HomeLight

SEPTEMBER 16, 2021

A ‘cash offer’ simply means the offer does not include a financing contingency — in other words, it’s not dependent on the buyer being able to secure a loan.”. You should also request proof of funds to confirm that the buyer actually has the available cash to complete the purchase. Clear title.

Title

HomeLight

OCTOBER 20, 2022

The buyer’s lender will probably require their own appraisal as part of their loan approval process. Preliminary title report. Doing a title search before you put your home on the market alerts you about any pending taxes, restrictions, or liens on the property that you’ll have to clear before selling.

Purchase and sale agreement

HomeLight

JULY 31, 2021

According to the latest data from Ellie Mae, the purchase loans are taking an average of 50 days to close as of May 2021. Harvell also suggests getting concrete proof that the buyer has purchased properties in their name as part of the vetting process. Verification of funds. Be careful of signing with a wholesaler.

Earnest money deposit

Marco Santarelli

AUGUST 16, 2024

Factor in down payment, closing costs, renovation expenses, and a reserve fund for unexpected repairs. Explore financing options: Research mortgages, hard money loans, and private lending options. Shop around for competitive interest rates and loan terms. Navigating the complexities: This arena requires expertise and caution.

Due diligence

Redfin

AUGUST 29, 2024

Your credit score is important as it influences whether you qualify for a loan, the type of loan, and what interest rate you’ll receive. Generally speaking, a credit score of 620 is the minimum credit score for a conventional loan, although some lenders look for a score of 700 for new homebuyers. VA loan: Backed by the U.S.

Earnest money deposit

HomeLight

MARCH 13, 2023

Joseph has encountered active military who recently purchased homes with a VA loan, but got orders to ship out only to find that their home hadn’t appreciated much in a short time. Home-buying companies generally pick up closing costs including title search and title insurance that usually range from 1.5%

Sales

HomeLight

FEBRUARY 28, 2022

To help prove their serious intentions, they are happy to offer proof of funds and provide substantial earnest money. Title search. Cash-for-homes companies often handle title issues. Must clear title before you can sell home. Closing costs: You pay no closing costs; First Integrity Home Buyers covers them.

Closing costs

HomeLight

MARCH 16, 2023

Home-buying companies generally pick up the remainder of closing costs that total about 8% including title search and title insurance. Ramcharitar advises asking for proof of funds such as a bank statement to ensure the buyer has enough resources to cover the price of the home. That’s the ease of Simple Sale!

Sales

HomeLight

APRIL 14, 2023

House Heroes also provides sellers with a proof of funds bank statement. That includes an average of 53 days listed on the market until a signed contract plus the typical 45 days a buyer needs to close on a purchase loan. Closing costs: Sellers pay no closing costs; House Heroes charges no fees.

Purchase and sale agreement

HomeLight

FEBRUARY 16, 2023

House Heroes further vets itself by providing a proof of funds bank statement. That includes an average of 70 days listed on the market until a signed contract, plus the typical 54 days a buyer needs to close on a purchase loan. They now buy real estate full time, and House Heroes has completed more than 150 closings to date.

Purchase and sale agreement

HomeLight

NOVEMBER 21, 2022

Or their employment or financial situation might have changed, thus affecting their ability to get a loan. Here are key considerations when considering an offer on your South Carolina home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Require everything in writing.

Purchase and sale agreement

HomeLight

SEPTEMBER 9, 2020

That’s because “a buyer purchasing a home with a mortgage loan could still lose their financing, even with a solid preapproval letter. Once you’ve figured out where the money is coming from, it will be easier to take the next step: getting proof that you have the cash. Obtain proof of funds from the bank. Find your house.

Inspection contingency

The Close

JULY 25, 2024

Financing Type Provide details about the type of financing being pursued, whether it's a conventional mortgage, FHA loan, cash, or another option. Title The buyer has the right to perform a title search to ensure the transferability of the title before closing. This will help justify the closing timeline.

Earnest money deposit

The Close

DECEMBER 29, 2022

Make sure clients who see an acceleration clause in their mortgage contracts understand that this allows their lender to demand repayment of the loan in full if they default on the loan. 4 Loan Questions Worth Asking. Basically, amortization is the preset schedule of mortgage loan payments, including interest, over time.

Purchase and sale agreement