Keeping Current Matters

NOVEMBER 30, 2020

Understand Your Finances. The expertise your agent brings to this part of the process will help you stay competitive: “Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”. Be a Flexible Negotiator. Bottom Line.

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Inspection contingency Pre-approval Inspection Staging 282

Realty Biz

JULY 25, 2023

When you're looking to buy a home, you'll likely come across the terms "under contract" and "pending sale." This means that it’s crucial to understand the difference between a pending sale and an under contract and what they mean for a buyer or a seller. This means that the buyer and seller have agreed on the terms of the sale.

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HomeLight

DECEMBER 30, 2023

You may be building an online watchlist of homes you’re interested in seeing, but then you notice a label tagging your favorite property listing as “under contract” or “sale pending.” What buyer contingencies might put a listing back on the market? What buyer contingencies might put a listing back on the market?

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HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

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Norada Real Estate

APRIL 15, 2023

Definition of Under Contract The term “under contract” refers to the period after a seller accepts a buyer's offer, but before the sale is finalized at closing. Purpose of Under Contract The purpose of the under-contract period is to allow both parties to fulfill any contingencies and prepare for closing.

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HomeLight

MARCH 31, 2022

But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the home sale contingency. What is a contingency clause? Let’s begin by looking at the “what” and “why” of contingency clauses. Source: (Masjid MABA / Unsplash).

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Real Trends

DECEMBER 27, 2022

How often does a pending home sale fall through? A pending sale may be referred to as “under contract” by some real estate agents. A sale is considered pending until the seller formally accepts an offer from a buyer. It should be reassuring for all real estate agents that not many home sales fall through.

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Realty Biz

APRIL 20, 2022

Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. One of the most common terms in an offer is the home inspection contingency clause. Mortgage Financing Clause.

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Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 105

Realty Biz

NOVEMBER 11, 2020

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

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HomeLight

SEPTEMBER 30, 2020

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

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HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed. Financing contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 93

HomeLight

DECEMBER 29, 2023

Here’s what it involves: Definition: A non-contingent offer is a bid to purchase a property without attaching conditions or contingencies to the sale. Faster transaction process: By eliminating the need for conditions like home inspections or the sale of a previous home, these offers can speed up your buying process.

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Realty Biz

FEBRUARY 20, 2021

We will take an in-depth look at the most common real estate contingencies you need to understand when buying a home. Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Most buyers will have a home inspection contingency in their contract. What is a Kick-Out Clause.

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Realty Biz

MARCH 16, 2022

All-cash offers were found to be significantly more successful than other strategies that are commonly used in bidding wars, such as waiving the financing contingency or a pre-inspection. Bidding wars have grown more common in today’s marketplace as buyers rush to compete for a limited stock of homes for sale.

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RIS Media

MAY 19, 2021

.” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” ” What do they mean and how will they affect your home sale? One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending.

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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. If they are unable to finance the purchase, the buyer can back out of the contract and recover their earnest money , and the seller can re-list the home.

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Realty Biz

MARCH 13, 2024

Pre-approval provides a significant advantage by showing sellers you are a serious buyer with the financing ready to make a purchase. Making Competitive Offers Offering above the asking price and waiving contingencies like financing and inspections have become common tactics for winning in bidding wars.

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Redfin

JANUARY 26, 2022

One of these important pieces of paperwork is a purchase and sale agreement. . To help you navigate this document, we’ll go over what a purchase and sale agreement is, what makes up the agreement, and what happens after the agreement is signed. What is a purchase and sale agreement? Who drafts the purchase and sale agreement? .

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Realty Biz

JUNE 15, 2022

Additionally, some buyers planning to finance their purchase with a home loan are losing out to others who are able to pay entirely in cash, which is seen as a more attractive offer to a seller, since they don’t need to worry about the sale falling through in the financing stage.

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HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

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Realty Biz

SEPTEMBER 2, 2021

Usually, an agent will charge a percentage of the sales price (around 5-6 percent), while others may charge a flat fee. In a real estate sale, it’s common for there to be contingencies – or conditions – that need to be met before the buyer will close the deal. Choosing the Wrong Agent. Most agents’ commission is negotiable.

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HomeLight

OCTOBER 30, 2020

The “as is” label signals that as the seller, you aren’t willing to negotiate on price no matter what comes up in the inspection. However, a buyer could still include an inspection contingency in the contract. Additionally, waiving the inspection contingency makes for a more compelling offer to most sellers.

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HomeLight

JUNE 29, 2021

Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval. While all-cash offers used to be relatively rare, they now make up 25% of all home sales. Investors are responsible for 20% of residential real estate sales in the U.S. Financing contingency.

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Realty Biz

JANUARY 9, 2024

From preparing your home for sale to negotiating offers, these tips will ensure a successful sale. Sometimes it stops their sale dead in its tracks until the errors are corrected. Understand the current market conditions, including recent sales, average time on the market, and pricing trends.

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Purchase and sale agreement Earnest money deposit Title search Title 96

HomeLight

JULY 31, 2020

To be clear, an all-cash offer means you won’t be getting a mortgage loan for any portion of the sale. This is important: if your real estate agent puts in an all-cash offer on your behalf, they will not include a financing contingency. The seller makes decisions based on the terms of your offer, including contingencies.

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Realty Biz

NOVEMBER 10, 2021

Let’s look at whether it makes sense to put in an offer on an already contingent home. What Does Contingent Mean in Real Estate? Listed homes for sale are classified in different ways to help you understand how far along in the sales process they are. Can I Still Buy a Contingent Property?

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Redfin

JANUARY 25, 2021

Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider. 1) Home inspection contingency. As the buyer you should always order a home inspection. 2) Appraisal contingency. 3) Financing contingency.

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HomeLight

SEPTEMBER 9, 2020

That’s because “a buyer purchasing a home with a mortgage loan could still lose their financing, even with a solid preapproval letter. A contingency means that you’re willing to purchase the home contingent on certain details checking out. The settlement agent will hold onto the earnest money until the sale is finalized.

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Inspection contingency Proof of funds Inspection Title 102

Realty Biz

OCTOBER 12, 2021

In August, they comprised just 29% of sales, far below the 40% of the market this segment traditionally makes up. The top regrets listed were all finance-related, including maintenance, mortgage and other costs being too high. According to the NAR, 23% of buyers waived inspections in August.

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Windemere Buying

AUGUST 31, 2022

Contingencies protect buyers and sellers against these natural characteristics of the home buying process and any problems that may arise before a home sale is finalized. Making a Contingent Offer on a Home. Buyers are responsible for securing financing , having the home inspected, and getting the property appraised.

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Point2Homes

DECEMBER 8, 2020

A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Contingent Statuses. Short Sale.

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Realty Biz

JULY 6, 2022

Falling sales prices are a clear indicator that the seller’s market is losing steam. The comparable sales will often be based on a different market. The Number of Homes For Sale Rises. One of the defining factors of a seller’s market is low inventory of homes for sale. Homes Take Longer to Sell.

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HomeLight

SEPTEMBER 22, 2020

Read on to get a full 360-degree explainer on the risks and rewards of asking buyers for their highest and best, with tips on how to pick a winner depending on your unique priorities for this sale. 260,000 offer with financing and inspection contingency, 60-day close. Source: (Stokkete / Shutterstock).

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Realty Biz

AUGUST 22, 2022

I didn’t even include an inspection contingency. In other states, inspections take place after the offer is signed and provide for the return of the buyer’s earnest money if the offer is canceled due to an inspection. The appraisal contingency and financing contingency are related but not the same.

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Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 96

Realty Biz

DECEMBER 31, 2020

In a nutshell, low-interest rates and slowing of the pandemic will bring more buyers to the marketplace but there will still not be enough houses for sale. You must have your financing preapproved and be working with a lender that will close the deal quickly. You should think long and hard before waving the inspection contingency.

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RIS Media

APRIL 12, 2021

If a home appraises for less than the agreed-upon sale price, the buyer can put a larger sum down, ask the seller to reduce the price or walk away. A buyer will usually have to get financing to buy a house. A home inspection contingency gives the buyer the right to have an independent inspector check the house for problems.

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The Close

SEPTEMBER 10, 2020

That means you need to open lines of communication with the listing agent to find out exactly what they need and want from the sale. What are their biggest concerns about the sale? For most sellers, the fear of a buyer’s financing falling through and not getting to the closing table. Include an As-is Home Inspection Contingency.

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Home sale contingency Pre-approval Earnest money deposit Marketing 112