HomeLight

JULY 31, 2022

Before properties can be financed, their value and condition is typically examined by a state-licensed, independent appraiser contracted by the buyer’s mortgage company. These are standards related to the overall condition of a property which will play a role in the willingness and/or ability of a lender to finance a buyer’s loan.

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Closing FHA loan Purchase and sale agreement Inspection 98

HomeLight

JANUARY 14, 2022

Buyers and their real estate agents are typically allowed to be present for the inspection , giving them the opportunity to ask additional questions about the property. Rather than waiving the inspection, some buyers are opting to have an informational inspection rather than including an inspection contingency in the offer.

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Inspection Inspection contingency Renovation Agents 101

HomeLight

MAY 28, 2021

A seller may lack the resources or finances to complete repairs at the moment and doesn’t want to have that contingency to sell the home. An inspection can tell you upfront the exact issues with the house so you know what money you might have to spend down the line. Financing considerations for an as-is purchase.

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As-is Inspection Title search Inspection contingency 68

HomeLight

SEPTEMBER 1, 2020

If the former homeowner defaulted on an FHA loan, the home may become inventory for various HUD programs, including the Good Neighbor Next Door program. Bank-owned homes may not be the best-staged or the most recently renovated. Make sure the offer includes any important contingencies, such as an inspection contingency.

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Banks Inspection contingency Inspection FHA loan 77

HomeLight

DECEMBER 29, 2021

Whenever a buyer is financing the purchase of a home or refinancing a mortgage , an appraisal of the property is required in order to assure the lender that the value of the property matches the amount of the loan, according to the Appraisal Institute , the nation’s largest professional association of real estate appraisers.

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Purchase and sale agreement VA loan Loans Agents 102

HomeLight

DECEMBER 23, 2021

DIY home repairs and renovations will almost surely have code violations. Renovations made without permits – Some renovations do not require permits, but if they do and you don’t have one, you’re liable to pay a fine and may be required to demolish the renovation if it can’t be brought up to code. Request Cash Offer.

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Inspection Title Renovation Agents 102

HomeLight

AUGUST 24, 2022

But if you do end up working with a financed buyer, be aware that different mortgage types (such as conventional loans or government-backed FHA, USDA, or VA loans) have different minimum property standards. If your house complies with FHA, then it complies with most other lenders’ requirements.

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As-is Inspection Investor Closing costs 94