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.

As-is 68

As-is Inspection Title search Inspection contingency 68

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

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.

Purchase and sale agreement 102

Purchase and sale agreement VA loan Loans Agents 102

HomeLight

MARCH 13, 2023

With the strong Florida sun shortening the lifespan of roofs and air conditioning systems, costly renovations may be necessary. You are either replumbing the house, rewiring the house, or putting a new roof on the house prior to closing so that a financed buyer can get insurance. For a rental, not as much,” explains Joseph.

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Sales Investor Due diligence Renovation 79

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

HomeLight

JUNE 30, 2022

Line up financing. It’s important to line up financing well in advance of when you want to start making offers. Be sure to do your research to find a reputable lender who can guide you through financing your first home purchase. Some loan programs, such as those backed by the FHA , allow for a down payment as small as 3.5%

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Purchase and sale agreement Inspection Earnest money deposit Closing costs 72