Redfin

MARCH 26, 2025

It protects the buyers earnest money and limits their financial risk if their financing falls through. Even if youve been pre-approved , things like a low appraisal, a job loss, or changes in your credit can derail the loan process. This contingency gives you a legal out if something unexpected prevents you from closing.

Finance 52

Finance Pre-approval Purchase and sale agreement Earnest money deposit 52

Easy Agent Pro

SEPTEMBER 5, 2023

Setting a Realistic Budget and Obtaining Pre-Approval Before engaging in bidding wars, creating a realistic budget is essential. Once you’ve established a budget, seek pre-approval from a reputable lender. Determine how much you can afford by considering income, expenses, and desired lifestyle.

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Earnest money deposit Seller concession Purchase and sale agreement Pre-approval 104

HomeLight

JUNE 23, 2022

It is usually held in the broker’s or title company’s trust or escrow account until closing. The earnest money typically goes towards the buyer’s down payment or closing costs. It is simply a period of time that the buyer sets to secure financing approval from a lender for the purchase of the home. Kelly Allen.

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Earnest money deposit Purchase and sale agreement Due diligence Home sale contingency 111

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1 to 5 of the real estate purchase price as earnest money. (If

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Earnest money deposit Inspection contingency Purchase and sale agreement Pre-approval 40

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1% to 5% of the real estate purchase price as earnest money. (If

Earnest money deposit 40

Earnest money deposit Inspection contingency Purchase and sale agreement Pre-approval 40

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 118

HomeLight

JUNE 29, 2022

Whether it’s dealing with price negotiations or determining a timeline for closing and moving out of the property, you’ll want to step into the process already knowing your objectives and what to expect from prospective buyers. Require a sizable earnest money deposit. Chester Ardolino. Real Estate Agent. Chester Ardolino.

Earnest money deposit 111

Earnest money deposit Purchase and sale agreement Closing costs Closing 111

Realty Biz

MARCH 9, 2021

The main requirement is that the child must be able to document some type of disability and show that this disability prevents them from earning enough money to afford a home on their own. Getting Pre-Approved for the Family Opportunity Loan. What is an earnest money deposit? The simple answer is RISK.

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Pre-approval Earnest money deposit Debt-to-income ratio Loans 144

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.

Earnest money deposit 110

Earnest money deposit Closing Sales Title 110

Realty Biz

MAY 24, 2022

Because your buyer is saying it is about not taking out a mortgage at today’s interest rate, I’m thinking the earnest money is what you will primarily get from a failed sale of your house. You did get an earnest money deposit, didn’t you? I ended up keeping the earnest money on the very first house that I sold.

Earnest money deposit 81

Earnest money deposit Purchase and sale agreement Pre-approval Inspection 81

HomeLight

JANUARY 3, 2024

It means the buyer and seller have agreed to the terms of the contract, such as the price, the closing date, the personal property, the earnest money, tax preparation, and contingencies.” The buyer may even be pre-approved by their lender, but there’s still work to be done before the financing officially comes through.

Purchase and sale agreement 115

Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 115

HomeLight

SEPTEMBER 30, 2020

Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan. HUD will also take care of some of the closing costs, up to 3% of the home’s purchase price. The home is then sold at a discount by HUD. Pretty big perks! Next, explore financing options.

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Earnest money deposit FHA loan Pre-approval Finance 98

Point2Homes

JANUARY 31, 2023

With a budget in place, your next step should be to get pre-approved for a mortgage. Without being pre-approved, you’ll need to delay your offer while you secure financing. Then, when all parties are happy with the offer, and all conditions have been met, you can close the deal.

Earnest money deposit 98

Earnest money deposit Purchase and sale agreement Pre-approval Inspection 98

Redfin

JULY 16, 2024

This guide will walk you through each phase of the mortgage loan process, from pre-approval to post-closing, with examples to illustrate key points. Step 4: Get pre-approved Submit pre-approval applications: Apply to multiple lenders to get pre-approved. Be prepared for negotiations.

Loans 69

Loans Pre-approval Earnest money deposit Mortgages 69

Rochester Real Estate

NOVEMBER 5, 2015

A pre-approval letter must be included, and proof of funds can also help in a seller’s market. If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit. Don’t apply for new credit that might make your debt-to-income ratio worse before you close on the home.

Purchase and sale agreement 52

Purchase and sale agreement Earnest money deposit Pre-approval Debt-to-income ratio 52

Redfin

AUGUST 29, 2024

However, there are a lot of things to learn about how to buy a house, like current mortgage rates, your credit score, home inspections, and closing costs. Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI).

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Earnest money deposit Purchase and sale agreement Pre-approval Debt-to-income ratio 63

The Close

SEPTEMBER 10, 2020

Sellers want to work with buyers they can trust and experience a painless closing. Make Sure You Have a Proper Approval Letter From a Reputable Lender. For most sellers, the fear of a buyer’s financing falling through and not getting to the closing table. Nail the Offer Price & Earnest Money Deposit.

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Home sale contingency Pre-approval Earnest money deposit Marketing 116

Realty Biz

NOVEMBER 11, 2020

This means that certain clauses have to be completed, by perhaps both buyer and the seller, for the sale to close. They will also get their earnest money deposit back , and the home will go back on the market. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan.

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Backup offer Home sale contingency Sales Earnest money deposit 111

CT Homes

SEPTEMBER 29, 2020

Your first offer may not be your best, but it should be pretty close. Regardless of price sellers want to be assured that your offer will actually close. If you are using lender financing, the more money down the more likely your loan will be accepted. Closing Terms. Reduce/Waive Contingencies.

Earnest money deposit 103

Earnest money deposit Inspection Pre-approval Finance 103

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. Have you tried calling a bank on a Saturday night to get a pre-approval letter? You have no control over who you loan gets sold to.

Finance 52

Finance Mortgages VA loan Pre-approval 52

Redfin

JUNE 12, 2025

Here’s what sellers are often looking for: A quick closing timeline: Sellers who need to move fast prefer buyers who can close in 30 days or less. Strong earnest money deposit: A higher deposit signals you’re serious and financially committed; giving sellers more peace of mind.

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Earnest money deposit Proof of funds Pre-approval Rent back 31

The Close

FEBRUARY 14, 2024

Navigating the Selling Process Myth #8: Getting Pre-approved Should Happen After Finding Your Perfect Home House hunting can be exhausting. A pre-approval won’t take long and can save your buyer a headache if they find a home they love before realizing they can’t get a mortgage to pay for it. “And you know what?

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Pre-approval Earnest money deposit MLS Renovation 98

CT Homes

AUGUST 31, 2020

Even when you have a signed contract you still need the inspection, appraisal, insurance and closing to go off without a hitch. There is a huge difference between a pre-qualification and a pre-approval. In most cases, the seller will opt to fix any minor updates either before the transaction or issue a credit at closing.

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Earnest money deposit Pre-qualification Pre-approval Inspection 52

CT Homes

AUGUST 31, 2020

Even when you have a signed contract you still need the inspection, appraisal, insurance and closing to go off without a hitch. There is a huge difference between a pre-qualification and a pre-approval. In most cases, the seller will opt to fix any minor updates either before the transaction or issue a credit at closing.

Earnest money deposit 52

Earnest money deposit Pre-qualification Pre-approval Inspection 52

Realty Biz

JULY 1, 2023

The National Association of Realtors (NAR) conducted a survey in October 2022, revealing that approximately 7% of deals in the preceding three months got terminated before reaching the closing stage. This stage involves working closely with a mortgage lender or financial institution to assess eligibility and secure a suitable loan.

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Purchase and sale agreement Earnest money deposit Title search Pre-approval 77

Windemere Buying

OCTOBER 4, 2021

Once the buyer has shown they have enough cash to make the purchase, they will put down an earnest money deposit. Whereas financed offers are tied to an approval process with a lender, all-cash offers are not because the buyer has already proven they have the amount required to purchase the property on-hand.

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Earnest money deposit Pre-approval Closing costs Closing 52

HomeLight

MARCH 16, 2023

Receive your offer within a week and close in as little as 10 days. Ramcharitar says sellers also pay 2% of the sales price for closing costs and another 2% for title insurance. A house-buying company generally pays closing costs. James Krueger Real Estate Agent Close James Krueger Real Estate Agent at Krueger Real Estate 5.0

Sales 93

Sales Purchase and sale agreement Earnest money deposit Investor 93

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. Also, understand the difference between a prequalifying and a pre-approval letter. That could be a pretty sizable chunk of money from the seller’s profit.

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Pre-approval Earnest money deposit Inspection Inspection contingency 76

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.

Purchase and sale agreement 111

Purchase and sale agreement Inspection Title Inspection contingency 111

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. Get a pre-listing appraisal.

Purchase and sale agreement 115

Purchase and sale agreement Inspection Inspection contingency MLS 115

Louisville Homes

OCTOBER 26, 2021

Get a Pre-Approved. If you cannot afford a cash purchase, you need to get a mortgage pre-approval before house hunting. If you want to win a bidding war, good luck if you’re not pre-approved. However, when you have been pre-approved you can act fast and lockdown on the house. 10% to 20%?

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Pre-approval Earnest money deposit Finance Closing costs 52

Redfin

AUGUST 3, 2022

“Opening any new lines of credit, including getting a new car, opening a credit card — even the ones that stores like William Sonoma or Macy’s try to get you to open to get discounts — can potentially delay the closing process.”. Research mortgage options and get pre-approved for a home loan. Make an offer.

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Pre-approval Purchase and sale agreement Title Debt-to-income ratio 76

Dwell Real Estate

JUNE 24, 2021

These criteria, or contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval. 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.

Inspection contingency 40

Inspection contingency Earnest money deposit Pre-approval Inspection 40

CT Homes

SEPTEMBER 29, 2020

Your first offer may not be your best, but it should be pretty close. Regardless of price sellers want to be assured that your offer will actually close. If you are using lender financing, the more money down the more likely your loan will be accepted. Closing Terms. Reduce/Waive Contingencies.

Earnest money deposit 52

Earnest money deposit Inspection Pre-approval Finance 52

CT Homes

SEPTEMBER 29, 2020

Your first offer may not be your best, but it should be pretty close. Regardless of price sellers want to be assured that your offer will actually close. If you are using lender financing, the more money down the more likely your loan will be accepted. Closing Terms. Reduce/Waive Contingencies.

Earnest money deposit 52

Earnest money deposit Inspection Pre-approval Finance 52

Redfin

MAY 5, 2023

Get pre-approved from a lender One of the most important steps you can do for yourself is to get pre-approved for a mortgage loan. By obtaining pre-approval, you can get a clear idea of your budget for home shopping and make more informed decisions about which properties to consider.

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Purchase and sale agreement Pre-approval Seller disclosure Earnest money deposit 66

Redfin

JUNE 21, 2023

Submit a competitive offer When making an offer on your first investment property, you should be prepared to act swiftly and present a strong offer with attractive terms, such as a pre-approval letter, a substantial earnest money deposit, and flexibility on closing timelines.

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Due diligence Earnest money deposit Investor Inspection 59