HomeLight

DECEMBER 31, 2020

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. What does “sale pending” mean?

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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? One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending.

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Realty Biz

APRIL 20, 2022

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. Home Sale Contingency.

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Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 105

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. A majority of sellers will pull a pre-title report to provide transparency for a smooth transaction.

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HomeLight

SEPTEMBER 9, 2020

A contingency means that you’re willing to purchase the home contingent on certain details checking out. Though you won’t need a financing contingency, you should consider an inspection contingency and an appraisal contingency. Get an inspection. Take part in title research.

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Realty Biz

AUGUST 2, 2023

Additionally, understanding the closing process and utilizing additional resources and tools can streamline the sale. Setting the Right Price for a Quick Sale When selling your home quickly, one of the most critical factors is setting the right price. Overcoming common challenges is also vital.

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Windemere Buying

AUGUST 31, 2022

Contingencies protect buyers and sellers against these natural characteristics of the home buying process and any problems that may arise before a home sale is finalized. Common Real Estate Contingencies. Home Inspection Contingency. Home Sale Contingency. Title Contingency.

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Realty Biz

OCTOBER 12, 2021

In August, they comprised just 29% of sales, far below the 40% of the market this segment traditionally makes up. Another big danger associated with maintenance costs is that it has become increasingly more common for buyers to waive the home inspection contingency to try and get their offer accepted.

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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. 4) Home sale contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Title 79

Windemere Selling

JANUARY 19, 2022

The closing process in a real estate transaction finalizes the terms of an agreement between the buyer and seller, leading to the transfer of the property’s title. Before a buyer can hold the keys to their new home, and before a seller can celebrate the sale of their property, closing costs must be paid.

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HomeLight

APRIL 28, 2023

When the time comes to move, some tenacious homeowners in Texas are eager to take over the reins of their home sale and figure out how to sell a house by owner. Often, the decision to go for sale by owner (or “FSBO”) is motivated by a desire to save on agent commissions. That 6% is deducted from the seller’s proceeds at closing.

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HomeLight

AUGUST 16, 2021

Sometimes it’s just certain components, which will generally be flagged as the as-is part of the sale. It will still convey title (you’ll still own the house), but it may contain restrictive covenants that will prohibit you from using the property in certain ways. Title defects. Pay attention to title review.

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HomeLight

AUGUST 31, 2020

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. An REO should be free of liens or other title issues.

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HomeLight

APRIL 29, 2021

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. So, what are closing costs in Delaware? Property taxes.

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Realty Biz

AUGUST 22, 2022

I didn’t even include an inspection contingency. For that reason (and others), you want separate appraisal and financing contingencies in your purchase offer. A home sale contingency doesn’t apply to first-time buyers but is a typical dilemma if you have to sell your current home before you can purchase another home.

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Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 96

HomeLight

AUGUST 29, 2022

As of June 2022, the median sales price of homes in Dallas county was $520,000. As of June 2022, the median sales price in Harris county was $241,500. As of June 2022, the median sales price in Travis county was $665,000. The median sales price for a home in Hood county was $330,000 as of June 2022. Order a title search.

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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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The Close

FEBRUARY 6, 2024

Additional concessions could be: Paying for title: This typically ranges from 1% to 2% of the home’s purchase price. Waive the Inspection Contingency Let me be clear—I am in no way suggesting that your buyers should not do a whole home inspection. In fact, I suggest quite the opposite.

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HomeLight

JULY 31, 2020

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. The seller makes decisions based on the terms of your offer, including contingencies.

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Point2Homes

DECEMBER 7, 2020

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. As an example, below are some of the steps involved in the sale of a foreclosed home that you need to be aware of. How to Buy Foreclosed Homes.

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HomeLight

JANUARY 10, 2023

With such impressive sales figures, some sellers may be curious about how to sell a house by owner in California — a decision that could help them save on agent commissions. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Fast Fasts for Selling a House in California.

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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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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. The Simple Sale process frees you of the hassle of staging your home and jumping through hoops for the buyer’s lender. Direct Buyer (Simple Sale). Traditional Sale.

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Purchase and sale agreement Home sale contingency Title search Inspection 84

Windemere Buying

JUNE 22, 2022

It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. When the sale closes, the money goes toward the down payment or closing costs. The timeline for inspections during the closing process vary state to state.

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Purchase and sale agreement Inspection contingency Seller concession Backup offer 52

Point2Homes

SEPTEMBER 30, 2021

Real estate transactions often feature contingency clauses that allow both parties to back out of the sale under the circumstances stipulated in the contract. One common type you’ll encounter is a sale and settlement contingency. If not, the deal falls through. However, they’re no guarantee that your house will sell.

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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. Median sales price: $449,900 (Feb. Median sales price: $449,900 (Feb. 2022 , a 28.5%

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Purchase and sale agreement Inspection MLS Inspection contingency 87

HomeLight

NOVEMBER 1, 2021

To top it off, buyers sometimes ask sellers to pitch in for their closing costs, too — another 2% to 3% of the sales price. Lender’s title insurance. Property inspections. Owner’s title insurance policy premium and fees. In San Francisco County, the buyer pays for both the escrow fee and owner’s title insurance policy.

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Closing costs Closing Seller concession Purchase and sale agreement 73

HomeLight

JULY 31, 2020

There’s a house for sale that you want to buy. Because the entire sale hinges on securing this loan, it is a top criteria for closing, and it’s also the most common reason for a delay in the closing process. Requesting a reasonable decrease in the sale price based on the cost of repairs. Problems with the title.

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Closing Purchase and sale agreement Title search Earnest money deposit 109

Dwell Real Estate

JULY 10, 2020

Earnest money remains in an escrow account or with the title company until the real estate sale closes. The financing contingency guarantees that you’ll get a refund for your earnest money if for some reason your mortgage doesn’t go through and you’re unable to purchase the house.

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HomeLight

APRIL 29, 2021

The home sale process involves a long list of steps, and your execution of each impacts your final sale price. As with most things in life, preparation is the key to a successful home sale. With 24 years of experience under his belt, Thompson shared a few gems about navigating the home sale journey. Open escrow.

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Purchase and sale agreement Pre-approval Inspection Inspection contingency 93

HomeLight

OCTOBER 29, 2021

House inspections, possible renegotiations with the seller, an appraisal, a title review, and approval of your mortgage applications are just some of the events that go on during the closing process. Step 1: Find a title company or lawyer to open an escrow account for you. Step 2: Title review starts.

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HomeLight

SEPTEMBER 1, 2020

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.”. Bank-owned property sales work a little differently and can often take a bit longer.

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Dwell Real Estate

JULY 10, 2020

Earnest money remains in an escrow account or with the title company until the real estate sale closes. The financing contingency guarantees that you’ll get a refund for your earnest money if for some reason your mortgage doesn’t go through and you’re unable to purchase the house.

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HomeLight

AUGUST 30, 2021

Importantly, know the difference between a lease option (which only obligates the seller to offer to sell you the house when the time comes) and a lease purchase agreement (which obligates both parties to the sale — so yes, that requires you to go through with it, too). To that end… Step 5: Order the inspection.

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Purchase and sale agreement Inspection Inspection contingency Closing costs 90

HomeLight

MARCH 30, 2021

From area research to title research, we’ll walk you through the process — and provide you with a printable checklist as well. After the inspection, you’ll receive a detailed report along with a summary of any issues. You and your real estate agent can then discuss whether or not the inspection changes your desire to purchase the home.

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HomeLight

SEPTEMBER 30, 2021

Reading home sale contracts can often feel like learning an entirely new language. Whatever the case may be, as with most details in a home sale, it’s good practice to speak to a qualified agent or real estate professional to understand your options. In its simplest definition, a kick-out clause is a type of contingency.

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Redfin

AUGUST 4, 2021

However, there is a bit of a title transition that occurs and which can be confusing for any prospective homebuyer, especially if you’re buying a home for the first time. A listing agent handles the sale of the house for the seller. Closing the sale. What does a listing (seller’s) agent do?

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