Realtor.com

OCTOBER 29, 2020

If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit , says Bishoi Nageh , president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ. If you spot any discrepancies, ask your lender to explain them.

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Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

HomeLight

JULY 26, 2022

At this stage, you’ll want to shop around and get preapproved by at least two different lenders to compare interest rates , closing costs , and terms. Title contingency. Also, be sure to include your earnest money deposit amount, closing dates, and who will be responsible for certain closing costs.

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Earnest money deposit Purchase and sale agreement Title Inspection 115

Realty Biz

NOVEMBER 11, 2020

They will also get their earnest money deposit back , and the home will go back on the market. One of the standard contingencies in nearly all real estate contracts is delivering a clear title. Most of the time, when a home is at the contingent stage, sellers are still interested in offers from other parties.

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Backup offer Home sale contingency Sales Earnest money deposit 111

Realty Biz

JULY 1, 2023

The National Association of Realtors (NAR) conducted a survey in October 2022, revealing that approximately 7% of deals in the preceding three months got terminated before reaching the closing stage. During this stage, the buyer, seller, or their respective agents select an escrow agent who will oversee the process.

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Purchase and sale agreement Earnest money deposit Title search Pre-approval 77

HomeLight

SEPTEMBER 1, 2022

At this stage, you should get preapproved rather than prequalified. Send your earnest money deposit. The earnest money deposit is typically between 1% and 3% of the purchase price and essentially shows the seller that you’re serious about buying their home. Order a title search.

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HomeLight

JULY 31, 2021

While price tends to take center stage, many other components of an offer should be considered before entering into a contract. Earnest money deposit. The next step is to “ clear title ,” a process that shows the house is free of any liens, judgments, or bankruptcies that would prevent the transfer of ownership.

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HomeLight

MARCH 16, 2023

Save money on closing costs and other fees: Although you’ll probably give a discount by selling to a cash buyer, you’ll save on various costs that cut into your profit with a traditional sale such as real estate agent commission averaging 6% in Houston. There’s not much difference other than a quicker timeline and an easier transaction.

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Sales Purchase and sale agreement Earnest money deposit Investor 93