HomeLight

JANUARY 3, 2024

To fully understand what “under contract” means, let’s take a look at some of the contingencies that might be attached to such a listing. There are four common types of real estate contract contingencies. This is common when the buyer needs equity proceeds from their existing home to buy their new home.

Purchase and sale agreement 100

Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 100

HomeLight

JANUARY 3, 2023

Buyers may ask for the offer to be contingent on other factors, such as the sale of their existing home or their ability to obtain financing. Earnest money. The earnest money deposit is typically a small amount of money that goes into an escrow account to show that the buyer is serious. Closing date.

Purchase and sale agreement 98

Purchase and sale agreement Inspection MLS Inspection contingency 98

HomeLight

JANUARY 27, 2021

Mortgage insurance is extremely common for first-time buyers, and it’s often the fastest way to achieve homeownership and start building equity today, rather than waiting until you’ve saved up 20% — an unrealistic feat for many buyers. And with most loans, you can drop mortgage insurance when you reach 20% equity.

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

HomeLight

JANUARY 10, 2023

Buyers may ask for the offer to be contingent on other factors, such as the sale of their existing home or their ability to obtain financing. Earnest money. The earnest money deposit is typically a small amount of money that goes into an escrow account to show that the buyer is serious. Closing date.

Purchase and sale agreement 90

Purchase and sale agreement Natural hazards disclosure Inspection Title 90

HomeLight

MARCH 6, 2023

He explains that owning a house is the most constructive and easiest way to build wealth, and even if you pay more now, you are still building equity, and will likely enjoy significant tax benefits. The benefit of owning a house far outweighs what might be considered a higher interest rate in the current market.”

Closing 87

Closing Earnest money deposit Sales Title 87

HomeLight

AUGUST 9, 2022

So, often if somebody’s sold a house and they’re walking away with a lot of equity, they’ll roll that in and do at least a 20% down payment, if they’re move-up buyers and have the cash,” says May. Earnest money is a portion of the down payment included as part of the offer made on a home to the seller. Freddie Mac Home Possible.

Earnest money deposit 94

Earnest money deposit VA loan Purchase and sale agreement FHA loan 94

HomeLight

JUNE 30, 2021

If your current house doesn’t sell, or the settlement doesn’t happen, as the buyer, you can walk away from your new purchase with your earnest money. There are lots of other kinds of contingencies — inspection contingencies, appraisal contingencies — but the sales contingency can be especially tricky.

Rent back 104

Rent back Inspection contingency Earnest money deposit Finance 104