Housing Wire

SEPTEMBER 2, 2022

Loan originator and servicer Sun West Mortgage Co. has unveiled the latest version of its proprietary artificial-intelligence (AI) platform, called Morgan, which enables the lender to convert pre-approved, property-specific home loans into tradable non-fungible tokens (NFTs).

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Earnest money deposit Technology Loans Pre-approval 90

Realty Biz

APRIL 17, 2023

You must put up an earnest money deposit when you buy a home. The purpose of earnest money is to show you're serious about buying. Many people refer to earnest money as a good-faith deposit. Earnest money deposits can be used as leverage in negotiations.

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Earnest money deposit Purchase and sale agreement Home sale contingency Title 67

HomeLight

MARCH 7, 2024

You’ve planned, juggled finances, worried about finding the right house, and then you finally sign a contract. This comprehensive document details everything from the purchase price, down payment, and financing terms to contingencies, closing dates, and any specific conditions both parties must meet before the sale can be finalized.

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Purchase and sale agreement Earnest money deposit Option period Due diligence 110

HomeLight

JANUARY 3, 2024

After you open escrow and the buyer submits a good faith earnest money deposit, some or all of the following contingencies may need to be addressed: The financing contingency will appear in contracts where a buyer needs to finalize a mortgage loan to purchase the home.

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Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 105

Realty Biz

SEPTEMBER 11, 2023

Here are the key factors that can disrupt the path to a closed real estate deal: Financing Issues One of the most prevalent causes of deals falling through is financing problems. It is also possible for a mortgage preapproval to expire. They could lose their earnest money deposit by not performing or asking for an extension.

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CT Homes

AUGUST 31, 2020

Financing Issues. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. There are truly several financing items that could be a potential problem, especially if the buyer is self-employed.

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Earnest money deposit Pre-qualification Pre-approval Inspection 105

HomeLight

AUGUST 29, 2022

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. There are loan programs out there that allow for buyers to make low down payments on their dream homes.

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Redfin

MARCH 12, 2021

However, your offer likely won’t receive the seller’s serious consideration without putting a good faith deposit down of some kind. Where does the earnest money go? . In most cases, your earnest money deposit is paid to the escrow or title company , which holds it in an escrow account until the transaction closes.

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Earnest money deposit Purchase and sale agreement Due diligence Inspection 73

Realty Biz

JULY 1, 2023

Depending on how far along in the escrow process you are, this can be done in a variety of ways: Providing a deposit - If you have not yet made an offer on a home, consider providing an earnest money deposit as your first step. Typically, a minimum credit score of 620 is recommended for conventional loans.

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Purchase and sale agreement Earnest money deposit Title search Pre-approval 76

Realty Biz

AUGUST 22, 2022

In my eagerness to buy my first home, I made a full-price offer with the only continency being that my mortgage was approved. I’m almost certain that your biggest concern is about what will happen with your earnest money if you back out of the deal. You don’t want two mortgage payments. Now I have buyer’s regret.

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Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 96

Realty Biz

APRIL 20, 2022

Mortgage Financing Clause. Most home buyers do not have the finances available to buy without a mortgage. So financing is one of the common contingencies in an offer. Before you apply for a mortgage, you’ll need to do some research with lenders to find out what interest rate will be available to you.

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Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 106

Realty Biz

MARCH 27, 2022

Offer a Larger Earnest Money Deposit. Your earnest money is a way of showing the seller that you are a serious buyer. This deposit will be placed in an escrow account , and if things go successfully, it can later be used as part of your down payment or to cover closing costs. Using an Escalation Clause.

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Purchase and sale agreement Earnest money deposit Seller concession Finance 117

CT Homes

AUGUST 31, 2020

Financing Issues. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. There are truly several financing items that could be a potential problem, especially if the buyer is self-employed.

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Earnest money deposit Pre-qualification Pre-approval Inspection 52

CT Homes

AUGUST 31, 2020

Financing Issues. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. There are truly several financing items that could be a potential problem, especially if the buyer is self-employed.

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Earnest money deposit Pre-qualification Pre-approval Inspection 52

HomeLight

JANUARY 12, 2022

But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. According to the loan software firm ICE Mortgage Technology, it took 50 days on average to close on a purchase loan for a house, as of Q3 2021. Conventional loan. 1 and accept an offer on Jan.

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Closing Purchase and sale agreement Pre-approval Inspection 113

Realty Biz

FEBRUARY 20, 2021

Obtaining financing: allows the purchaser to get the funds to buy the property from a lender of their choice. Unless a buyer is paying cash, the mortgage contingency clause is almost always found in a purchase and sale agreement. Appraisal Contingency: You are waiting for a valuation and getting your loan from the bank.

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Purchase and sale agreement Inspection contingency Earnest money deposit Home sale contingency 136

CT Homes

SEPTEMBER 29, 2020

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). Inspection Appraisal Financing. You can eliminate this to expedite the process.

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The Close

FEBRUARY 6, 2024

The less your buyers need to finance, the less likely the deal will fall through. They only had to finance a small part of the home loan (less than $100,000) after they offered to pay 80% of the list price in cash. Work with your lender before you submit any offer, and start the loan process for your clients early.

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RIS Media

JANUARY 25, 2021

If you have student loans, you should strive to pay them off as soon as you’re able. – If you have debts, like a car and credit card loan, work at paying them down. – If you are rate shopping (as in checking out different lenders for mortgage pre-approval on a home loan), do it quickly, within a week if possible.

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Earnest money deposit Loans Pre-approval Banks 140

HomeLight

JULY 31, 2020

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). Loan approval. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. is not a simple or finite one.

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Closing Purchase and sale agreement Title search Earnest money deposit 114

Redfin

JANUARY 26, 2022

2) Earnest money details: The PSA will include information on the earnest money deposit, such as the dollar amount and instructions for making the deposit. In most areas, the buyer will need to deposit a personal or cashier’s check within one to three days of mutual acceptance.

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Purchase and sale agreement Earnest money deposit Sales Title 55

HomeLight

JULY 25, 2022

From the down payment to the fees associated with getting a mortgage, it can seem overwhelming — and expensive. With the help of Richie Helali, a mortgage sales leader with HomeLight Home Loans , we’re here to break down exactly what prepaid costs are, how to calculate them, and when you’ll pay them. Mortgage interest.

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Closing costs Earnest money deposit Loans Closing 102

Realty Biz

NOVEMBER 11, 2020

They will also get their earnest money deposit back , and the home will go back on the market. Lenders don’t want to loan more money than the property is worth since this will leave them in a losing position if the home goes into foreclosure. The Mortgage Financing Contingency.

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HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. If they can’t sell their old home, the deal would likely fall through to protect the buyer from having to pay two mortgages. Financing contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 99

HomeLight

SEPTEMBER 1, 2022

The so-called appraisal gap began rising in frequency around July 2020, and by June 2021, there was a gap between sales price and appraised value in one-fifth of all home sales requiring financing. Your lender will use the lower amount between the purchase price and the appraised value to determine how much money they will lend.

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Purchase and sale agreement Earnest money deposit Short sale Loans 84

HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. Home financing. Getting a mortgage can be a stressful and frustrating process. Here are a few tips to get ahead of the game and mortgage like a champ! It’s an exciting step in life, to be sure.

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Closing costs Loans Inspection Earnest money deposit 117

Redfin

MARCH 2, 2023

When a buyer applies for a mortgage to purchase a home, the lender requires an appraisal of the property to determine its fair market value. These conditions typically relate to the sale of the buyer’s current property, securing financing, passing a home inspection, or the home being appraised reflects fair market value.

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Purchase and sale agreement Earnest money deposit Finance Inspection 56

CT Homes

SEPTEMBER 29, 2020

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). Inspection Appraisal Financing. You can eliminate this to expedite the process.

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Earnest money deposit Pre-approval Inspection Finance 52

CT Homes

SEPTEMBER 29, 2020

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). Inspection Appraisal Financing. You can eliminate this to expedite the process.

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Earnest money deposit Pre-approval Inspection Finance 52

Realty Biz

SEPTEMBER 14, 2023

Lenders Lenders, such as banks or mortgage companies, may also engage real estate attorneys to represent their interests in a transaction. Attorneys ensure that the loan documentation is executed correctly, review the terms and conditions of the mortgage, and confirm that the property's title is clear and suitable for collateral.

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Purchase and sale agreement Title search Title Due diligence 100

RIS Media

FEBRUARY 1, 2021

If you have student loans, you should strive to pay them off as soon as you’re able. – If you have debts, like a car and credit card loan, work at paying them down. – If you are rate shopping (as in checking out different lenders for mortgage pre-approval on a home loan), do it quickly, within a week if possible.

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Earnest money deposit Loans Pre-approval Banks 80

Redfin

JUNE 21, 2023

Explore your loan options When buying your first investment property, it’s essential to explore the available loan options. Understanding and comparing mortgages, government-backed loans, and private financing can greatly impact your financial success.

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Due diligence Earnest money deposit Investor Inspection 57

Redfin

MAY 5, 2023

However, due to the recent hike in mortgage rates, the market has experienced a slight decline, with median sale prices dropping by 2.5% Get your finances together Getting your finances in order before purchasing a home in Texas is crucial to ensure a smooth and successful homebuying experience.

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Purchase and sale agreement Pre-approval Seller disclosure Earnest money deposit 64

HomeLight

JUNE 9, 2023

Believe it or not, there are actually home sellers who offer to loan buyers the money to purchase their property: it’s called owner financing. Learn More What is owner financing? In some cases, this occurs because the buyer doesn’t want—or can’t qualify for—a traditional mortgage from a traditional lender.

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Finance Earnest money deposit Lending Loans 89

HomeLight

OCTOBER 20, 2021

Financial details, including earnest money deposit, down payment, final payment, dates of payment and who pays which closing costs. Seller contingencies, which may include purchase of a new home and reasonable timelines for the buyer to schedule inspections, appraisals, or secure financing. Signature block.

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Purchase and sale agreement Earnest money deposit Inspection Finance 81

HomeLight

OCTOBER 5, 2020

The lender that’s trying to collect on the defaulted mortgage will order an appraisal on the home to determine its worth. When a home goes up for auction, there’s usually at least one financial claim on the house, usually by the lender who’s been trying to collect on the home loan. A home equity loan or line of credit.

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Due diligence Earnest money deposit Banks Inspection 55

HomeLight

APRIL 19, 2021

Being able to afford a home in this swanky NYC borough means enjoying unparalleled access to the world’s preeminent nexus of culture, cuisine, architecture, and finance. Sellers appreciate cash offers because of their faster timelines, as there’s no need to wait for a mortgage loan. Things move really quickly here,” says Chou.

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