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17 Home Closing Delays and How You Can Avoid Them

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For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. Because the entire sale hinges on securing this loan, it is a top criteria for closing, and it’s also the most common reason for a delay in the closing process. Image Source: (Shutterstock.com/Chokniti Khongchum).

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From Paying Up to Walking Away — Your Options For If The Appraisal Comes In Low

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When you’re financing your home purchase with a mortgage, the lender wants to make sure the property you’re buying is worth what you’re paying for it. These are called comparable sales , or comps, because they should be similar to your home in terms of size, age, location, and condition. Foreclosures or short sales in the neighborhood.

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Buying a Foreclosure at a Home Auction? Here’s How Much You’ll Probably Spend

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The lender that’s trying to collect on the defaulted mortgage will order an appraisal on the home to determine its worth. An auction price will depend partly on what the owner still owed on the previous owner’s mortgage. Those other claims might include: A second mortgage on the home. A home equity loan or line of credit.

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How Long Does It Take to Close On a House With Cash in 2022? Here’s Your Timeline

HomeLight

Mortgage interest is tax-deductible , and many homeowners appreciate the deduction. If you only pay cash for the down payment, and take out a mortgage for the remainder of the purchase price, it keeps more money in your pocket. Paying cash saves you money, and you might need a place to live sooner rather than later.

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Eliminating Stringent Contingencies: How to Make a Contingent Offer Stronger

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When you use a mortgage to buy a home, your lender will need to order an independent appraisal to evaluate what it’s worth. Unless you’re paying cash for a house, your best course of action is to include a pre-approval letter from a mortgage lender with your offer. Short sale or bank approval contingencies.

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How to Get Cash for Your Home: A Step-by-Step Guide

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The CMA does a deep dive into how your property stacks up against the sale prices of nearby homes that are similar in size, style, age, and features. In a mortgage-backed transaction, a lender will require an appraisal as a condition of financing. Earnest money deposit. Order a home appraisal.

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What Is Buying a Foreclosure Really Like? 5 Homeowners Spill the Tea

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We weren’t sure what to expect, but they accepted it,” Lauren says, “and we didn’t have any trouble getting a mortgage.”. It didn’t need any repairs, and he never even made a payment on the mortgage he took out to finance the purchase. As well, Fannie Mae was only giving them two days to overnight mail the earnest money deposit.