The Close

FEBRUARY 14, 2024

Investments & Improvements Myth #6: Major Renovations Guarantee a Return on Investment Home tastes and styles change. Some clients may even ask if they should look into a HELOC for renovations. Plus, consider the fact that if an issue arises during the inspection, they can offer a credit to keep the deal moving forward.

Pre-approval 98

Pre-approval Earnest money deposit MLS Renovation 98

HomeLight

JUNE 29, 2021

Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval. House flippers , on the other hand, pay cash to purchase homes that require major repairs, renovate them, and then resell them for a profit. Home inspection contingency.

Inspection contingency 57

Inspection contingency Proof of funds Inspection Pre-approval 57

HomeLight

AUGUST 31, 2021

Ask for proof of funds: You should always obtain documentation that a person or company is who they say they are and actually has the funds and abilities to complete a transaction of this size. Even if you’re selling “as is”, an inspection could still be required. Ask for proof of funds and EMD.

Proof of funds 144

Proof of funds Investor Due diligence Closing 144

HomeLight

MARCH 13, 2023

With the strong Florida sun shortening the lifespan of roofs and air conditioning systems, costly renovations may be necessary. A cash buyer relieves them of the headaches of renovating and listing the property. Many people who contact Reiner have older homes that haven’t been updated. For a rental, not as much,” explains Joseph.

Sales 81

Sales Investor Due diligence Renovation 81

HomeLight

MARCH 13, 2023

Certainty: With a pre-offer walk-through, a cash home buyer can typically provide a firm cash offer that comes with few, if any, contingencies. No pre-qualifying for a loan. Instead, however, he advises sellers to validate cash buyers for proof of funds. Drive around your neighborhood to find homes being renovated.

Sales 70

Sales Investor House Flipping Pre-approval 70

HomeLight

SEPTEMBER 30, 2020

Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan. HUD homes are sometimes eligible for FHA 203(k) renovation mortgage loans. You’ll either need a mortgage or cash (with proof of funds). The home is then sold at a discount by HUD.

Earnest money deposit 79

Earnest money deposit FHA loan Pre-approval Finance 79

HomeLight

MARCH 16, 2023

They sign the lease just a couple of weeks after the home is renovated and ready for occupancy. He routinely works with multiple crews of contractors so he completes renovations at a lower cost and with fewer headaches than most homeowners. He adds that negotiations and home inspection issues could further reduce the price by 10%.

Sales 66

Sales Purchase and sale agreement Earnest money deposit Investor 66