HomeLight

NOVEMBER 29, 2021

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. These are called contingencies, and they’re very common in a real estate sales contract. What’s the point of a contingency, and how long can a contingency period last?

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Realty Biz

APRIL 20, 2022

What to Know About Terms and Conditions Found in an Offer to Purchase. When you find a home you want to buy, your offer will contain many important terms and conditions. It will state your offer price and many other clauses that could be crucial to the success of the purchase. Common Contingencies Found in an Offer to Purchase.

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Realty Biz

FEBRUARY 20, 2021

Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Given they are significant legal terms in a purchase and sale, it is essential to have a strong working knowledge of how they work. Most buyers will have a home inspection contingency in their contract.

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Point2Homes

DECEMBER 8, 2020

But, what does contingent mean and how does it affect your purchase? 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. Contingent Statuses. A backup offer is not uncommon in real estate sales.

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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? Despite this, there can still be room to negotiate the conditions of the sale.

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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. Even if a buyer is pre-approved for their mortgage , they may not be able to obtain the right loan for the home.

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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 30, 2021

Reading home sale contracts can often feel like learning an entirely new language. If you’ve never purchased a home before, the terminology and legalese can be confusing and overwhelming. Perhaps you’ve fallen in love with a home that’s under contract with a kick-out clause. A kick-out clause may be in order.

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HomeLight

NOVEMBER 9, 2021

If you need to move even more swiftly than that, selling to an online direct buyer through a platform like HomeLight’s Simple Sale could take as little as 10 days. How it might take 12-75 days to sell your home. This means, using the conventional process, you can generally sell your home in as little as 48-75 days.

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HomeLight

MARCH 20, 2023

That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. After all, few people can afford to hold two mortgages. At the same time, it usually does not make sense for buyers to sell their home without having a new one lined up to move into.

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HomeLight

JULY 31, 2020

There’s a house for sale that you want to buy. These are the top home closing delays that could affect if and when you close on your new home, and how to overcome them. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. Easy, right?

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HomeLight

JANUARY 3, 2023

Year-over-year, monthly sales in the Phoenix metro area were down nearly 25%. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale in Colorado.

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Redfin

MARCH 2, 2023

Regardless of your experience, navigating the housing market can be daunting, especially when it comes to understanding the complex jargon and legalities involved in purchasing a property. One important concept that all homebuyers should be familiar with though is the appraisal contingency. What is a contingent offer?

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HomeLight

MARCH 31, 2022

price increase , pushing median sale prices to upward of $350,000. With such impressive sales figures, some sellers may be curious about how to sell a house by owner in Arizona — a decision that could help them save on agent commissions. What's Your Arizona Home Worth? Median sales price: $449,900 (Feb. 2022 , a 28.5%

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HomeLight

MARCH 31, 2022

Early 2022 data from Florida Realtors® indicates a 23% increase in median sales price and a 33.3% With such impressive sales figures, some Florida sellers may be curious about how to sell a house by owner in Florida — a decision that could help them save on agent commissions. Average home sale price in Florida: $530,419 (Jan 2022).

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Redfin

AUGUST 4, 2021

A listing agent is responsible for assisting their client throughout the home selling process , which includes pricing the home, staging the interior and exterior, marketing the property, negotiating offers in the best interest of the seller, and so much more. . A listing agent handles the sale of the house for the seller.

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HomeLight

SEPTEMBER 10, 2022

Say you’re visiting yard sales on a Saturday morning and you come across the perfect wicker patio set, exactly what you’ve been looking for. Kick-out clauses are often employed when the buyers have to sell their current home first, and the sellers want to continue marketing their home in the meantime.

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HomeLight

OCTOBER 1, 2020

But for some buyers, that excitement can quickly turn to anxiety when it comes time to sign the purchase contract. Once you and the seller sign the purchase agreement, things start to get real. They’re protective clauses you put in your contract with the seller that allow you an out if certain conditions of the sale aren’t met.

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HomeLight

JANUARY 13, 2022

These conditions are known as contingencies, which is where the term “active contingent” comes from. Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Inspection contingencies.

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HomeLight

JULY 6, 2023

So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.

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HomeLight

JULY 29, 2022

When you’re buying a house, the list of what can go wrong at closing includes everything from issues with the mortgage loan and buyer’s credit, insurance snags, appraisal problems, title claims, and events beyond everyone’s control (such as natural disasters, or buyer or seller illness or death). Problem: Wire fraud (money goes missing).

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HomeLight

JULY 26, 2022

Is it a yard sale? No…it’s a for sale sign!!! You’ve found yourself a FSBO home. What is a FSBO home? A “for sale by owner,” or FSBO (pronounced “fizz-bo”) home, is a home that is being sold by its owner who hasn’t hired a listing agent. Why would a seller want to list their home FSBO?

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HomeLight

OCTOBER 30, 2020

A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. Not always!

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HomeLight

JUNE 30, 2021

There’s more that goes into making an offer besides landing on a purchase price. There are several different factors that determine home affordability and each lender can have its own mortgage approval standards when it comes to the buyer’s credit score, income, assets, debt, and liabilities. Financing contingency.

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HomeLight

JULY 31, 2022

You can check to see how much you could qualify for in just a few minutes with a mortgage loan calculator, but it will take some time to gather all of your information and submit it to a lender when you’re getting a preapproval or underwritten preapproval. Find a home. Here is what you’ll include in the offer: Type of real property.

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HomeLight

SEPTEMBER 11, 2020

The seller will either accept your offer (in which case it becomes your purchase agreement ), or will counter your offer (you can accept or counter again), or the seller could also flatly decline. Then, make sure you are only searching for, and writing offers for, homes you can truly afford. Get preapproved for a mortgage.

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