Housing Wire
MARCH 22, 2021
And waiving the financing contingency is the second-most effective bidding-war strategy, Redfin officials said – improving homebuyers’ odds of winning by 66%. This, in turn, significantly cut the number of new builds in the country – meaning, if someone was looking to buy a home, they most likely focused on existing lots.
Housing Wire
DECEMBER 8, 2023
Educate your clients about financing While many homebuyers can benefit from a 30-year, fixed-rate conventional mortgage , other borrowers might need access to other loan programs with more lenient guidelines. Should they consider new construction? Are they in a situation where they can compete for a home if necessary?
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Realty Biz
DECEMBER 31, 2020
There will be another important snag for people that are on-the-edge of being able to qualify for a mortgage. Because limited inventory means lenders will be approving a limited number of mortgages, lenders will be able to cherry-pick the ones they approve. You should think long and hard before waving the inspection contingency.
RIS Media
MAY 19, 2021
Not all sales will have contingencies with them, but most will. Common real estate contingencies include the following: Inspection Contingencies. The most common contingency is the home inspection contingency. The home inspection can lead to some delays in the process, too, for around 10% of cases.
HomeLight
AUGUST 16, 2021
It’s possible for the zoning rules to change after construction, or even for mistakes to happen, such as the builder constructing a duplex in a neighborhood where duplexes are not allowed. Add an inspection contingency. This will allow you to cancel the contract if major issues are discovered during the inspection.
Redfin
MARCH 30, 2021
Also, note that there are a growing number of digital-first lenders and title companies—like Redfin Mortgage and Title Forward —that may enable you to complete your entire closing process online, often with shorter timelines than the ones described below. Schedule a home inspection and negotiate concessions for any issues.
HomeLight
MARCH 30, 2021
Getting a mortgage prequalification and preapproval helps to ensure you won’t be overextended financially. Prequalification usually just means that a mortgage professional takes a look at your finances (assets, income, and other debt) and gives you an estimate of the loan amount you may be able to afford. Line up your financing.
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