Redfin

JULY 9, 2025

Between setting a budget, getting pre-approved, and closing the deal, getting everything squared away can make all the difference. Get pre-approved for a mortgage Estimated time: 1-2 weeks A mortgage pre-approva l is a lender’s assessment of how much they’re willing to lend you based on your income, assets, debts, and credit history.

Pre-approval

Redfin

JUNE 23, 2025

In some states, buyers may also pay due diligence money—a non-refundable fee paid directly to the seller in exchange for this inspection window. While not required everywhere, it’s an important part of the process in certain markets and is separate from the earnest money deposit.

Due diligence

Redfin

JULY 14, 2025

In a competitive market where homes sell quickly, buyers often consider making several offers to boost their chances. Why some buyers consider it In fast-moving markets where bidding wars are the norm, making multiple offers might feel like a way to stay competitive. Maybe it’s a seller’s market and inventory is tight.

Earnest money deposit

Redfin

MARCH 26, 2025

This protective clause in your purchase agreement can save you thousands if your mortgage falls through, but in todays competitive market, some buyers are tempted to waive it. It protects the buyers earnest money and limits their financial risk if their financing falls through. You have a strong pre-approval.

Finance

Redfin

JULY 11, 2025

Buyer is unable to secure financing A financing or mortgage contingency protects buyers if they’re unable to get approved for a home loan. Even with pre-approval, unexpected financial changes or lender decisions can prevent final approval. When is earnest money due?

Earnest money deposit

Redfin

JULY 30, 2025

On top of that, it’s also smart to check your local housing market trends and mortgage interest rates. Your mortgage rate will not change, regardless of market rates rising or falling. Lock in rates: Once you’ve found a good rate, lock it in to protect yourself from market fluctuations.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

After the chaos of the pandemic and a booming seller’s market, 2023 might be a better time to buy a house. A pre-approval letter must be included, and proof of funds can also help in a seller’s market. If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit.

Purchase and sale agreement

BAM Media

FEBRUARY 21, 2025

or The Difference Between Pre-Approval and Pre-Qualification. Very rarely do people log on thinking, I really hope I learn something about earnest money deposits today! Im talking about those generic educational videosthings like 5 Tips for First-Time Homebuyers, What Is a Balloon Mortgage? Tell a story.

Earnest money deposit

Redfin

AUGUST 4, 2025

Research the local market Understanding the fair market value of a home is critical. ” Focus on: Sale prices of homes with similar size, age, and features The average price per square foot How long properties are staying on the market Also, look at the broader market trends. .”

Earnest money deposit

Redfin

JUNE 12, 2025

They received multiple offers In competitive housing markets , sellers can get multiple offers in a single weekend. Strong earnest money deposit: A higher deposit signals you’re serious and financially committed; giving sellers more peace of mind. Simpler, cleaner offers usually win.

Earnest money deposit

Redfin

JUNE 30, 2025

Your buyer’s agent supports you in finding a home, preparing your offer, and negotiating terms, while the seller’s agent manages the listing and marketing for the seller. In competitive markets, this step is crucial as the agent may compare your offer with others. Read: What Does a Real Estate Agent Do?

Earnest money deposit

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. Have you tried calling a bank on a Saturday night to get a pre-approval letter? It lead to investors snapping up too many homes even as the market started to slow.

Finance

RIS Media

OCTOBER 22, 2020

As the real estate market continues its hot streak, homes are selling faster and receiving more offers than ever before. But if your market is like Bolin’s, where a home can sell within a day of being listed, then you may have to explore some even more proactive options to find your client a home. Finding Homes for Your Clients.

Earnest money deposit

Easy Agent Pro

SEPTEMBER 5, 2023

In today’s competitive real estate market , bidding wars have become common. Here, we’ll explore several novel yet effective ways of outwitting competition and increasing your chances of successful bidding in competitive markets. Start by researching the current market conditions where you intend to buy a property.

Earnest money deposit

CT Homes

AUGUST 31, 2020

There is a huge difference between a pre-qualification and a pre-approval. 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. In many markets the reality may tell a different tale.

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1 to 5 of the real estate purchase price as earnest money. (If

Earnest money deposit

HomeLight

JUNE 23, 2022

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?

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1% to 5% of the real estate purchase price as earnest money. (If

Earnest money deposit

Realtor.com

OCTOBER 29, 2020

Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. Get final mortgage approval. Clear the title.

Closing

HomeLight

JUNE 29, 2022

According to Chester Ardolino , a real estate agent in Springfield , Massachusetts, the time to think about your top priorities as a seller is before the house hits the market. Some of us in the business have been calling this the ‘name your price’ market,” Ardolino says. But markets change, and sellers need to be prepared. “It

Earnest money deposit

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. It creates uncertainties, especially for anxious sellers.

Purchase and sale agreement

The Close

SEPTEMBER 10, 2020

A strong seller’s market is a lot like dealing with the craziness of this pandemic. Hating to lose more than I wanted to win, I came up with these seven creative strategies to make any offer stand out in a seller’s market. Make Sure You Have a Proper Approval Letter From a Reputable Lender. CALL the Listing Agent.

Home sale contingency

Realty Biz

MAY 24, 2022

Because your buyer is saying it is about not taking out a mortgage at today’s interest rate, I’m thinking the earnest money is what you will primarily get from a failed sale of your house. You did get an earnest money deposit, didn’t you? I ended up keeping the earnest money on the very first house that I sold.

Earnest money deposit

Point2Homes

JANUARY 31, 2023

Making an attractive offer is crucial, especially in a hot market. With a budget in place, your next step should be to get pre-approved for a mortgage. Without being pre-approved, you’ll need to delay your offer while you secure financing. This is especially true for closing dates.

Earnest money deposit

HomeLight

SEPTEMBER 30, 2020

Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan. You may also experience less competition from other owner-occupant buyers for HUD Homes than in the traditional real estate market. The home is then sold at a discount by HUD. Pretty big perks!

Earnest money deposit

Realty Biz

AUGUST 22, 2022

That’s probably why the price was a little below the market average. Yeah, I’ve been studying the market for a while and knew what houses were selling for. 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 didn’t even include an inspection contingency.

Purchase and sale agreement

Realty Biz

NOVEMBER 11, 2020

How your real estate agent markets your property when an offer has been accepted can have vital implications. They will also get their earnest money deposit back , and the home will go back on the market. Will they be marketing the home properly? Sometimes real estate markets heavily favor sellers.

Backup offer

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). Get pre-approved As you’re researching how to buy a house, you will want to get a mortgage pre-approval. What’s an earnest money deposit?

Earnest money deposit

Redfin

JULY 16, 2024

This guide will walk you through each phase of the mortgage loan process, from pre-approval to post-closing, with examples to illustrate key points. Step 4: Get pre-approved Submit pre-approval applications: Apply to multiple lenders to get pre-approved.

Loans

HomeLight

MARCH 2, 2023

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. CalHFA works through approved lenders, and buyers apply for the program through their loan officer.

Closing

HomeLight

MARCH 6, 2023

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. The benefit of owning a house far outweighs what might be considered a higher interest rate in the current market.”

Earnest money deposit

CT Homes

SEPTEMBER 29, 2020

Currently in most markets demand is high and supply is low leaving sellers with the upper hand. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). This is money that you potentially stand to lose if you back out of the deal without justification. Closing Terms.

Earnest money deposit

The Close

FEBRUARY 14, 2024

Myth #2: Wiggle Room in Pricing Is Essential for Negotiation The market price of a home can fluctuate by tens of thousands of dollars over a year. If you’ve got an overpriced listing on the market, it gets staler every day that the listing is available. Marketing your listings is one of those pieces that is done behind the scenes.

Pre-approval

CT Homes

AUGUST 31, 2020

There is a huge difference between a pre-qualification and a pre-approval. 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. In many markets the reality may tell a different tale.

Earnest money deposit

CT Homes

AUGUST 31, 2020

There is a huge difference between a pre-qualification and a pre-approval. 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. In many markets the reality may tell a different tale.

Earnest money deposit

Windemere Buying

OCTOBER 4, 2021

The more competitive the housing market, the greater the lengths buyers will go to to make themselves stand out amongst the competition. In a seller’s market , listings commonly receive multiple offers, often over their original asking price. The first step is to get pre-approved: The Importance of Pre-Approval.

Earnest money deposit

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.

Purchase and sale agreement