Remove Closing Remove Closing costs Remove Short sale
article thumbnail

What’s a Short Sale in Real Estate? This FAQ Sheet Breaks Down the Basics

HomeLight

In the midst of these financial straits, there may be a slightly better option: a short sale. But what is a short sale, and is it the right route for you? Weve broken out the most common questions about short sales to help you make a more informed decision about your next steps. What is a short sale?

article thumbnail

Selling a House With a Mortgage: Setting Yourself Up for Success

Redfin

The key is knowing how to navigate the process so you walk away with money in hand – without being blindsided by fees, delays, or worst-case scenarios where you owe money just to close. Ask for a mortgage payoff statement, which tells you exactly how much you’ll owe on closing day. Underpricing it could mean owing money at closing.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Buy a Foreclosed Home: The Ultimate Step-by-Step Guide

Redfin

There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. Preforeclosure can be tricky as sometimes the properties may never be for sale. Short sales A short sale is not the same as a foreclosure or a pre-foreclosure.

article thumbnail

Are FHA Loans Assumable? What Buyers and Sellers Should Know

Redfin

Lower closing costs With an FHA loan assumption, the buyer might also benefit from reduced closing costs. In addition to the downpayment, these may include a loan assumption fee, as well as other closing costs like title fees, credit report costs, or attorney fees.

article thumbnail

First-Time Home Buyer Advice: Third Quarter 2025

The Mortgage Report

I think in some cities, like Phoenix, we are starting to see a little bit of foreclosure or short sale happening. And, with sellers facing more competition, don’t hesitate to ask for extras—whether it’s help with closing costs, appliance packages, or repairs before move-in.

article thumbnail

How Much Equity Do I Have in My Home? Here’s How to Calculate Home Equity

Redfin

Ideally, you would have enough equity to cover commissions, any liens, and closing costs. If you dont have enough equity to pay these costs, youll have to bring your own funds to pay them. Foreclosure can damage your credit score, so you may want to consider a short sale if this is the case.

article thumbnail

Is Now a Good Time to Buy a House with Cash in 2025?

Marco Santarelli

For many, especially given the current market conditions centered around high borrowing costs, yes , buying a home with cash in 2025 presents a remarkably strong position, offering distinct advantages that financed buyers just can't touch, though like any big financial move, it requires careful consideration of your own situation.