Redfin

JULY 16, 2025

Understanding the contract process Knowing the stages of a real estate transaction helps clarify what a seller can legally do when other offers come in. Primary offer stage: Offers can be accepted or rejected until the contract is fully executed. This stage offers reassurance to the seller and a potential second chance for the buyer.

Backup offer

Redfin

JULY 10, 2025

Credited toward the purchase price at closing Credited toward the purchase price if sale closes Fee amount 1-3% of the purchase price Often 0.1% Instead of going directly to the seller, it’s usually held in an escrow account and applied toward the purchase price at closing. What is due diligence?

Due diligence

Rochester Real Estate

NOVEMBER 5, 2015

The deposit will then be used as part of the closing costs or down payment when the purchase successfully closes. If you made an offer and then found there were significant structural problems, you would be in trouble without a home inspection contingency. chat_bubble close How Can I Help? Contact Me!

Earnest money deposit

Redfin

JULY 9, 2025

Between setting a budget, getting pre-approved, and closing the deal, getting everything squared away can make all the difference. You may have saved enough for your down payment, but make sure to also account for closing costs, taxes, insurance, and any other unforeseen expenses that may arise.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

If major issues are highlighted in the inspection report, you can negotiate with the seller over repairs, or they could credit you. If you have an inspection contingency, you can back out of your purchase if serious problems are found. This will also tell you the money that needs to be paid on closing day. Contact Me!

Purchase and sale agreement

The Close

MARCH 11, 2025

This process involves multiple stages, starting with identifying an FSBO listing to securing appropriate financing and completing the closing procedures. Understanding their needs will increase your chances of closing the deal. Some lenders will require investors to obtain insurance before the closing process.

Sales

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles Should I Waive My Home Inspection When Buying A House? They have put in offers on several homes and all of them were purchased by others who were willing to waive the home inspection.

Inspection

Redfin

MARCH 4, 2025

Preforeclosures A preforeclosure is a home that is in the beginning stages of foreclosure. Homebuyers will need to complete a first-time homebuyer course and receive up to 3% in closing cost assistance for buying a foreclosed home. Department of Housing and Urban Development (HUD) website.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

Skipping A Full Professional Home Inspection Due to the current state of many real estate markets, many homebuyers are electing to waive their home inspection. Buyers are finding that by including a home inspection contingency, that they’re losing out on home after home. chat_bubble close How Can I Help?

Inspection

Rochester Real Estate

NOVEMBER 5, 2015

Other examples of market condition indicators that a top producing Realtor will provide a home seller before listing their home include market absorption rates , number of closed transactions year-over-year for a given month, average sale prices, and average list price to sale price ratios. The sale price is the price a home is sold at.

Purchase and sale agreement

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.

Closing

HomeLight

AUGUST 25, 2020

home was on the market for an average of 24 days , with Ellie May estimating an average of 46 days to close on a purchase loan. That’s 70 days — or a little over two months — from listing to closing. Every house, every market, and every individual sale will vary in terms of days on market and closing timelines.

Closing

HomeLight

JULY 6, 2023

When your home first hits the market, your listing agent will note that it’s “Active,” as in ready and available for showings — but there’s a lot of ground to cover before your agent lists the status as “Closed,” when you have a done deal and you’re ready to hand over the keys. In other words, “pending” is the next step after “contingent.”

MLS

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.

Purchase and sale agreement

Realty Biz

NOVEMBER 10, 2021

When a home is listed as “pending,” the contingencies have been met, and it is moving towards the closing date. A “contingent” listing also means that the seller has accepted an offer, but some things still need to be completed on the way to closing. Can I Still Buy a Contingent Property? You get no response.

Purchase and sale agreement

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.

Backup offer

HomeLight

APRIL 12, 2022

In fact, many of these transactions can happen within a week rather than the 30 to 45 days that most traditional home closings can take. In exchange for a cash sale and a very fast closing, direct buyers usually will tend to net you less than if you sold with a top agent. Developing a staging and marketing strategy. Tracy Young.

Sales

HomeLight

AUGUST 30, 2021

In this expert-backed guide, we’ll walk you through the process of getting into a rent-to-own home as a buyer — step by step, from learning about how the process works to closing on that new home. To that end… Step 5: Order the inspection. Don’t close any unused accounts. Step 9: Save for closing costs.

Purchase and sale agreement

HomeLight

MARCH 2, 2022

You’ve done the work to get your home ready to sell — repainted rooms a neutral color and taken care of minor repairs, hired a great real estate agent , staged it to perfection , kept it clean for open houses and home tours — and now you’ve accepted an offer. Up next: The home inspection. Andy Peters. Real Estate Agent. Andy Peters.

Inspection

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

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

Purchase and sale agreement

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%.

Purchase and sale agreement

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.

Earnest money deposit

Point2Homes

OCTOBER 6, 2021

Pictures can be photoshopped, and virtual tours can be staged to show only the best angles, but once you get there, you may discover that the ceilings are too low or the rooms are smaller than they looked in the photos. You won’t be able to detect flaws such as mold , unpleasant smells, poor lighting or a noisy interstate nearby.

Inspection contingency

HomeLight

JUNE 24, 2022

In addition to the sale price, there’s a sizable list of factors that affect how much money you’ll net at closing. Closing costs, including state and local taxes and fees. Staging to convey what your home looks like at its best – $1,000-$3,000. Covering closing costs – 2% to 6% of the purchase price.

Seller concession

Point2Homes

DECEMBER 7, 2020

If you’re thinking about how to buy a home that’s in foreclosure, be sure to do your research because there are extra stages involved. Notably, your offer should also include a home inspection contingency to ensure that you aren’t buying a property with serious defects. The Home Inspection. How to Buy Foreclosed Homes.

Debt-to-income ratio

HomeLight

OCTOBER 20, 2022

Even if you did a pre-inspection, the buyer will almost certainly do a home inspection – particularly if there are any inspection contingencies in the offer or if the lender requires it. The buyer needs this in order to calculate the cost of taxes at closing. Prepare for closing. Latest tax statement.

Purchase and sale agreement

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?

Purchase and sale agreement

HomeLight

FEBRUARY 28, 2022

But having a lot of equity in your home doesn’t mean you have immediate access to it – you’ll typically have to sell your house and close on it before you can use that money as a down payment on a new home. The challenge used to be getting a buyer to agree to allowing the seller to stay in the home past the closing date. Transactions.

Equity

HomeLight

JUNE 28, 2021

An experienced real estate agent will help you lightly remodel and stage your home, set a competitive listing price, and devise a marketing strategy to get buyers in the door ASAP. Stage your home with neutral paint and LVP. It’s 100% about staging,” Gehrt claims. Not only does a staged home sell faster, but it sells for more.

Inspection

HomeLight

APRIL 29, 2021

You’ll simply show the house to a few buyers, pick the best offer, wait for closing, and pocket some cash. Closing can take more than a month. During this time, you and the buyer complete the following: Negotiate the terms of your purchase agreement, including contingency timelines. Landscaping: 100 %. Garage door: 94%.

Purchase and sale agreement

HomeLight

SEPTEMBER 30, 2020

The purchase contract will most likely still include an inspection contingency , which gives buyers a built-in window to walk away. Under the inspection contingency, the buyer asks you to repair it (even though you listed as is). And a buyer makes an offer. It might go a little something like this.

As-is

Realty Biz

AUGUST 2, 2023

Additionally, understanding the closing process and utilizing additional resources and tools can streamline the sale. By enhancing the curb appeal, making necessary repairs and improvements, and staging your home for maximum impact , you can attract potential buyers and increase the chances of a swift sale.

Purchase and sale agreement

HomeLight

JULY 31, 2021

turn four walls and a roof into money in the bank, without the need for inconvenient showings, nail-biting appraisals , or a 50-day closing. They look for motivated sellers who want to close quickly and avoid the potential complications of financing or sale contingencies, even if it means accepting a lower offer price,” he explains.

Earnest money deposit

HomeLight

SEPTEMBER 15, 2021

Read on to learn more about the main documents* you’ll need for an airtight, legally sound home closing, as well as the bonus resources you’ll get if you do decide to work with an agent after all. To maximize gains and preempt any pain, round up these documents before you list for a seamless selling process and closing.

Purchase and sale agreement

HomeLight

NOVEMBER 9, 2021

During a seller’s market like the one, we had in the summer of 2021, a top real estate agent could help you find a buyer for your home in as few as 75 days from listing to closing. The Simple Sale process frees you of the hassle of staging your home and jumping through hoops for the buyer’s lender. The time of year you sell.

Purchase and sale agreement

HomeLight

MARCH 28, 2025

Youve cleaned, staged, listed, and accepted a promising offer. of homes under contract failed to close. Find out exactly why the sale fell through Before you make any big decisions, press pause and get clarity on why the sale didnt close. Youve done everything right to get your home sold. Youre not alone.

Purchase and sale agreement