20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year

Redfin

markets waived the inspection contingency, compared with just 13.2% Winning offers waived the appraisal contingency at a similar rate—20.6%—up The inspection contingency allows the buyer to cancel a purchase or request repairs if they find an issue during the inspection period.

The advantages of a pre-listing home inspection

Realty Biz

Homeowners who’re looking to secure a quick sale might want to take it upon themselves to do a pre-listing home inspection with the aim of speeding up the sales process. A pre-listing inspection may not be advisable for everyone though.

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Why you shouldn’t waive the home inspection

Realty Biz

need one or two things to be patched up, with 86% of all home inspections turning up some kind of problem, according to a study by the home improvement website Porch.com. Besides making a higher offer, some buyers are also waiving the home inspection to make their offer stand out.

NAR: Cooldown Persists as July Pending Home Sales Dip 1.8%

RIS Media

NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, showed a 1.8% According to the report, 27% of buyers bypassed appraisal and inspection contingencies in July.

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What is a Real Estate Sales Agreement?

Ryan Serhant

One of the most important legal documents in the home-buying process is the real estate sales agreement. What is a real estate sales agreement? Once the real estate sales agreement is signed by both the buyer and the seller, the two parties are considered to be “under contract”.

Short Sale Closing Costs: What Buyers Should Know

HomeLight

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. Short sales operate according to the lender’s approval, requirements, and timeline. Short sales 101. Let’s start with the basics: What even is a short sale?

What is a Purchase and Sale Agreement?

Redfin

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?

How much cash matters in a bidding war

Housing Wire

And waiving the financing contingency is the second-most effective bidding-war strategy, Redfin officials said – improving homebuyers’ odds of winning by 66%. “The lack of inventory on the market is preventing home sales from being much higher.”.

5 Keys To Know About an ‘As Is’ Home Sale Before You Try One

HomeLight

These are all items that you may see listed for sale “as is” on sites like Facebook Marketplace or Craigslist. So how do “as is” sales in furniture and retail translate to “as is” sales in real estate? Buyers can still get an inspection to unearth problems.

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How Fast Will My Home Sell? Factors that Influence Sale Speed in 2022

HomeLight

Most home sellers want their home sale process to be quick and painless. If you have your heart set on a fast sale, you might seek out a direct buyer instead of going the more traditional route of working with an agent. If you find yourself punching “how fast will my home sell?”

What Does Contingent Mean in Real Estate Sales

Realty Biz

The Definition of Contingent. Do you know what contingent means when either buying or selling a home? When you begin an online search for a home, you may find some sale statuses you don’t fully understand. What’s The Meaning of Contingent?

5 Reasons Pending Sales Fall Through in Real Estate

Realtor.com

Getty Images When a home’s status changes to sale pending , it means the seller has accepted the buyer’s offer and both parties are ready to move forward. But even when all signs point to go, sometimes a home sale just never takes off. The home failed inspection.

Is a Home Sale Contingency Clause Always Necessary? Here Are Your Options

HomeLight

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? Why would you want a home sale contingency?

How to Make a Winning Offer on a Home

Keeping Current Matters

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.”.

Buying a Foreclosed Home: How a Foreclosure Sale Works

Realtor.com

Next comes a notice of sale, which will state that the trustee (the lender) will sell the home at auction within 21 days. This buyer will receive a trustee’s deed once the sale is complete, at which point he becomes the official owner.

4 Scenarios Where Sellers Can Use Seller Credits to Close the Sale

HomeLight

While researching the home sales process, you’ve likely come across the term “seller credit.” For added insight on using credits wisely, we consulted top real estate agent Topher Kauffman , who has closed 82% more single-family home sales than the average agent in Summerville, South Carolina.

3 Top Reasons Why Sellers Sue Buyers for Backing Out of Home Sales

HomeLight

Which contingencies you included in your contract with the seller. What are contract contingencies? 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. Financing contingency.

5 Tips for Making Your Best Offer

Keeping Current Matters

Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. Speed and the pace of sales are contributing factors to today’s competitive housing market. Recent sales trends in the area.

10 Things to Know About the ‘Sale Pending’ Phase, aka House Closing Limbo

HomeLight

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.

5 Things Homebuyers Need To Know When Making an Offer

Keeping Current Matters

According to the Realtors Confidence Index from the National Association of Realtors (NAR), the average home is on the market for just 17 days – that means from start to finish, a house for sale in today’s climate is active for roughly 2.5

5 Tips for Homebuyers Who Want to Make a Competitive Offer

Keeping Current Matters

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.”.

Avoid These 4 Mistakes When Selling Your Home

Realty Biz

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.

What Is a Contingent Offer? What It Means When Buying a Home

Realtor.com

iStock A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. Home inspection contingent offer. Appraisal contingency.

Buying Foreclosed Homes for Dummies in 11 Steps Even You (Yes, You!) Can Do

HomeLight

But although you might pay less than you would on the open market, closing a sale on a foreclosure can take a long time, and properties may be sold “as-is ,” without a seller’s disclosure. I mean, it takes probably, at the minimum, three to four months to get a short sale through.”.

Real Estate Purchase Agreement: 7 Things Home Buyers Must Check—or Else

Realtor.com

Natee Meepian/iStock Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase price, closing date, and other terms. Contingency.

How to Get Out of a Contract When You Don’t Want to Buy That House

Realtor.com

Contingencies and legal protections abound that enable home buyers to back out of a deal. How to get out of a contract using the home inspection contingency. Some states require that the buyer also send a copy of the inspection report,” says Zoller.

How to Get Cash for Your Home: A Step-by-Step Guide

HomeLight

Reports from the National Association of Realtors show that nearly a quarter of existing home sales were made with all-cash in the spring of 2021 — but how do you go about finding your cash buyer? Through Simple Sale , HomeLight provides you with an all-cash offer for your home.

In bidding wars, cash really is the king

Realty Biz

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.

What Are Common Terms and Conditions in a House Offer

Realty Biz

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.

Negotiating After the Home Inspection: 8 Tips to Get the Best Deal

Redfin

Once you’ve had your offer accepted, the home inspection is one of the final steps to navigate before you can close and move into your new home. And good on you for including an inspection contingency in your offer. Stay flexible when negotiating after a home inspection.

What Are the Pros and Cons of Buying a Bank-Owned Home?

HomeLight

Some potential homebuyers pass over foreclosures or buying a bank-owned home entirely because they are daunted by the special considerations that go into this kind of sale. If it does sell, the lender gets back some of the outstanding loan amount through the sale.

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Closing on a House Checklist: 6 Things Home Buyers Must Do Before They Move In

Realtor

Get all contingencies squared away. Most purchase agreements have contingencies —things that buyers must do before the real estate transaction is official, explains Jimmy Branham , a Coral Springs, FL, real estate agent at the Keyes Company. Your home inspection reports.

What Buyers Need to Know About Contingency Periods (And How Contingency Periods Benefit Them)

HomeLight

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.

The Most Common Home Buying Real Estate Contingencies

Realty Biz

Contingencies in Real Estate Explained. Do you know what a real estate contingency is and how it works? Real Estate contingencies are when some defined action or outcome must occur before a contract becomes legal and binding. Home Buying Contingencies Explained.

What Fixes are Mandatory After a Home Inspection?

Redfin

A savvy homebuyer will schedule a home inspection for any home they’re serious about buying. In case you’re thinking of waiving the home inspection contingency, you should also be aware that some lenders require a home inspection as a necessary step before they finalize your home loan.