HomeLight

DECEMBER 12, 2023

This guide breaks down what it means to step into a family member’s mortgage shoes and purchase their home. We’ll explore what loans are assumable, the pros and cons, and the financial, legal, and tax considerations to help you make an informed decision. Conventional loans: These are less likely to be assumable.

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VA loan Mortgages Purchase and sale agreement FHA loan 106

Realty Biz

FEBRUARY 1, 2024

A credit in home sales can be given for several reasons. Essentially, seller credits are a form of financial incentive the seller provides to the buyer to help cover certain costs associated with purchasing a property. When a seller offers credits to a buyer, it can make the purchase more attractive.

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Purchase and sale agreement Closing costs VA loan FHA loan 80

Realty Biz

JULY 6, 2023

A seller credit, or a closing cost credit, is an agreement where the seller agrees to pay a portion of the buyer's closing costs. Closing costs typically include fees associated with loan origination, appraisal, title insurance, and other miscellaneous expenses. What Is a Seller Credit? Often these terms are used interchangeably.

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Closing costs Closing Purchase and sale agreement Seller concession 86

HomeLight

JANUARY 12, 2022

You’ve accepted an offer on your house and both you and the buyer have signed the purchase contract. But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. 24, you can expect to close on the sale of your home somewhere between the end of February to mid-March.

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Closing Purchase and sale agreement Pre-approval Inspection 111

GeekEstate

FEBRUARY 14, 2024

The company’s success led to its sale to CrossCountry Mortgage in 2022. What fascinated me the most in the US was the debt leverage mentality, particularly in the mortgage market – a contrast to the perspectives I grew up with in Germany. This change, previously restricted with FHA loans, marks a pivotal moment.

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Purchase and sale agreement FHA loan Development Loans 64

Norada Real Estate

JUNE 22, 2022

Demand for rental property has increased with real estate dealers reeking in millions from sales. Investors borrowing money for rental property investment can choose from this list of loans. . FHA Owner-Occupancy Loans. Based largely on your credit score, owner-occupancy loans generally tend to have better terms.

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Hard money loan Purchase and sale agreement Loans Banks 98

Realtor.com

FEBRUARY 11, 2021

Federal Housing Administration loans, for instance, require a down payment of only 3.5%, while Veterans Affairs loans are available with 0% down. However, you’ll need to meet certain income and credit requirements—FHA loans call for a minimum credit score of 500, and VA loans require a minimum score of 620—to qualify.

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Debt-to-income ratio Tenancy in common Purchase and sale agreement FHA loan 132

HomeLight

SEPTEMBER 1, 2022

Once you have the purchase agreement in hand, you might think there are no more obstacles in your way, but the home still has to appraise for the amount you agreed to pay for it. Before the pandemic created a hot market, about 8% of appraisals came in lower than the offer on the home. What is a low appraisal?

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Purchase and sale agreement Earnest money deposit Short sale Loans 79

Redfin

JUNE 29, 2023

However, navigating the homebuying process in Michigan requires careful consideration of factors such as location, market conditions, financing options, and legal requirements. If you’re a first-time homebuyer and want to know more about the market, Redfin has your back. What’s it like to live in Michigan? year-over-year.

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Pre-approval Purchase and sale agreement FHA loan Closing costs 51

HomeLight

AUGUST 16, 2021

With this expert-backed guide, we’re here to help: Here’s how to apply for a first time home buyers loan in eight manageable steps. Source: (LinkedIn Sales Solutions / Unsplash). This loan backed by the Federal Housing Administration is ideal for those with low savings or a just-OK credit score. Step 1: Make sure you qualify.

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Loans VA loan FHA loan Purchase and sale agreement 97

Redfin

AUGUST 3, 2023

Georgia housing market insights The Georgia housing market has experienced some notable recent changes in demand and supply. Despite this shifting demand, the median sale price has continued its steady ascent, increasing by 1.3% Check out this article to learn more about the pros and cons of living in Georgia. year-over-year.

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Purchase and sale agreement Pre-approval Debt-to-income ratio Loans 55

HomeLight

AUGUST 16, 2021

Plus, if you do decide to take the leap, you’ll be ready to tackle your home purchase like a pro. Research your market. There’s much to learn about your local real estate market before diving into making offers. How quickly do homes move off the market? Competitive rates, widely available, lower fees than FHA loans.

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Closing costs Purchase and sale agreement Inspection Loans 104

HomeLight

JUNE 13, 2022

You need to save up money for a down payment and closing costs (which are calculated as a portion of your purchase price), but home prices just keep going up — so when you finally reach your goal, you realize that the goalposts have moved, and the hill is even taller than you thought. for an FHA loan. Let’s dive right in!

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Purchase and sale agreement Loans Inspection Closing costs 109

HomeLight

JUNE 28, 2021

When you purchase a home using a mortgage, you’ll have to meet the lender’s debt-to-income — or DTI — requirements. Most homebuyers need to put something down to purchase a home. It’s not uncommon to have closing costs that add up to 2% to 5% of your loan amount. If we take the median sale price of $341,600 for all U.S.

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Closing costs Equity Purchase and sale agreement Loans 85

HomeLight

DECEMBER 6, 2021

Financing hoops: You may face additional scrutiny from the lender if your buyer will use a mortgage for their purchase. The following resources may also be of assistance in your family sale: Real estate agent: For a reduced commission rate, an experienced agent can help minimize challenges and coordinate the sale. Get Estimate.

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Purchase and sale agreement Marketing Equity Inspection 108

HomeLight

NOVEMBER 29, 2021

A down payment is money that a buyer will pay at closing, usually expressed as a percentage of the home’s total purchase price. FHA loans. A Federal Housing Administration (FHA) loan is a government-backed mortgage loan. USDA loans. Does it really have to be 20%? The minimum down payment is 3.5%.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 86

HomeLight

AUGUST 9, 2022

It’s the first financial move you’ll make in securing your new home purchase. Since a down payment is, as the term suggests, the amount of money you’re putting down on the purchase of your home, your mortgage lender will need to see proof of these funds fairly early on in the approval process. Let’s jump in! Property taxes.

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Earnest money deposit VA loan Purchase and sale agreement FHA loan 94

HomeLight

NOVEMBER 29, 2021

These include your financial position, the home itself, the housing market, and what your life looks like now as well as what it’s likely to look like in a few years. When the future purchase price is set. Lease option vs. lease purchase. A lease purchase agreement means you are obligated to buy the house you’re renting.

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Purchase and sale agreement FHA loan Loans VA loan 99

HomeLight

JULY 31, 2022

Even before you decided to put your home up for sale, you probably knew making minor repairs and sprucing up your home would increase the chances of attracting the right buyers and getting a great offer. So how can you know what kind of repair issues could potentially derail a sale — before you even have an offer?

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Closing FHA loan Purchase and sale agreement Inspection 98

HomeLight

AUGUST 16, 2021

We also spoke with Elliot’s investment partner, Dan Chapman, who provides strategies for generating funds to get started, and Kathryn Hardiman, a homeowner from Charlotte, North Carolina, who shares how she entered the market with very little capital. Insisting upon a signed and notarized legal rental agreement. Partner up.

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Purchase and sale agreement Equity FHA loan Home sale contingency 104

HomeLight

SEPTEMBER 1, 2022

If this all sounds perfect and you’re thinking of purchasing a home in Connecticut, read on! Before you start looking for homes in Connecticut, you want to determine if you’re ready to purchase one. Homebuyers in Connecticut pay an average of just over $2,700 in closing costs when purchasing a home. Saving for your down payment.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 91

HomeLight

SEPTEMBER 1, 2022

Before you start looking for homes in Florida, you want to determine if you’re ready to purchase one. Homebuyers in Florida pay an average of approximately 2.58% of the home’s purchase price in closing costs when purchasing a home. FHA is really one of the best options,” she advises. Saving for your down payment.

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Earnest money deposit FHA loan Purchase and sale agreement Title 76

HomeLight

MAY 23, 2022

Schaus did advise her client to contact a junk removal company to clear out the house, but that was the only preparation made before the house hit the market. “[The HomeLight’s Simple Sale platform will provide a full cash offer for homes in almost any condition. Median sales price in North Carolina. 359,600 (April 2022).

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As-is Purchase and sale agreement VA loan Inspection 85

HomeLight

MAY 23, 2022

HomeLight’s Simple Sale platform will provide a full cash offer for homes in almost any condition. Median sales price in Indiana. Average days on market for Indiana. Indiana law requires sellers to disclose material facts about the property through the Seller’s Residential Real Estate Sales Disclosure. Disclosures.

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As-is Purchase and sale agreement Inspection Closing costs 97

HomeLight

APRIL 12, 2023

Your closing costs may differ depending on your circumstances and the terms of your home purchase. of the purchase price, and 1% for sellers, not including real estate agent commissions. If you’re in my market at $525,000, your ballpark closing costs will be almost $13,000,” says Zide.

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Closing costs Closing Purchase and sale agreement Title search 80

HomeLight

OCTOBER 27, 2021

In fact, the homeowner might even have a plan to catch up on the mortgage, and in the end, the home won’t end up in any kind of sale.). A preapproval will also help you be as competitive as possible in a hot market. Try to get as much info as you can on the current market, too. Source: (LinkedIn Sales Solutions / Unsplash).

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Purchase and sale agreement Inspection Homeowner’s association Title 87

HomeLight

JULY 25, 2022

HomeLight’s Simple Sale platform will provide a full cash offer for homes in almost any condition. Median sales price in Texas. Average days on market for Texas. As is” is a type of home sale where it’s understood that no improvements will be made to the property. Sell 'As Is' With a Cash Offer. Request Cash Offer.

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As-is Purchase and sale agreement Inspection Investor 96

HomeLight

MARCH 6, 2023

Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes. Appraisals are typically needed when applying for a mortgage or refinancing a home loan. Get Estimate Why is a home appraisal needed?

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HomeLight

APRIL 29, 2022

“Some people have a lot more time and energy to engage and make the best of the sale, and some people don’t,” says George Graham , a top real estate agent in the Seattle, Washington, area. An as-is home sale often indicates that the home has some “big-ticket items” that won’t pass the required inspection or appraisal, he adds.

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As-is Purchase and sale agreement Investor Inspection 70

HomeLight

MAY 27, 2021

Maureen Kile , a real estate agent from Tulsa , Oklahoma, who has worked with 75% more single-family homes than the average agent in her market, notes that lenders will always check a buyer’s credit score; the higher the score, the better the loan terms. Before you go house-hunting, get preapproved for a loan.

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Loans Mortgages Title FHA loan 82

HomeLight

NOVEMBER 9, 2021

How soon will I receive my home sale proceeds? What taxes will I owe on my home sale? Escrow refers to a specific period of time between the offer and the close of sale in a real estate transaction. It starts after you sign the purchase agreement from a buyer, and it ends when you receive those funds at closing.

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Purchase and sale agreement Pre-approval Closing Title 76

HomeLight

AUGUST 12, 2022

On the flip side, some buyers in today’s seller’s market are trying so hard to compete that they submit an as-is offer indicating their willingness to purchase the property without expecting the seller to make changes. HomeLight’s Simple Sale platform will provide a full cash offer for homes in almost any condition.

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As-is Purchase and sale agreement Investor Closing costs 93

HomeLight

JULY 25, 2022

Because the market is competitive and it’s so common, it’s just assumed most properties are being sold “as is,’” she says. Most buyers enter the market and expect to make an as-is offer anyway.”. Sellers are interested in listing their home ‘as is’ because they want a sale with an easy transaction and a lot less hassle,” says Tom.

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HomeLight

DECEMBER 29, 2021

Savvy sellers know that if their home is priced right, they stand a very good chance of having it appraise accordingly, and keep the sale on track. Data from CoreLogic indicates that in May 2021, about 20% of home appraisals came in lower than the sales price. In this situation, “the market is moving too fast,” Walter explains.

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Purchase and sale agreement VA loan Loans Agents 104

HomeLight

NOVEMBER 10, 2021

In fact, the median sales price for single-family homes in the Miami area in August 2021 was over $500,500 , according to Florida Realtors®. Prices aren’t much different in the Fort Lauderdale area, where the median sales price of single-family homes are trending around $495,000 and condominiums and townhomes are running around $220,000.

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Closing costs Loans Purchase and sale agreement Earnest money deposit 102

HomeLight

OCTOBER 2, 2020

The float-down option gives you the opportunity to reduce your locked mortgage rate if market interest rates fall. You may find that your lender doesn’t want to offer a loan for the full amount (minus your original down payment). Sellers may be waiting to move out or purchase a new property with the funds from the sale.

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Closing Mortgages Closing costs Loans 74

HomeLight

NOVEMBER 29, 2021

Unfortunately, a tight real estate market with little inventory can make it challenging to find a house that fits your budget. The amount varies, but it is usually based on a percentage of the home’s purchase price. In most housing markets (and New Jersey is no exception) it’s all about location, location, location.

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Land Closing costs Purchase and sale agreement Loans 89