Realty Biz

JANUARY 9, 2024

Review Offers Carefully When considering an offer for a home, it is crucial to pay close attention to the essential contract terms, especially those related to contingencies. Contingencies are conditions that must be met for the sale to proceed, and they protect the buyer's interests.

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Purchase and sale agreement Earnest money deposit Title search Title 96

HomeLight

JULY 31, 2020

Closing on a house seems pretty straightforward. Once the buyer and seller sign the contract, the closing process begins — and therein lies the rub. While seamless closings are ideal for everyone involved, they almost never happen unless the buyer is paying cash on the home, and even then there can be a roadblock or two.

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Closing Purchase and sale agreement Title search Earnest money deposit 112

HomeLight

SEPTEMBER 22, 2020

You’ve got an incredible opportunity to make the most of this deal, if only you can avoid tripping up before closing. The “best” component refers to all the other terms included in a contract that can be tweaked to sweeten the deal — such as waived contingencies , putting down more cash upfront , or offering a more flexible closing date.

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Realty Biz

DECEMBER 5, 2022

How to Negotiate Problems Found at a House Inspection. What Will Happen After a Home Inspection? The home inspection contingency in a real estate contract allows the buyer to back out of the sale when there are issues. The buyer can have their earnest money deposit returned when this happens.

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Inspection Earnest money deposit Purchase and sale agreement Inspection contingency 137

RIS Media

MAY 19, 2021

However, this is just the start with many things to do before the status changes to “Closed.” ” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” Not all sales will have contingencies with them, but most will.

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Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

Point2Homes

DECEMBER 23, 2021

Most likely, the buyer will then be expected to make an earnest money deposit fairly quickly, which will go into an escrow account until closing. It can also be used toward the down payment or to cover other costs at closing. What Happens with Escrow at Closing? Escrow & Lenders. Escrow Accounts.

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Earnest money deposit Inspection contingency Inspection Loans 111

First Team Real Estate

AUGUST 8, 2021

Approximately 25% of all escrows fall through because of inspection contingencies, lending hiccups, appraisal surprises, and more. That’s why accepting backup offers can be a great way to tip the odds in your favor and ensure you close as quickly as possible. Will backup offers have to submit earnest money?

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Backup offer Earnest money deposit Purchase and sale agreement Inspection contingency 98

Dwell Real Estate

JUNE 24, 2021

Such contingencies are mainly put in place so that buyers can back out of a real estate sale if something goes wrong, usually without losing their earnest money deposit. Home inspection contingency A home inspection contingency could well be the most important one for home buyers.

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Inspection contingency Earnest money deposit Pre-approval Inspection 40

Redfin

JANUARY 26, 2022

PSAs can vary by state but they typically consist of the final sale price, earnest money details, closing date, title information, and contingencies agreed upon by the buyer and seller. In states where escrow agents handle the closing process, the buyer’s agent is responsible for preparing the PSA document.

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Purchase and sale agreement Earnest money deposit Sales Title 55

The Close

FEBRUARY 6, 2024

Ensure Your Client Has Loan Pre-approval Many sellers are anxious to get to the closing table quickly, which drives many to cash buyers , even for a lower price. Offer a Sizeable Down Payment Make a big impression by offering a large earnest money deposit (EMD) to hold the contract. What if there’s structural damage?”

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HomeLight

NOVEMBER 29, 2021

You’ve found the house of your dreams, your offer has been accepted, and you’re ready and eager to reach the closing table. But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. How long is a contingency period? Inspection contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 95

CT Homes

OCTOBER 30, 2020

Being aware of of these slight differences and knowing what to expect next in the transaction will help you plan, manage expectations, and clear potential hurdles for an easy closing. The longer a buyer has been investing the more likely they are to close! Earnest Money Deposit. Closing Period.

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Earnest money deposit Purchase and sale agreement Inspection Inspection contingency 52

CT Homes

OCTOBER 30, 2020

Being aware of of these slight differences and knowing what to expect next in the transaction will help you plan, manage expectations, and clear potential hurdles for an easy closing. The longer a buyer has been investing the more likely they are to close! Earnest Money Deposit. Closing Period.

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Earnest money deposit Purchase and sale agreement Inspection Inspection contingency 52

Realtor.com

SEPTEMBER 18, 2020

.” Why people are waiving home inspections during the COVID-19 era. Offers that waive a home inspection contingency can be more attractive to home sellers since there’s less likelihood that the buyers will find some expensive problem that they’ll demand is fixed before they move forward.

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Inspection Earnest money deposit Inspection contingency New Construction 145

Realty Biz

NOVEMBER 11, 2020

When a home sale is listed as contingent, it means that the seller has accepted an offer with contingencies. This means that certain clauses have to be completed, by perhaps both buyer and the seller, for the sale to close. If these contingencies aren’t met, the buyer can walk away from the deal.

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Backup offer Sales Home sale contingency Earnest money deposit 111

The Close

SEPTEMBER 10, 2020

Sellers want to work with buyers they can trust and experience a painless closing. For most sellers, the fear of a buyer’s financing falling through and not getting to the closing table. Working closely with a lender should be mandatory before showing any homes. Include an As-is Home Inspection Contingency.

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Home sale contingency Pre-approval Earnest money deposit Marketing 115

HomeLight

APRIL 28, 2023

We’ll also provide a comprehensive overview on the full process to prep, market, and close on your home without the assistance of a real estate agent. Real estate attorneys are not considered essential for closing in Texas. That 6% is deducted from the seller’s proceeds at closing. Unsure about selling FSBO in Texas?

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Purchase and sale agreement Inspection Title Inspection contingency 78

HomeLight

JANUARY 3, 2023

We’ll also provide a comprehensive overview on the full process to prep, market, and close on your home without the assistance of a real estate agent. Real estate attorneys are not considered essential for closing in Colorado. That 6% is deducted from the seller’s proceeds at closing. Real estate transfer taxes: 0.01%.

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Purchase and sale agreement Inspection MLS Inspection contingency 101

HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. That said, there’s a world of difference between a top agent who consistently closes deals quickly and saves their buyers money, and one who’s in the real estate game part-time to make a couple bucks here and there.

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Closing costs Loans Inspection Earnest money deposit 117

HomeLight

JANUARY 10, 2023

We’ll also provide a comprehensive overview on the full process to prep, market, and close on your home without the assistance of a real estate agent. That 6% is deducted from the seller’s proceeds at closing. Note: Once you’ve seen what’s required, you can roll up your sleeves and get started with the FSBO process in California.

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Purchase and sale agreement Natural hazards disclosure Inspection Title 93

HomeLight

MARCH 31, 2022

We’ll also provide a comprehensive overview on the full process to prep, market, and close on your home without the assistance of a real estate agent. Real estate attorneys are not considered essential for closing in the state of Florida. That 6% is deducted from the seller’s proceeds at closing.

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Purchase and sale agreement Inspection Title MLS 93

HomeLight

MARCH 31, 2022

We’ll also provide a comprehensive overview on the full process to prep, market, and close on your home without the assistance of a real estate agent. Real estate attorneys are not considered essential for closing in the state of Arizona. That 6% is deducted from the seller’s proceeds at closing. Real estate transfer taxes? $2

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Purchase and sale agreement Inspection MLS Inspection contingency 91

HomeLight

OCTOBER 30, 2020

But is the cash closing process always seamless? A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. With a mortgage, there are all kinds of things that can go wrong to delay closing — financing issues and appraisals coming in low are two of the most common.

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Closing Inspection contingency Title search Purchase and sale agreement 112

Redfin

MARCH 2, 2023

If the appraisal comes back and values the property at $380,000, Bob has the option to either: Walk away from the deal and receive his earnest money deposit back. Inspection contingency: This contingency allows the buyer to have a professional home inspection conducted to identify any issues with the property.

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Purchase and sale agreement Earnest money deposit Finance Inspection 56

HomeLight

MARCH 6, 2023

The Bay Area is also close to beaches, national parks, and the wineries of Napa Valley. Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more.

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Closing Earnest money deposit Sales Title 90

HomeLight

MARCH 2, 2023

People who live here love the proximity to some of the west coast’s best beaches, as well as being close to destinations like Disneyland, Joshua Tree National Park, and the deserts of Palm Springs. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well.

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Closing Earnest money deposit Sales Inspection 95

HomeLight

JULY 26, 2022

At this stage, you’ll want to shop around and get preapproved by at least two different lenders to compare interest rates , closing costs , and terms. If the owner isn’t offering to pay a buyer’s agent commission, Allen says the buyer can agree to put the commission on their side of the closing costs. Appraisal contingency.

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Earnest money deposit Purchase and sale agreement Title Inspection 99

HomeLight

SEPTEMBER 11, 2020

That means buyers who want to close a deal need to come prepared with their A-game when it comes to making an offer. Yes, writing a high offer will incentivize the seller, but money isn’t the only factor! Determine how much earnest money to offer. In highly competitive markets, deposits as high as 10% could be offered.

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Earnest money deposit Purchase and sale agreement Inspection contingency Home sale contingency 85

HomeLight

OCTOBER 1, 2020

You now have skin in the game in the form of your earnest money deposit, plus you have a legal duty to buy the home (barring certain circumstances). According to the latest data from the Realtors Confidence Index (RCI), 76% of purchase contracts contain contingencies , and around 7% of contracts are terminated.

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Earnest money deposit Purchase and sale agreement Sales Home sale contingency 96

Realtor.com

OCTOBER 29, 2020

That’s why we’ve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this closing process list handy to know you’ve done what you need to in order to close the deal. Get all contingencies squared away. Review your closing disclosure.

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Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

HomeLight

JULY 31, 2022

Some states require that a real estate attorney be involved in every home closing while other states allow real estate agents and title companies to handle it. South Carolina, where Rhyne practices, is one of the states that requires a real estate attorney to conduct real estate closings in person. Appraisal contingency.

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Earnest money deposit Agents Purchase and sale agreement Title 91

HomeLight

AUGUST 9, 2022

Since a down payment is, as the term suggests, the amount of money you’re putting down on the purchase of your home, your mortgage lender will need to see proof of these funds fairly early on in the approval process. But that doesn’t mean the money will leave your account just yet. So the down payment is due at closing?

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Earnest money deposit VA loan Purchase and sale agreement FHA loan 97

HomeLight

SEPTEMBER 1, 2022

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. Homebuyers in Connecticut pay an average of just over $2,700 in closing costs when purchasing a home.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 93

HomeLight

SEPTEMBER 1, 2022

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. During this time, review your credit score and determine if it’s considered excellent, good, fair, or poor. “The

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Earnest money deposit FHA loan Purchase and sale agreement Title 78

HomeLight

JUNE 30, 2021

When you closed on your first home, you probably weren’t thinking that one day you’d want to sell. Getting the timing right — selling your old house, closing on a new house, and then moving into your new house — can be a challenge. This is why many buyers make offers on their new home that include a sales contingency.

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Rent back Inspection contingency Earnest money deposit Finance 104

HomeLight

JULY 29, 2022

If you committed to making an earnest money deposit as a part of your offer, you will submit your earnest money at this time. You typically deposit earnest money in an escrow account where it will be held until closing. When you sign the purchase agreement, you agree on a closing date.

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Purchase and sale agreement Earnest money deposit Inspection Loans 86

HomeLight

MARCH 20, 2023

Other common contingency clauses include: Inspection Contingency: If the buyer finds fault with the home inspection report, they can ask for the seller to make repairs, or they can cancel the contract within the contingency period. Will a seller accept my home sale contingency offer? Money talks!

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 93