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 141

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 141

Point2Homes

DECEMBER 7, 2020

This should show you how much you can afford to spend on mortgage payments and reveal how much a bank is likely to lend to you. Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Getting Pre-Approved. Making the Offer.

Debt-to-income ratio 118

Debt-to-income ratio Pre-approval Inspection Inspection contingency 118

Realtor.com

DECEMBER 7, 2019

That’s because any number of things could happen before your loan’s been sent through underwriting. The lender could decide to lower the total loan amount, spike the interest rate, disqualify you from a certain loan, or a myriad of other “ oh crap” situations. Contingency: Appraisal.

Pre-approval 90

Pre-approval Title search Title Inspection 90

HomeLight

MARCH 30, 2021

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. Pre-approval letters are usually good for 60 to 90 days, so don’t enter this stage until you’re serious about your home search.

Due diligence 103

Due diligence Inspection Title Pre-approval 103

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 91

Purchase and sale agreement Inspection Title MLS 91

HomeLight

OCTOBER 29, 2020

Contingencies can range from the relatively minor or otherwise workable — like requesting a $3,000 allowance to fix a plumbing issue that was revealed during inspection — to more serious stipulations, such as a buyer needing to sell their existing house before closing on the next. Negotiable contingencies. Home inspections.

Purchase and sale agreement 79

Purchase and sale agreement Pre-approval Earnest money deposit Inspection 79

HomeLight

JULY 31, 2022

While an appraisal is not in the same category as the more in-depth home inspection, different mortgage types (such as conventional loans or government-backed FHA , USDA, or VA loans ) have different minimum property standards. How does a buyer’s loan type affect minimum property standards?

Closing 98

Closing FHA loan Purchase and sale agreement Inspection 98