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.

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.

As-is 87

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.”.

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?

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.

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 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.”.

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.

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.

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.

Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

” 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? Contingent vs. Pending? Contingent Meaning.

Can You Sell a House As Is Without Inspection? A Reality Check

HomeLight

Selling a house “as is” without inspection is the definition of driving a hard bargain. As for whether you can sell a house as is without inspection — the answer is yes, it’s possible and does happen. Why ‘as is’ doesn’t always mean no inspection. The downside of no inspection?

The Top 9 Contingencies to Consider in Your Offer When Buying a Home

Redfin

Before you do, take time to consider all the potential risks and home-buying contingencies that will help protect you as a buyer. Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider.

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.

Banks 74

13 Steps to Buying a Bank-Owned Foreclosure

HomeLight

If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. You can buy a short sale, or you can buy a bank-owned property — but the foreclosure is just what’s happening in the process.”. Step 9: Order an inspection.

Banks 75

What is a Contingent House Listing?

Point2Homes

When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. Contingent Statuses.

6 Benefits of a Pre-Listing Home Inspection

Redfin

A lot of work goes into preparing a home for sale, from basic property improvements to making sure every room looks perfect for upcoming open houses and home tours. However, there’s one big step many sellers overlook: a pre-listing home inspection.

How Long Should the Contingency Timeframes in a Purchase Contract Be?

RIS Media

A standard home purchase agreement typically includes contingencies. If the contingency terms are not met, the contract is no longer enforceable and one party may even back out of the deal. Types of Contingencies . Purchase contracts typically include an appraisal contingency.

What to Do If You’re Selling Your Home and an Inspector Finds Several Problems

RIS Media

Buyers usually have a house inspected before they proceed with a purchase. The exact language related to a home inspection contingency can vary from one contract to another. When you review the home inspection report, you may feel dismayed to see a long list of problems noted.

Home, Sour Home: How Homebuyers Can Avoid a ‘Lemon’

HomeLight

But there are protections in place that are designed to prevent the sale of a “lemon” house equivalent. Inspections. Home inspections are the best way for a buyer to prevent getting a “lemon” house. Basic home inspections don’t cover everything , though.

Selling a House in Delaware? You’re on the Hook for These 9 Closing Costs and More

HomeLight

As a seller, your home sale price and proceeds are very different numbers. You’ll need to subtract your closing costs to determine how much money you’ll walk away with after the sale. In Delaware, sellers typically pay 6% to 10% of the home’s sale price in closing costs.

Tips for Buying a Foreclosure Property

Point2Homes

If a homeowner fails to keep up with their mortgage payments, the lender can begin foreclosure proceedings, and the sale of foreclosed homes can sometimes be a bargain to home buyers. The Home Inspection. The home inspection is a critical aspect when buying a foreclosure.

Buying Your House With Cold, Hard Cash? Here’s Your Step-by-Step Guide

HomeLight

When you make your cash offer, consider including contract contingencies to protect yourself in the deal. A contingency means that you’re willing to purchase the home contingent on certain details checking out. Get an inspection.

Ask Brian: Will 2021 be a Good Time to Buy a House?

Realty Biz

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 should think long and hard before waving the inspection contingency.

Survey: Almost Half of Recent Homebuyers Made an Offer Sight-Unseen, the Highest Share on Record

Redfin

More than half of Redfin offers faced bidding wars last month as the number of homes for sale continued to shrink and mortgage rates dropped to a record low, making it all the more advantageous for house hunters to get their offers in ASAP—sometimes before seeing the home in person. .

Think The Cash Closing Process Is Always Fast? 11 Delays Buyers Should Watch Out For

HomeLight

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. Problems come up during inspection. But understand that inspections can delay the deal.

Accepted Offers & Buyer Protections

The Living Room

This can easily feel like giving too much, but it is important to remember that the real estate sale agreement is there to protect buyers and sellers from unwanted risks. Inspection Contingency: The timeline for inspections depends on the contents of your offer.

Received Multiple Offers on Your Home? ‘Highest and Best’ Will Tell You Who Wants it Most

HomeLight

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.

Crawl Space: A Healthy Home Starts From the Ground Up!

The Living Room

A crawl space inspection is typically included in a standard home inspection when buying or selling a house. This is an area where issues tend to arise and can throw a wrench in the home sale. Buyers should make sure that their inspector fully inspects the crawl space.

The Pros and Cons of Making an All-Cash Offer on A House

HomeLight

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. Pro #1: Limited contingencies.

3 Times Your Earnest Money Deposit Could Be At Risk

Dwell

Earnest money remains in an escrow account or with the title company until the real estate sale closes. You waived your contingencies To make offers more attractive to sellers, it’s not uncommon for buyers to waive contract contingencies regarding real estate financing or an inspection. You might be tempted to do the same—a hefty earnest money deposit without contingencies will make you more attractive home buyers.

Buying in a Seller’s Market: 9 Ways to Win

Redfin

A seller’s market is when there are more homebuyers in a particular area looking to purchase a home than actual houses listed for sale. If you pay in cash the sale can also happen quickly and, overall, lead to a smoother home sale. 7) Waive Extra Contingencies.

Are Pre-listing Home Inspections Worth It? Here’s What Sellers Need to Know

HomeLight

The home inspections process is often one of the greatest obstacles to closing a swift sale. If the inspector finds issues with your property, your buyer can leverage these findings to negotiate a lower price or even walk away from the sale. Attract Buyers Home Inspections

Ask Brian: What Does that Mean? Real Estate Jargon

Realty Biz

Most asking prices are set near the middle of the market and are the starting point for negotiating a final sale’s price. In a general sense, it gives the buyer more power to negotiate a lower sales price and ask for more contingencies. Contingencies and contingency offers.

What Hurts Property Value? 8 Things to Address Now

Redfin

Buyers will want to negotiate repairs to avoid any major expenses following the sale. This is why most buyers require an inspection contingency in their contract. . It’s also a good idea to have it deep cleaned before listing your home for sale.

Selling Your House: A Timeline of What to Expect

Redfin

Scheduling a pre-sale home inspection will allow you to catch any necessary repairs before your home hits the market. Being proactive and scheduling a pre-inspection will alert you of any problems that you weren’t aware of and will allow you to address them before listing your home.