Redfin

AUGUST 6, 2025

A neutral third party – usually an escrow officer from a title or escrow company – manages these funds and documents to ensure all terms of the contract are met before any money or ownership changes hands. The escrow officer then opens a file and starts coordinating with everyone involved: the buyer, seller, agents, lender, and title company.

Earnest money deposit

The Close

NOVEMBER 25, 2024

When looking into your finances, consider the following factors: Closing costs: These are generally 2% to 5% of the property’s sales price and include lender fees, title insurance, property insurance, and property taxes. Hard money: A hard money loan is a short loan backed by real estate rather than the buyer’s finances.

Purchase and sale agreement

Redfin

JULY 18, 2025

This Redfin Real Estate article outlines practical steps every buyer should follow, from budgeting and touring homes to inspections and closing. These include lender fees, title insurance, and appraisal charges. Make sure to estimate these totals so you’re not stretching your finances too thin.

Pre-approval

Redfin

JUNE 11, 2025

In this article: Home inspection contingency Appraisal contingency Financing contingency Title contingency Home sale contingency Home insurance contingency Kick-out clause FAQs about contingencies in real estate 1. Home inspection contingency This is one of the most frequently used contingencies in real estate.

Purchase and sale agreement

Redfin

JULY 2, 2025

The below are common reasons that buyers back out of a home sale: Home inspection: If a professional home inspection uncovers structural defects, mold, pest infestations, or safety hazards, the buyer can invoke the inspection contingency. Financing: Even with pre-approval, buyers might fail to secure a mortgage.

Purchase and sale agreement

Redfin

JUNE 23, 2025

You can schedule inspections, review the title, secure an appraisal, and check for any red flags that could affect your decision to buy. This timeframe grants the buyer permission to thoroughly inspect the property. It’s typically refundable if the buyer backs out for a valid reason like inspection or financing issues.

Due diligence

The Close

NOVEMBER 12, 2024

This article breaks down seven steps to help you learn how to buy land—covering everything from the pros and cons to financing and closing the sale. Inspect the land: Take a stroll on the property—bring your favorite boots. Carrying costs: Land has costs without revenue, like property taxes and debt service if financed.

Land

Redfin

JULY 14, 2025

Performing unauthorized inspections or repairs. Changing the financing structure (like moving from a conventional loan to FHA) without written consent. They switch lenders mid-process and fail to notify the seller, which delays the loan approval and causes them to miss the financing deadline.

Earnest money deposit

HomeLight

NOVEMBER 15, 2024

Get a home inspection: Korb suggests thinking of a rent-to-own agreement “like a long escrow period.” Just as you would with any home purchase, insist on a full home inspection before signing. You should also check for any past insurance claims and confirm the title is clean and free of legal issues.

Seller disclosure

Redfin

MARCH 11, 2025

Its held in an escrow account : A neutral third party (escrow company or title company ) holds the funds until closing. However, if you back out of the deal for reasons not covered by contingencies (such as inspection or financing), you may forfeit the earnest money to the seller.

Earnest money deposit

Redfin

JULY 10, 2025

Earnest money is a refundable deposit held in escrow to show your serious intent to buy, while due diligence fees are usually non-refundable payments made directly to the seller to secure time for inspections and evaluations. Due diligence fees: Compensate the seller for taking the property off the market during the buyer’s inspection period.

Due diligence

Redfin

JUNE 5, 2025

This can give you a real edge, potentially helping you secure a property even when others are putting in higher offers that rely on financing. Following the search, title insurance protects you, the buyer, from any future claims against your ownership that might arise from issues missed during the title search.

Closing costs

Redfin

JULY 18, 2025

Buyers can usually request a home inspection with a short sale, unlike a foreclosure, where banks don’t have to disclose information about the property. Seth Williams, founder of REtipster , advises buyers to expect delays and, “Use that extra time to dig deep into property details, title issues, and inspection reports.”

Short sale

Redfin

JULY 30, 2025

Key takeaways: A cash offer on a house means the buyer pays the full purchase price upfront without relying on mortgage financing. Even without liquid funds, buyers can explore bridge loans, private lenders, or creative financing to structure a cash-like offer. What is a cash offer? Can you make a cash offer without actual cash?

Purchase and sale agreement

Redfin

JULY 9, 2025

It’s also a good time to check your finances. Decide on important terms like earnest money deposits, contingencies (inspection, financing), and closing dates that can make your offer stand out. Once the transaction closes, you’ll receive a final title policy as part of your closing documents. If not, you may forfeit it.

Pre-approval

Redfin

JULY 17, 2025

Get the home inspected Even when selling to family, an inspection is a smart choice. Handle financing (or seller financing) The buyer can obtain a mortgage through a lender, or you can offer seller financing. Transfer ownership Finalize the sale through a title company or real estate attorney.

Purchase and sale agreement

Redfin

MARCH 4, 2025

A mortgage pre-approval can also reassure the letter that your financing is likely to be approved during closing. Combine inspections. If you want to inspect for lead, oil, or other specific issues, consider looking into these as part of a general inspection contingency, rather than including separate contingencies for each one.

Pre-approval

Redfin

AUGUST 6, 2025

The truth is, the timeline for buying a house can vary due to a number of factors like financing needs, if it’s a buyer’s or seller’s market, the time of year, and the type of home you’re searching for. Getting your finances in order, saving for a downpayment, and improving your credit score can all add to the time it takes to buy a house.

Pre-approval

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. But stretching your finances too thin can lead to years of stress, missed payments, or even having to sell before you’re ready. Here’s what to do instead: Make sure to schedule a professional home inspection before committing to your purchase.

Pre-approval

Redfin

MARCH 4, 2025

Pre-listing home inspection As the seller, it may be helpful to get an inspection of your home done before selling your home , though in most markets the buyer will pay for a home inspection and most states do not require a pre-listing home inspection. Particularly youll need the original purchase agreement and deed.

Purchase and sale agreement

Redfin

JUNE 17, 2025

This delay is the result of the due diligence period, where the buyer will conduct inspections and other research before actually signing any papers. For example, if the home inspection reveals extensive repairs, the buyer may be able to terminate the agreement due to a home inspection contingency.

Closing

Redfin

FEBRUARY 18, 2025

Home inspection fees: The cost to professionally check the property is up-to-code and in good, habitable condition. Title insurance fees: The title company costs to ensure the title is free of issues. You can finance up to 100% of the appraised value of the home. What can seller concessions be used for?

Closing costs

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. That means there’s no home inspection or appraisal. If the auction accepts financing, make sure you have a pre-approval ready. Auctions The most common type of foreclosure sale is by an auction.

Pre-approval

The Close

MARCH 11, 2025

This process involves multiple stages, starting with identifying an FSBO listing to securing appropriate financing and completing the closing procedures. Various financing options exist for FSBO properties, like traditional mortgages, hard money loans, and private investors. For options, check our recommended hard money lenders.

Sales

HomeLight

MAY 15, 2025

Fast facts about selling a house as is in Plymouth Median sales price in Plymouth $650,000 Average days on market (DOM) for Plymouth 53 Disclosures Plymouth law requires sellers to disclose material facts about the property through the Property Transfer Notification Certification and Title 5 of the Massachusetts Environmental Code.

As-is

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. Here are the most common scenarios: Buyer waived contingencies In competitive markets, buyers may choose to waive protections like the inspection or financing contingency to strengthen their offer.

Earnest money deposit

AAOA

MAY 22, 2025

Step 2: Get Pre-Approved or Prepare to Raise Capital Before you make offers, get your finances in order. Inspect: Rent rolls Financial statements (T-12s) Unit-by-unit condition Leases and legal compliance Title, zoning, insurance history CapEx needs (roof, HVAC, plumbing, etc.) Talk to lenders.

Due diligence

Rochester Real Estate

NOVEMBER 5, 2015

Once you’ve found a home, you’ll need to make an offer, inspect the property, and navigate the closing process, which may involve legal nuances specific to New York. Before deciding, it is crucial to understand the differences between these types of mortgages and their potential impact on your finances.

Purchase and sale agreement

Redfin

JULY 3, 2025

While this is a general range, your own selling timeline may be shorter or longer depending on your pricing strategy, the home’s location, how quickly you respond to offers, and the buyer’s financing situation. Inspection & Appraisal (7–14 days): Once under contract, the buyer arranges a home inspection and the lender orders an appraisal.

Staging

Redfin

MARCH 18, 2025

The earnest money is typically held in an escrow account – a neutral third party, such as a title company or real estate brokerage, holds onto the funds until the sale is finalized. If your down payment is already covered, the earnest money can help pay for lender fees, title fees, and other closing expenses.

Closing

Redfin

AUGUST 5, 2025

Here are the most common contingency clauses that a buyer may include in an offer to allow them to break their contract and walk away from the deal without losing their earnest money: Inspection contingency: This protects a buyer against purchasing a home that is revealed to be in poor condition or requires major repairs.

Earnest money deposit

The Close

JANUARY 16, 2025

The terms of the rent-to-own contract outline the purchase price, the option period (when the tenant can exercise the option to buy), rent premiums, financing terms, and option fees. Order an independent appraisal, perform a property inspection, verify up-to-date property taxes, and check for any liens.

Purchase and sale agreement

Redfin

JULY 31, 2025

Check with your state’s housing finance agency for options. Common closing cost fees include: Application fee: Up to $500 Appraisal fees: $300-$500 Title insurance: 0.5% A solid financial foundation is key before taking on a mortgage payment.” – Sophia Bera, finance blogger, Gen Y Planning 7.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

Home inspections Mortgage contingency Real Estate Appraisal Home sale contingency These are the most typical contingencies that could allow for the return of your home deposit. Home Inspections A home inspection is one of the most vital aspects of purchasing a home. Is It A Bad Idea To Waive A Home Inspection?

Earnest money deposit

Redfin

JUNE 27, 2025

Sellers might agree to concessions to: Help a buyer afford the home Attract more offers in a slow market Offset issues found during the home inspection Speed up the closing timeline In a buyer’s market or when a home has been sitting for a while, concessions can make the difference between closing a deal and continuing to wait.

Seller concession

Redfin

JANUARY 28, 2025

For example: If the home sells for $400,000 but the mortgage balance is $300,000, the buyer must cover the $100,000 differenceeither in cash or through additional financing. Simplified financing process : Assuming a loan often involves fewer steps than securing a new one, such as skipping an appraisal or less stringent requirements.

Loans

Redfin

FEBRUARY 24, 2025

Financing and closing costs: If you’re financing the land purchase or construction, anticipate paying 2% to 5% of the loan amount in closing costs. Financing options are available but typically involve additional fees. Allocating a contingency budget helps mitigate the impact of these surprises.

Debt-to-income ratio