Redfin

JUNE 9, 2025

Because lenders base loan amounts on the appraisal—not the purchase price— buyers are typically responsible for covering this difference out-of-pocket. Prices increasing fast: Prices rise quickly in hot markets but appraisals rely on older sales data that may not reflect the latest trends.

Purchase and sale agreement

Redfin

JANUARY 28, 2025

Instead of applying for a new home loan with todays mortgage rates and terms, the buyer steps into the seller’s position as the borrower and continues making payments under the original loan agreement. Both the buyer and seller must work closely with the lender to ensure compliance with the loans terms and approval requirements.

Loans

Redfin

JUNE 10, 2025

Mortgage lenders typically base their financing on the appraised value or the purchase price , whichever is lower, directly impacting the loan amount. Limited comparable sales (comps): Appraisers rely on recent sales of similar homes in the area. Negotiate the purchase price: This is often the most common resolution.

Purchase and sale agreement

Redfin

JULY 3, 2025

Waiting until your divorce is finalized can help prevent legal or financial complications during your purchase, ensuring a smoother path to closing. Renting a home before buying can be a practical option if you need time to adjust to a single income, rebuild your credit , or save for a down payment and closing costs.

Debt-to-income ratio

Redfin

JULY 17, 2025

Savings: Decide how much each of you can contribute from your savings towards the down payment, closing costs, and moving expenses. Emergency funds: Discuss how you’ll handle unexpected costs, such as repairs or sudden loss of income. It helps prevent misunderstandings and protects both parties if your relationship changes.

Purchase and sale agreement

HomeLight

SEPTEMBER 30, 2020

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

Short sale

HomeLight

APRIL 14, 2023

But even though the monthly mortgage payments fit into your budget, you’re concerned about coming up with enough cash for a myriad of closing costs in addition to the down payment. Find a Buyer's Agent What are closing costs? Some of these costs, such as property taxes and insurance, apply to homeownership in general.

Closing costs

HomeLight

JULY 12, 2024

Unlock Your Equity and Buy Before You Sell Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency. Get Started What does ‘in escrow’ mean in real estate?

Purchase and sale agreement

HomeLight

FEBRUARY 26, 2024

We’ll look at the financial mechanics behind affording a luxury home and explore alternatives that can make your dream purchase a reality. They’re going to do a conventional loan, and then do an equity loan so that they can afford it.” Let’s take a look at these common ways people can afford to purchase a million-dollar home.

Purchase and sale agreement

HomeLight

JULY 29, 2022

If you’re in this demographic and looking for a house in retirement, chances are your priorities have changed from when you purchased your first home. Building equity. Building equity , or increasing your home’s value minus the amount you owe on it, is something every homeowner strives for. Maintenance and repairs.

Purchase and sale agreement

HomeLight

DECEMBER 30, 2023

You may be building an online watchlist of homes you’re interested in seeing, but then you notice a label tagging your favorite property listing as “under contract” or “sale pending.” In this post, we’ll explain terms like “under contract,” “sale pending,” and “active under contract” and how they might impact your home-buying journey.

Home sale contingency

HomeLight

JULY 30, 2021

We’ve researched the ins and outs of rent-to-own homes , as well as talking to experienced real estate agents about how a renter and landlord can enter into such an agreement, the pros and cons of doing so, and just what it means for you as a buyer if you decide to rent-to-own. Lease-option agreements. Lease-purchase agreements.

Purchase and sale agreement

Realty Biz

AUGUST 12, 2023

Here are some key terms and their definitions: Mortgage : A loan specifically used to purchase real estate. 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. Closing Costs : Fees and other costs that need to be paid when closing on a house.

Purchase and sale agreement

RIS Media

OCTOBER 14, 2020

If you agree to a sale price that’s less than the appraised value, you’ll have to pay the difference out of pocket. That may be a struggle if you’re already strapped by a down payment, closing costs and moving expenses. Lack of Equity. How to Approach the Home-Buying Process.

Purchase and sale agreement

HomeLight

NOVEMBER 13, 2024

Could a rent-to-own agreement be just right? Just 1% of homebuyers purchase the home they previously rented, according to a 2024 report from the National Association of Realtors. Once the agreement term concludes, you pay a down payment, secure a mortgage, and transition from tenant to owner. It’s typically between 2.5%

Purchase and sale agreement

HomeLight

AUGUST 16, 2021

And you’ll also need to check with your landlord and leasing agreement to make sure renting your apartment is permitted in the first place (many leases prohibit subletting). Insisting upon a signed and notarized legal rental agreement. Consider a master lease agreement. A few tips: Remove valuable items to another location.

Purchase and sale agreement

HomeLight

OCTOBER 25, 2021

“In the right scenario, yes,” it may make sense to sell to your renter, says AJ Petterson with The Advisory Realty Group , a high performance real estate team in Minneapolis that also specializes in Townhome sales. As is advisable in any home sale, work with a top real estate agent to evaluate the strength of your renter’s offer.

Purchase and sale agreement

HomeLight

MARCH 31, 2021

With rent-to-own homes , you get to try the home on for size while holding the door open to purchasing the home later. This method of buying a home can be more complicated than a straightforward home purchase, and it’s not a widely used technique. Source: (LinkedIn Sales Solutions / Unsplash). If so, consider the offer.

Purchase and sale agreement

HomeLight

SEPTEMBER 27, 2022

In cities with hot housing markets and real estate inventory shortages, homeowners are receiving unsolicited offers to buy their homes from investors, wholesalers, and house flippers who purchase homes at a discount and sell them for a profit to another buyer. Some cash buyers offer to buy homes at no cost to you. Beware of scams.

Purchase and sale agreement

HomeLight

JUNE 13, 2022

You need to save up money for a down payment and closing costs (which are calculated as a portion of your purchase price), but home prices just keep going up — so when you finally reach your goal, you realize that the goalposts have moved, and the hill is even taller than you thought. Let’s dive right in! Why rent to own?

Purchase and sale agreement

HomeLight

MARCH 13, 2023

A cash sale may provide the speed and efficiency you need. Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer within a week and close in as little as 10 days. In this article, we explain how to find and sell to a Los Angeles area cash home buyer.

Sales

Marco Santarelli

JUNE 25, 2021

Purchase Money Mortgage/Seller Financing. However, with a purchase money mortgage, the seller extends finances to the buyer. The excess rental fee will then be channeled towards the purchase price. With this type of agreement, the investor is able to purchase an investment real estate using a slightly higher rental fee.

Purchase and sale agreement

HomeLight

SEPTEMBER 13, 2022

If the IRS decides to audit the transaction, then you’ll have documentation to prove your home’s fair market value at the time of the sale. AVMs use publicly available data and recent sales records to generate a value range based on the current market conditions. Sign a purchase agreement. Closing timeline.

Purchase and sale agreement

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. Receive your offer within a week and close in as little as 10 days.

Sales

HomeLight

APRIL 19, 2021

If you’ve lived in your home for years, purchasing a second home and renting out the first could be a viable option. You get the mortgage benefits of purchasing a home that will be owner-occupied, such as lower interest rates and less strict down payment requirements. Cost and return. Cost and return.

Purchase and sale agreement

Lab Coat Agents

NOVEMBER 20, 2024

An assumable mortgage is a financial agreement where the buyer takes over the seller’s existing mortgage. This approval process helps protect the lender’s interests while offering flexibility for buyers looking to save on their home purchases. What Is An Assumable Mortgage ?

Purchase and sale agreement

HomeLight

JUNE 28, 2021

When you purchase a home using a mortgage, you’ll have to meet the lender’s debt-to-income — or DTI — requirements. Most homebuyers need to put something down to purchase a home. Do you have money for closing costs? It’s not uncommon to have closing costs that add up to 2% to 5% of your loan amount.

Purchase and sale agreement

HomeLight

NOVEMBER 29, 2021

Plus, down payment and closing costs in New Jersey can set you back thousands of dollars. The amount varies, but it is usually based on a percentage of the home’s purchase price. You’ll find up-to-date information on new listings, days on market, median sales prices, housing inventory, and more. Homeowners taxes.

Land

HomeLight

NOVEMBER 29, 2021

If you’re considering a rent-to-own house, you need to have a clear understanding of how these contracts work — they’re a little bit different from both a typical rental contract and a typical home purchase contract. When the future purchase price is set. Lease option vs. lease purchase. Term lengths. Option fee.

Purchase and sale agreement

HomeLight

MARCH 31, 2022

As housing prices skyrocket, many homeowners are considering ways to turn their growing home equity into cash. If you’re one of the 6 million Americans projected to sell a home this year, you may be trying to figure out exactly how much of that increasing equity will end up in your pocket after all is said and done. Sales price.

Closing

HomeLight

JULY 31, 2020

Real estate purchases made entirely with cash are rumored to create big benefits for homebuyers. With the help of Brad Graves , a top real estate agent in San Antonio, Texas , and some recent national home purchase data, we’ll examine the pros and cons of all-cash offers. Pro #3: Quick, streamlined closing.

Purchase and sale agreement

HomeLight

JANUARY 3, 2023

Year-over-year, monthly sales in the Phoenix metro area were down nearly 25%. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale in Colorado.

Purchase and sale agreement

HomeLight

DECEMBER 10, 2021

Just how much do you stand to lose if you list your home as an as-is sale ? When selling your house as is, the buyer purchases the home with the understanding that the seller chooses not to make any repairs or improvements. Also, an as-is sale doesn’t preclude the buyer from inspecting the property. Your buyer.

As-is

HomeLight

JULY 12, 2022

If you are thinking about selling your home, those low-hassle, convenient, fast-sale pitches may pique your interest. You may be curious about getting an online quote for the sale of your home. These buyers will provide an online quote to purchase your home—often sight-unseen. Like you, they thought there had to be a catch.

Purchase and sale agreement

CT Homes

MARCH 7, 2024

A mortgage is essentially a loan from a bank or financial institution that enables you to purchase a home. The Role of Equity Equity is the portion of your home that you truly “own” — the difference between your home’s market value and the outstanding balance of your mortgage.

Purchase and sale agreement

HomeLight

JULY 31, 2022

Here are some options for pulling a successful sale, regardless of where you stand on your mortgage. Check your equity to get started. As a military member selling a house, the options available to you depend on your equity , which is the percent of your home that you own outright. VA-backed mortgage as marketing.

VA loan

HomeLight

MAY 3, 2023

But in focusing on the equity portion, people are often surprised to learn how much it costs to sell a house in the U.S. Selling fee Typical % of sale price Real estate agent commission 5.8% of the property sales price. Renting a dumpster costs $381 on average. Money is always top of mind when selling a house.

Seller concession