Remove appraisal-contingency
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From consultation to closing: The definitive homebuying checklist

Housing Wire

Offers: Outline how making a competitive offer will work, including how price, contingencies, due diligence funds, and earnest money will impact how the seller views an offer. Clarify key steps like inspections, appraisals, and the importance of meeting deadlines and any impacts of missing them.

Closing 364
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What is a home appraisal gap?

Housing Wire

When you go to buy a home , your mortgage lender will almost always order a home appraisal. Specifically, they want to be sure it’s worth the money they’re lending you and, most importantly, that they’ll recoup their investment if you default on the loan. Scenario 1: Your home appraises at your full offer price. The purpose?

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How to Avoid Losing Earnest Money Deposit When Buying a Home

RIS Media

Buying a home involves multiple steps, including providing an earnest money deposit. This deposit is a sign of good faith between the buyer and seller. However, losing this deposit can be a significant financial setback. It indicates the buyer’s commitment to purchasing the property.

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Does Earnest Money Go to Your Down Payment? Find Out Here

Redfin

Its credited back to the buyer at closing: If the deal moves forward, your earnest money is applied toward your down payment or closing costs. However, if you back out of the deal for reasons not covered by contingencies (such as inspection or financing), you may forfeit the earnest money to the seller.

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A Seller’s Guide To When A Buyer Does and Doesn’t Get Their Earnest Money Back

HomeLight

However, if the buyer terminates the contract for any other reason not specified in these conditions, the seller is typically entitled to keep the earnest money as a concession for the time they took the home off the market to enter into the exclusive agreement. Is earnest money refundable?

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Closing on a House Checklist: 6 Things Home Buyers Must Do Before They Move In

Realtor.com

Get all contingencies squared away. Most purchase agreements have contingencies —things that buyers must do before the real estate transaction is official, explains Jimmy Branham , a Coral Springs, FL, real estate agent at the Keyes Company. It’s rarely advisable to waive an inspection contingency. Clear the title.

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Pros and Cons of Removing Contingencies Early

RIS Media

So should your clients submit an offer with no contingencies to maintain an edge over competing offers? Here’s a look at the pros and cons of removing contingencies early: Pros. – Loss of Earnest Money Deposit (EMD) and other financial liabilities. The Spring 2021 market is hot and competitive!