Remove Loans Remove Pre-approval Remove Purchase and sale agreement Remove Title search
article thumbnail

Understanding Mortgage Terms for Home Buyers

Realty Biz

Here are some key terms and their definitions: Mortgage : A loan specifically used to purchase real estate. In a mortgage agreement, the buyer borrows money from the lender (usually a bank) and agrees to pay it back with interest over a specified period. Principal : The amount of money you borrowed to buy the home.

article thumbnail

8 Essential Steps to Navigating Escrow in Home Buying

Realty Biz

Escrow acts as a neutral third party that holds funds and documents until all conditions of the home purchase are met. Step 1: Initiating the Transaction Learning about escrow and initiating the process is an important step that occurs once the buyer and seller have agreed upon the terms of the home purchase.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Long Does It Take to Close on a House From Start to Finish?

HomeLight

You’ve accepted an offer on your house and both you and the buyer have signed the purchase contract. But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. 24, you can expect to close on the sale of your home somewhere between the end of February to mid-March.

Closing 111
article thumbnail

17 Home Closing Delays and How You Can Avoid Them

HomeLight

There’s a house for sale that you want to buy. Loan approval. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. There are several ways that obtaining a loan by the closing date can be challenging. You send your offer to the seller.

Closing 111
article thumbnail

How to Avoid a Delayed Closing: 7 Common Roadblocks to Be Aware of

Redfin

You’ll want to rethink purchasing that beautiful new couch and hold off on planning those backyard additions before the title has been cleared. Unless you’re submitting an all-cash offer, you’ll need to obtain financing to purchase your home. Give your loan officer full disclosure from the start – tell us everything.

Closing 62
article thumbnail

Common Real Estate Contingencies

Windemere Selling

This is why many sellers find a pre-listing inspection to be beneficial: it provides transparency about the home’s condition ahead of time and can help to streamline the buying process, which can be especially helpful when selling in competitive markets. As a seller, it’s important to be transparent in listing any issues with the home.

article thumbnail

How Fast Can I Sell My House? It Can Take 75 Days or 12

HomeLight

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.