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%). If this problem can’t be resolved, an appraisal contingency in the contract allows the buyer to cancel the agreement and retain their earnest money deposit. Short sale.

Closing 113

Closing Purchase and sale agreement Title search Earnest money deposit 113

HomeLight

OCTOBER 5, 2020

When a home goes up for auction, the process for purchasing it will be different than if you were to buy a home in a more traditional way, with a full inspection. Even if you can’t conduct a typical home inspection , there are things you can do to better gauge the home’s condition. You may be required to buy the home “as-is.”

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Due diligence Earnest money deposit Banks Inspection 54

HomeLight

OCTOBER 29, 2020

Contingencies can range from the relatively minor or otherwise workable — like requesting a $3,000 allowance to fix a plumbing issue that was revealed during inspection — to more serious stipulations, such as a buyer needing to sell their existing house before closing on the next. Home inspections. Negotiable contingencies.

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Purchase and sale agreement Pre-approval Earnest money deposit Inspection 80

HomeLight

MAY 24, 2022

This task can happen while you’re obtaining the funds verification (if you didn’t do that in advance), as your bank will need information on where to transfer the money. Submit earnest money: 1 day. An earnest money deposit demonstrates your good faith to go through with the offer.

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Purchase and sale agreement Closing Title search Title 106

HomeLight

JULY 31, 2021

Earnest money deposit. As is the case with a regular retail home purchase, a cash buyer should provide an earnest money deposit (EMD) as a show of good faith that they will indeed purchase the property. Inspection period. Step 6: Pass the inspection. Source: (Emil Kalibradov / Unsplash).

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Earnest money deposit Inspection Proof of funds Inspection contingency 98

HomeLight

OCTOBER 1, 2020

As well, Fannie Mae was only giving them two days to overnight mail the earnest money deposit. When they arrived for the inspection , the home inspector told them that the house was in great shape cosmetically, but it needed a new roof. It was really frustrating dealing with them,” Marie explains. “We

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Purchase and sale agreement Banks Earnest money deposit Equity 56

The Close

DECEMBER 29, 2022

.” If a property is active contingent, a buyer has submitted an offer to purchase a property, but the sale won’t be finalized until certain conditions, or contingencies, are met. A contingency might be the buyer selling their current house, requiring certain repairs to be made, or obtaining a clean termite inspection.

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Purchase and sale agreement Title Proof of funds Pre-approval 97