7, 2022

Go with the turn time that the lender states and then add an extra day to it, just to be safe,” says Richie Helali, a mortgage sales leader with HomeLight Home Loans who gave us the inside scoop on how long a mortgage preapproval really takes. Some banks may take a couple of days. Social security number. W-2 employees.

Mortgages 98

Mortgages Loans Lending Proof of funds 98

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.

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Inspection contingency Proof of funds Inspection Title 104

Housing Wire

MARCH 10, 2021

The first, Partner API, is used to unify title companies, real estate agents, lenders, and homebuyers throughout a single real estate and mortgage transaction. PropTech companies are increasingly turning their attention to the closing process and attaching title to their service offerings,” said Nate Baker, Qualia CEO.

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Title Title search Closing Lending 418

HomeLight

AUGUST 31, 2020

This means that you cannot sell your house and pocket any equity from the sale until that tax lien debt is satisfied. Whether out of embarrassment or denial, many homeowners hold out hope that their tax lien problem won’t crop up until after the home sale closes. Tax liens will be discovered during a title examination.

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Bankruptcy Equity Title Closing 96

Redfin

JUNE 14, 2023

This affordability is evident through a median sale price of $361,000, which is below the national median of $407,415. Despite a decrease in housing demand, the median sale price continues to rise steadily, with a noteworthy 2.5% One aspect that makes this market particularly enticing is its affordability in comparison to other areas.

Pre-approval 55

Pre-approval Debt-to-income ratio Closing costs Title 55

HomeLight

APRIL 14, 2023

Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. They usually present a take-it-or-leave-it sale price. If you accept the offer, you’ll both sign a sales contract. With a signed sales agreement, the closing process will begin.

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Purchase and sale agreement Closing costs Closing Sales 86

HomeLight

APRIL 20, 2023

If you fail to factor them into your homebuying budget, you could walk out of closing with the keys to your new house and an emptier bank account than you’d planned on! Buy for cash or sell to a cash buyer: A cash buy or cash sale can eliminate two of the biggest expenses: mortgage fees and commissions.

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Closing costs Closing Inspection Loans 80

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.

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Sales Investor Due diligence Renovation 80

HomeLight

JULY 28, 2022

HomeLight’s Simple Sale platform provides full cash offers for homes in almost any condition nationwide and in Alabama. Simple Sale (a HomeLight platform). Simple Sale , a solution from HomeLight, is an online platform where sellers in Alabama (and across the country) can request a cash offer for their home. Request Offer.

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Purchase and sale agreement Closing costs Closing Title 82

HomeLight

FEBRUARY 17, 2022

HomeLight’s Simple Sale platform provides full cash offers for homes in almost any condition nationwide and in Texas. The seller doesn’t want to bother prepping the home, dealing with showings, negotiating, or navigating a long sales process. The seller is living out of state and prefers the ease of a cash sale.

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Closing costs Closing Sales Staging 74

Redfin

MARCH 30, 2021

You can shop around and get competitive bids for both escrow services and title insurance, though the practicality and expected benefit of this may vary depending on the size of your loan and the availability of title insurers in your market. The lender will often perform another credit check before closing on a house.

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Closing Purchase and sale agreement Title Inspection 76