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15 Homebuying Terms You Should Know When Searching for Your New Home

RIS Media

If you’re searching for your first new home, you will likely hear many words that you’ve never heard before. The homebuying process is already complex, so understanding certain words and terms in the real estate industry will help you get ahead of the game for when you’re ready to start buying.

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What your customer should know before making an offer

Real Trends

They need to understand: What earnest money is and what happens to it if the sale falls through (and if it doesn’t) How long the seller has to respond to an offer Who is responsible for an inspection What happens if an inspection reveals significant problems that require repair. Estimated closing costs. Contingencies.

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6 of the Top We Buy Houses for Cash Companies in Fort Worth

HomeLight

However, the initial offer is typically subject to change after they have inspected your home. Closing costs: Sellers typically pay no closing costs; Best Cash Offer in Texas LLC often covers them. Closing costs: No prep costs, no agent commissions, and no fees charged by HomeLight.

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5 of the Top We Buy Houses for Cash Companies in Santa Barbara

HomeLight

However, the initial offer is typically subject to change after they have inspected your home. Closing costs: Sellers pay no closing costs; Express Homebuyers covers them. Closing costs: No prep costs, no agent commissions, and no fees charged by HomeLight. The company performs a walk-through.

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6 of the Top We Buy Houses for Cash Companies in Alabama

HomeLight

Some companies may make a preliminary offer at this stage, but it’s usually subject to change once they’ve inspected your property. Step three is an in-home inspection by a company rep and a no-obligation offer. Step four is closing with a local attorney. Finally, the transaction closes with a local title company.

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6 of the Top We Buy Houses for Cash Companies in Kissimmee

HomeLight

However, the initial offer is typically subject to change after they have inspected your home. Once contacted, a buying manager will conduct in-depth research on your property to provide you with a cash offer for your home, eliminating the need to make repairs or deal with closing costs and commissions.

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Best Methods For Quickly Selling Your Home

Realty Biz

In addition, an experienced agent will have established relationships with other industry professionals, such as mortgage lenders, home inspectors , and title companies. This could include covering closing costs, providing a home warranty, or having certain appliances or furniture in the sale.