First Team Real Estate

MAY 25, 2021

It’s a combination of historically low mortgage rates , an increased desire for space since we’ve all been quarantining at home for the past year, and Millennials finally hitting homebuying age ready to dive into the market in their peak income-earning years. What’s driving this off-the-charts growth?

Rent back 98

Rent back Closing costs Sales Mortgages 98

Windemere Selling

SEPTEMBER 1, 2021

Above all, the balancing act required to pull off both deals highlights the importance of working closely with a trusted and experienced real estate agent. Selling your current home first allows you to make offers on a new home with cash in your pocket, increases your buying power , and avoids having to juggle two mortgages simultaneously.

Purchase and sale agreement 52

Purchase and sale agreement Rent back Loans Agents 52

The Close

FEBRUARY 6, 2024

That may sound like a lot to add, but when your buyers roll it into their mortgage, it should not change their monthly payment so much that it prevents them from qualifying for their loan. For example, many agents ask sellers to cover closing costs for their buyer clients. Now, that will stand out to the listing agent and their client.

Pre-approval 75

Pre-approval Earnest money deposit Inspection Inspection contingency 75

HomeLight

AUGUST 31, 2021

A cash offer simply means that a buyer already has the funds available to buy the house and can pay for it without securing a mortgage loan. From the seller’s point of view, it doesn’t make much difference whether the cash comes from the buyer’s personal bank account or from a mortgage loan. Though you can (and should!) The appraisal.

Due diligence 104

Due diligence Inspection Pre-approval Pre-qualification 104

Hank Miller Team

FEBRUARY 27, 2022

The average mortgage rate is a good 1 higher than twelve months ago, with an expected 3-5 Fed rate bumps over '22. Home buyers are rushing to buy ahead of additional rate and/or rent increases, some will be trapped on the hamster wheel of renting. Closing date? A rent back? Is it price? Contingencies?

Due diligence 52

Due diligence Rent back Inspection Agents 52

Redfin

MAY 7, 2021

For those unfamiliar with HELOC or Bridge Loans, they use your home’s equity, the difference between your home’s value and the amount owed on your mortgage, to secure the loan. You can typically close within 10 to 60 days after accepting the iBuyer’s offer. 3) Sell first, but work out a deal with the buyer.

Purchase and sale agreement 80

Purchase and sale agreement Marketing Equity Loans 80

HomeLight

SEPTEMBER 30, 2020

In some cases, the buyer is the one who requests the U&O, so they can move into the home while still waiting for a mortgage to be finalized and before ownership is legally transferred. Marc Lagrois , a top Michigan real estate agent, says occupancy after closing is a very common occurrence. “It Source: ( Andrea Davis / Unsplash ).

Purchase and sale agreement 75

Purchase and sale agreement Closing Rent back Investor 75

Realty Biz

JULY 7, 2021

It’s the preapproval letter that tells the seller that you’re serious about buying their home and highly likely to close the deal. The type of contingencies that you might want to skip is for the seller to pay part of your closing costs or for a home warranty. Offer to rent back to the seller.

Inspection contingency 88

Inspection contingency Marketing Inspection Rent back 88

Marco Santarelli

MAY 4, 2023

In 2023, despite a cooling housing market and high mortgage rates, turnkey homes are in demand and selling fast. In today's housing market, first-time homebuyers are facing tough competition, especially those seeking a move-in ready home in a desirable community with high mortgage rates.

Sales 52

Sales Pre-approval Investor Renovation 52

Redfin

FEBRUARY 2, 2021

According to Redfin’s Chief Economist Daryl Fairweather, “mortgage rates are as low as they may ever get, so if you are able to buy a home now, you can take advantage of low rates before they rise.” Applying for a mortgage after making an offer on a house tells home sellers you may not be as motivated to buy as others.

Pre-approval 66

Pre-approval Purchase and sale agreement Marketing Inspection contingency 66

HomeLight

APRIL 19, 2021

Closing costs can range from 2.5% Sellers appreciate cash offers because of their faster timelines, as there’s no need to wait for a mortgage loan. Studio apartments with an alcove for more space start at $650,000 in co-ops compared to $860,000 in condos. One-bedroom apartments in co-ops can start at $700,000 in co-ops compared to $1.2

Earnest money deposit 87

Earnest money deposit Inspection Due diligence Agents 87

HomeLight

APRIL 17, 2024

Both promise to buy your home for cash, and close quickly. This enables you to skip many of the typical hassles of selling a house (repairs, showings, open houses), and close in as little as 10 days. ” Opendoor will let you stay in your house up to 17 days after you close through their Late Checkout program.

Seller concession 113

Seller concession Inspection Rent back Closing 113

Redfin

JULY 30, 2020

In New York City, some sellers aren’t even allowing buyers into their homes until they’ve been pre-approved for a mortgage, according to local Redfin agent Martin Freiman. . They just saw their home in person for the first time, 48 hours before their July 15 closing. If the pandemic gets significantly worse, that could change.”.

Inspection contingency 74

Inspection contingency Purchase and sale agreement Pre-approval Inspection 74

Redfin

JULY 28, 2020

Waiving these contingencies is a common strategy homebuyers use to make their offers more competitive by assuring the seller that the deal will close without unforeseen hiccups and negotiations. Winning offers waived the appraisal contingency at a similar rate—20.6%—up up from 17.4% in May and 44.4%

Inspection contingency 59

Inspection contingency Inspection Purchase and sale agreement Pre-approval 59

HomeLight

AUGUST 17, 2022

Though mortgage interest rates have taken a recent dip amid recession concerns, it’s no secret that these numbers have been climbing since the historic lows we saw in 2020 and 2021. But why are mortgage rates going up? What determines mortgage interest rates? Why are mortgage rates going up? Inflation and the economy.

Mortgages 106

Mortgages Rent back Fixed-rate mortgage Banks 106

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.

Closing 115

Closing Earnest money deposit Sales Inspection 115

HomeLight

AUGUST 16, 2022

With mortgage interest rates in flux and trending upward after nearly two years of rock-bottom percentages, prospective homebuyers across the country are wondering when mortgage rates will go down again. for mortgage interest rates at any given time. Mortgage rates in early 2022. Why did mortgage rates rise?

Mortgages 135

Mortgages Fixed-rate mortgage Agents Rent back 135

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. If you have a buyer who’s going to get a mortgage, it has to make it across the finish line.

Rent back 104

Rent back Inspection contingency Earnest money deposit Finance 104

HomeLight

APRIL 29, 2021

The 13-year industry veteran has a track record for selling homes fast — her listings close 65% quicker than the average Philadelphia agent. Buyers may also throw in deal sweeteners such as a seller rent back , which allows you to stay in the home (renting from the buyer for a period of time) after closing.

Marketing 109

Marketing Sales Agents Construction 109

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. If something is wrong, you can request that it be fixed—or you can back out of the sale.

Closing 139

Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

HomeLight

JULY 29, 2022

Or, you could wind up paying two mortgages for a while if you go ahead and buy that dream house before you’ve sold yours. While you’re likely to sell your home quickly – possibly above asking, with few to no contingencies , and possibly a quick close – you may experience difficulty finding the next one. Transition via rent back.

Debt-to-income ratio 109

Debt-to-income ratio Loans Rent back Equity 109

HomeLight

JANUARY 7, 2022

Your timeline: Do you have any flexibility around moving and closing dates? If your offer is accepted, your agent may also recommend a longer closing time, so you’re able to sell your home and use your equity for the down payment if possible. Enclave Team. Real Estate Agent. Enclave Team. Real Estate Agent at RE/MAX Results.

Equity 104

Equity Loans Debt-to-income ratio Closing 104

HomeLight

NOVEMBER 30, 2023

While your home shopping journey technically started with getting preapproved for a mortgage and looking at houses, it often doesn’t feel official until your agent submits an offer. Sellers typically favor buyers who have more cash to put into the purchase — this reassures them that the deal is more likely to close.

Rent back 84

Rent back Agents Renovation Mortgages 84

HomeLight

NOVEMBER 10, 2021

A mortgage is a 15- to 30-year commitment, unless you sell or refinance. For example, a 1% difference in your mortgage rate could bump your monthly payment up around $100 a month, costing you $30,000 over the life of a 30-year mortgage. Step 4: Get preapproved for a mortgage. Step 3: Shop around for lenders.

Inspection 98

Inspection Title Agents Pre-approval 98

First Team Real Estate

MAY 21, 2021

Offer to Rent Back to the Sellers. When purchasing your home with a mortgage, your first payment isn’t actually due until a month after you close escrow. This allows us to start discussions with the seller before they even go on the market, and possibly close with no other buyer competition.

Purchase and sale agreement 98

Purchase and sale agreement Rent back Marketing Agents 98

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 125

Equity Debt-to-income ratio Closing Loans 125

HomeLight

MARCH 20, 2023

After all, few people can afford to hold two mortgages. Financing Contingency: If the buyer’s mortgage proceedings fall through, they can walk away from the home. Appraisal Contingency: If the appraisal fails to meet or exceed the purchase price, the buyer can back out of the contract (or, more often, renegotiate the purchase price).

Home sale contingency 104

Home sale contingency Purchase and sale agreement Sales Earnest money deposit 104

HomeLight

APRIL 21, 2022

You found your new home and want to avoid carrying two mortgages. Cash vs. financing : Cash offers usually result in a faster sale than mortgage-backed offers; if speed is an important aspect of the sale, this could make a significant difference. Here are a few: It’s an all-cash offer with no lender involved. Real Estate Agent.

Inspection contingency 109

Inspection contingency Home sale contingency Pre-approval Agents 109

HomeLight

FEBRUARY 4, 2022

Provide advice on first-time buyer programs and recommend mortgage lenders. Coordinate with the closing attorney and seller’s agent to finalize the sale. … and being able to close within a period of time that works for both you and the seller. What if you could sweeten the deal for a seller by offering them a rent-back clause ?

Agents 113

Agents Purchase and sale agreement Due diligence Inspection 113

HomeLight

JANUARY 4, 2022

iBuyers then allow the seller to close in as little as 10 days but can also provide longer move-out timelines for those who need the flexibility. HomeLight’s 2020 agent survey found that buyers who would traditionally use a mortgage are finding ways to pay cash however they can. You want certainty of the deal closing.

Investor 98

Investor Finance Inspection Sales 98

HomeLight

OCTOBER 1, 2020

After a low appraisal on your dream home , you may assume that this is the end of the road because it may mean the termination of your mortgage loan if you can’t work out a deal. Are you able to offer the seller more time to stay in the home, or suggest a rent-back agreement? Can you offer a rent-back agreement to the seller?

Purchase and sale agreement 98

Purchase and sale agreement Short sale Rent back Sales 98

HomeLight

MARCH 28, 2022

Close in as little as 10 days. Home equity is a homeowner’s financial stake in their property that they own free of their mortgage loan obligation.). When you sell, you’ll need to ensure that the value of your home will cover your outstanding mortgage balance in addition to selling expenses amounting to around 6%-10%.

Purchase and sale agreement 117

Purchase and sale agreement Equity Agents Staging 117

HomeLight

MAY 24, 2021

Get preapproved for a mortgage. A step up from pre-qualification, preapproval often means the lender gives conditional approval, stating the size of the mortgage you’ve been preapproved for (though what constitutes a “preapproval” can vary from lender to lender). Shop under your maximum comfortable mortgage amount.

Pre-qualification 109

Pre-qualification Pre-approval Purchase and sale agreement Loans 109

HomeLight

MAY 24, 2022

By waiting, you risk increasing interest rates that limit the number of qualified buyers as well as the size mortgage that lenders will approve. With interest rates still relatively low, 44% of top agents predict that buyers will lock in their mortgage rates early in the year , according to HomeLight’s 2022 Housing Market Preview.

Pre-approval 98

Pre-approval Equity Agents Closing costs 98

HomeLight

JANUARY 28, 2022

Not only do they guarantee a cash sale, but they also extend a no-obligation offer and will close on the sale within 30 days. A cash offer from a fix-and-flip investor typically is more guaranteed to close. With a traditional home sale it can take months to list, sell, and close. The home offer is guaranteed. Thomas Taranto.

Purchase and sale agreement 109

Purchase and sale agreement Investor Agents Sales 109

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. Get preapproved for a mortgage. The importance of getting preapproved for a mortgage can’t be overstated if you want your offer to be taken seriously. Decide where you can be flexible. A bigger down payment?

Earnest money deposit 98

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

HomeLight

FEBRUARY 25, 2022

For small markets: closed at least 50 transactions in the last 12 months. For large markets: closed at least 100 transactions in the last 12 months. While everyone wants to make money when they sell, you might have other goals — selling quickly due to a relocation, or getting a rent back period. Ideal Agent reviews.

Agents 104

Agents Pre-approval Loans Sales 104