Redfin

MARCH 4, 2025

From finding houses to tour and what financing options you have, theres a lot to learn about buying a home in foreclosure. If the auction accepts financing, make sure you have a pre-approval ready. Short sales A short sale is not the same as a foreclosure or a pre-foreclosure.

Pre-approval

Redfin

JUNE 23, 2025

This timeframe grants the buyer permission to thoroughly inspect the property. It’s a crucial period to verify the property’s condition, ensure it meets expectations, and meet any financing requirements set by the lender. Buyers review these documents learn about any pre-existing conditions or problems.

Due diligence

Rochester Real Estate

NOVEMBER 5, 2015

Are your finances ready to buy a home, or will you be better off renting for a few more years? A pre-approval letter must be included, and proof of funds can also help in a seller’s market. The seller might return with a counteroffer based on your offer’s price, contingencies, or other terms.

Purchase and sale agreement

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. Buyer is unable to secure financing A financing or mortgage contingency protects buyers if they’re unable to get approved for a home loan.

Earnest money deposit

Keeping Current Matters

NOVEMBER 30, 2020

Understand Your Finances. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Bottom Line.

Inspection contingency

Keeping Current Matters

MARCH 15, 2021

Understand Your Finances. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Bottom Line.

Inspection contingency

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. It’s rarely advisable to waive an inspection contingency. Get final mortgage approval.

Closing

HomeLight

JUNE 9, 2023

Most real estate contracts — or roughly 80% — contain contingencies , according to data from the National Association of Realtors (NAR). As of 2023, 79% of contracts included an inspection contingency while 82% contained an appraisal contingency. What are the most common contingencies?

Home sale contingency

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.

Purchase and sale agreement

The Close

SEPTEMBER 10, 2020

Make Sure You Have a Proper Approval Letter From a Reputable Lender. For most sellers, the fear of a buyer’s financing falling through and not getting to the closing table. At the first meeting with your buyer, help them understand the differences between a basic pre-approval and a full approval and how it strengthens their offer.

Home sale contingency

Point2Homes

SEPTEMBER 30, 2021

Real estate transactions often feature contingency clauses that allow both parties to back out of the sale under the circumstances stipulated in the contract. One common type you’ll encounter is a sale and settlement contingency. It’s used by buyers who already have a home they’re looking to sell to finance buying another one.

Pre-approval

Windemere Buying

APRIL 12, 2023

Mortgage Lender You need financing to buy a home. After identifying which lender you’d like to work with, a helpful first step is to get pre-approved for a mortgage by submitting financial information for their review. Home Inspector The home inspection is key to the home buying process.

Pre-approval

Realty Biz

MARCH 13, 2024

Getting Pre-Approved For A Mortgage In a seller’s market like Maryland, getting pre-approved for a mortgage loan should be one of the first steps for hopeful buyers. Pre-approval provides a significant advantage by showing sellers you are a serious buyer with the financing ready to make a purchase.

Pre-approval

Realty Biz

AUGUST 22, 2022

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. Getting out of the signed contract and having your earnest money returned to you is typically only possible if the contingencies are not met.

Purchase and sale agreement

Realty Biz

NOVEMBER 11, 2020

The home could be subject to a few different types of contingency. Let’s have a look at the most common types of contingency you are likely to see. Home Inspection Contingency. The purchase of the property can be contingent on the home inspector’s report. The Mortgage Financing Contingency.

Backup offer

HomeLight

AUGUST 31, 2021

The associated contingencies , which come with additional risks for the seller, are where you’ll find most key distinctions between a cash offer and an offer backed by a mortgage loan. The most obvious contingency with an offer that requires financing is, of course, the financing itself. There’s no financing contingency.

Due diligence

HomeLight

MARCH 28, 2025

Here are some of the most common reasons a home sale falls through: Home inspection contingency: Your buyer may have walked away due to repair concerns or surprise issues found during the inspection. Buyer home sale contingency: If your buyers own home didnt sell in time, they may no longer be in a position to purchase yours.

Purchase and sale agreement

HomeLight

NOVEMBER 9, 2021

A traditional home sale in which a seller lists with an agent and a buyer finances with a mortgage takes approximately 18-30 days to go under contract, plus an additional 30-45 days to closing. Buyer’s financing method. Most buyers get an inspection, which may initiate repairs or re-negotiations. Buyer’s financing method.

Purchase and sale agreement

HomeLight

APRIL 21, 2022

Cash vs. financing : Cash offers usually result in a faster sale than mortgage-backed offers; if speed is an important aspect of the sale, this could make a significant difference. According to a 2021 National Association of Realtors® survey, financing difficulties were responsible for 29% of closing delays and 10% of terminated contracts.

Inspection contingency

HomeLight

OCTOBER 20, 2022

Many FSBO sellers will purchase a pre-listing appraisal. The buyer’s lender will probably require their own appraisal as part of their loan approval process. Pre-inspection. Getting a pre-listing inspection can facilitate a quicker sale because it eliminates surprises – and gives the seller time to fix major flaws.

Purchase and sale agreement

Windemere Selling

MARCH 14, 2022

When selling your home, a buyer may make their offer with contingencies attached. Here are some common contingencies you might see in a buyer’s offer and what they mean for you. Even if a buyer is pre-approved for their mortgage , they may not be able to obtain the right loan for the home.

Home sale contingency

HomeLight

AUGUST 25, 2020

The overarching question, as you make your way down your pre-sale checklist , is likely something along the lines of: “How long is this going to take?”. Below are just some of the typical pre-listing preparations that Shapiro calls out as essential: Reduce clutter. Get a pre-listing inspection. Get the price right.

Closing

Redfin

FEBRUARY 2, 2021

1) Get Pre-Approved for a Home Loan. If you’re a first-time homebuyer , one of the smartest things you can do to ensure your chances of buying the home you want is to apply for a pre-approval on a mortgage. Be Ready to Act Instantly in a Seller’s Market. 2) Get a Great Real Estate Agent. How to Make Your Best Offer .

Pre-approval

HomeLight

MARCH 30, 2021

Line up your financing. Prequalification usually just means that a mortgage professional takes a look at your finances (assets, income, and other debt) and gives you an estimate of the loan amount you may be able to afford. It’s in your best interest to shop around for good mortgage rates and terms prior to getting pre-approved.

Due diligence

HomeLight

MARCH 6, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. CalHFA works through approved lenders, and buyers apply for the program through their loan officer. But it’s now possible to submit an offer with contingencies and still have that offer accepted.”

Earnest money deposit

Redfin

OCTOBER 12, 2020

From navigating the mortgage approval process to the possibility of a bidding war, it can be tricky to go at it alone. Deciding on how to finance your home — and with whom — is an important decision. Depending on the results of the home inspection report, you may have more negotiating power than before.

Title

HomeLight

MARCH 2, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. CalHFA works through approved lenders, and buyers apply for the program through their loan officer. Borrowers must meet specific income requirements and must contribute at least 3% of the purchase price.

Closing

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). See how much you can afford After you’ve assessed your goals and finances, the next step in the homebuying process is to determine your budget.

Earnest money deposit

HomeLight

SEPTEMBER 25, 2020

You’ll also pay origination fees and other financing-specific expenses during and at closing. Sellers are more confident the deal will close without financing hangups. Here’s how the fee-based service works: HomeLight goes over your financial details and pre-approves you for your loan amount.

Mortgages

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.

Closing

The Close

FEBRUARY 6, 2024

The less your buyers need to finance, the less likely the deal will fall through. They only had to finance a small part of the home loan (less than $100,000) after they offered to pay 80% of the list price in cash. Also, understand the difference between a prequalifying and a pre-approval letter.

Pre-approval

HomeLight

SEPTEMBER 15, 2021

Pre-listing inspection report. Contingency removal form (CA-specific). Home inspection report. If a buyer’s mortgage lender requires a copy of the homeowners insurance, you’ll need to provide it for the loan to be approved. Give buyers time to conduct a lead inspection. Pre-listing inspection report.

Purchase and sale agreement

HomeLight

MARCH 31, 2022

Addressing any issues upfront helps buyers have peace of mind when making an offer and helps to prevent inspection-related closing delays. However, be aware that if you get a pre-listing inspection, you will be required to share relevant findings with buyers and how you did or did not address them. Get a pre-listing appraisal.

Purchase and sale agreement

HomeLight

JANUARY 3, 2023

FSBO sellers in Colorado may consider getting a home inspection prior to listing their home for sale. However, be aware that if you get a pre-listing inspection, you will be required to share relevant findings with buyers and how you did or did not address them. Get a pre-listing appraisal. Closing date.

Purchase and sale agreement

Windemere Buying

AUGUST 31, 2022

Making a Contingent Offer on a Home. Buyers are responsible for securing financing , having the home inspected, and getting the property appraised. Common Real Estate Contingencies. Home Inspection Contingency. Financing Contingency. Image Source: Getty Images – Image Credit: andresr.

Home sale contingency

Dwell Real Estate

JULY 10, 2020

You waived your contingencies To make offers more attractive to sellers, it’s not uncommon for buyers to waive contract contingencies regarding real estate financing or an inspection. You might be tempted to do the same—a hefty earnest money deposit without contingencies will make you more attractive home buyers.

Earnest money deposit

Windemere Buying

OCTOBER 18, 2021

Not getting pre-approved Getting pre-approved is a key component of the early stages of the buying process and will help to maximize your chances of getting your offer accepted. Because new credit changes your debt-to-income ratio, lenders will likely want to review your mortgage approval and your risk of non-payment.

Pre-approval