HomeLight

MARCH 3, 2025

It’s always a good idea to disclose anything and everything you know as a seller. I always get questions from sellers – Should I disclose this, should I disclose that? Dowd adds that the not disclosing water damage in basements is a consistent issue in Rhode Island.

As-is

Housing Wire

NOVEMBER 2, 2022

We have lenders coming to us asking about the potential impact of a mortgage loan closing should the NFIP lapse. One way that CoreLogic does this is by helping mortgage servicers to triage their portfolios and prioritize their response to a federally declared natural disaster. Many states do have sellers disclosure laws.

Industrial

RIS Media

DECEMBER 6, 2020

If not required to carry flood insurance as a stipulation of obtaining a mortgage, many homeowners opt out of this important coverage. This situation, referred to as “the flood insurance coverage gap,” risks significant financial loss to millions of homeowners, and heavily impacts both the mortgage and real estate industries.

Closing

RIS Media

DECEMBER 14, 2020

If not required to carry flood insurance as a stipulation of obtaining a mortgage, many homeowners opt out of this important coverage. This situation, referred to as “the flood insurance coverage gap,” risks significant financial loss to millions of homeowners, and heavily impacts both the mortgage and real estate industries.

Closing

HomeLight

DECEMBER 30, 2021

Some states require sellers to fill out a seller disclosure statement documenting known repair needs or health and safety hazards in the home. This can include anything from knowledge of lead-based paint or asbestos, to the seller’s awareness of water damage in the basement, a leaky roof, or damaged plumbing.

Purchase and sale agreement

Realty Biz

JANUARY 10, 2024

Additionally, you must gather all relevant financial documents, such as mortgage statements, tax records, and any outstanding liens or judgments against the property. Finally, you should prepare a seller's disclosure statement outlining any known defects or issues with the property.

Purchase and sale agreement

Realty Biz

JULY 1, 2023

Additionally, the buyer should carefully review the seller's disclosures, which provide information about the property's history, known defects, and other relevant details. This stage involves working closely with a mortgage lender or financial institution to assess eligibility and secure a suitable loan.

Purchase and sale agreement

HomeLight

NOVEMBER 16, 2021

Not every state uses seller’s disclosures, and some only ask sellers to disclose certain pieces of information, such as the presence of former mining operations in Virginia. Understanding the insurability of a home is between you, your mortgage lender, and any insurance companies who offer coverage quotes (or decline to do so).

Inspection

Realty Biz

JULY 11, 2022

Somewhere in the mix, you may need some advice on finding a mortgage broker that specializes in something that will help you, such as a VA loan. Review seller disclosures. You might not know what to ask for or what sellers in your state are required to disclose or not disclose.

Agents

Redfin

MAY 5, 2023

However, due to the recent hike in mortgage rates, the market has experienced a slight decline, with median sale prices dropping by 2.5% This includes checking your credit score , saving for a down payment , and calculating your monthly expenses to determine a realistic budget for mortgage payments.

Purchase and sale agreement

HomeLight

OCTOBER 20, 2022

This establishes your ownership, along with details such as purchase price and previous seller disclosures. Many FSBO sellers will purchase a pre-listing appraisal. Mortgage statement with payoff amount. Seller’s Net Sheet. You can ask for proof of funds and a mortgage pre-approval letter. 1099-S tax form.

Purchase and sale agreement

HomeLight

NOVEMBER 10, 2021

A mortgage is a 15- to 30-year commitment, unless you sell or refinance. For example, a 1% difference in your mortgage rate could bump your monthly payment up around $100 a month, costing you $30,000 over the life of a 30-year mortgage. Step 4: Get preapproved for a mortgage. Step 3: Shop around for lenders.

Inspection

Redfin

AUGUST 3, 2021

Before you make your offer, be sure to get pre-approved for a mortgage with a lender. A pre-approval letter specifies the amount you can spend on a house and gives you an estimate on how large of a mortgage loan you can borrow and the interest rate you can expect to pay. Review the seller disclosure .

Agents

Lighter Side of Real Estate

FEBRUARY 17, 2023

d) Add up how much you owe on the mortgage, how much you spent on renovations and upgrades over the years, and how much more money you want to walk away with, and use the total of those as your listing price. a) Use what the Zestimate says your house is worth. b) Add 10% to what the Zestimate says. c) The one who has the nicest car.

Renovation

HomeLight

OCTOBER 14, 2022

Let’s take a closer look at what disclosures are required when selling a house in Pennsylvania. Whether you hire a listing agent or not, Pennsylvania’s Real Estate Seller Disclosure Law requires sellers to disclose known defects and problems with a property to prospective buyers. Why sell a house by owner in Pennsylvania?

Purchase and sale agreement

Redfin

AUGUST 25, 2021

Over the course of a 30-year mortgage, the likelihood of a flood is 26%. Areas in this zone still have a 1% chance of flooding each year with a 26% chance of flooding over the course of a 30-year mortgage. Over the course of a 30-year mortgage, the likelihood of a flood is 26%. Real estate disclosures and flood zones.

Seller disclosure

HomeLight

JULY 31, 2021

That would allow you to skip today’s average 7-plus week mortgage closing period and the hassles of leaving the comfort of your AC for showings. But if we’re dealing with HOA disclosures and loan payoffs, it could take a few weeks.”. Disclosures and taxes for Phoenix cash transactions.

Investor

HomeLight

OCTOBER 20, 2022

If you need assistance navigating the legalities of what to disclose when selling a home in New Jersey (NJ) or using seller disclosure forms, HomeLight always encourages you to reach out to your own advisor. mortgages, encumbrances, or liens. obstacles that would prevent the seller from conveying a clear title.

Purchase and sale agreement

HomeLight

MARCH 31, 2022

Disclosures: . Arizona law requires sellers to disclose material facts about the property through the Residential Seller Disclosure. Complete home appraisal by a third-party independent appraiser (necessary if your buyer is using a mortgage). Is a real estate attorney required? .

Purchase and sale agreement

HomeLight

APRIL 29, 2022

Disclosures. Seller Disclosure Statement. A good time to fill out Washington’s Seller Disclosure Statement (colloquially called Form 17 ) is prior to listing your home or requesting an offer so that you know it’s taken care of. Fast facts about selling a house ‘as is’ in Washington. 638,000 (March 2022).

As-is

HomeLight

JANUARY 30, 2025

Fast facts about selling a house as is in Austin Median sales price in Austin $552,000 Average days on market (DOM) for Austin 85 Disclosures Texas law requires sellers to disclose material facts about the property through the Sellers Disclosure Notice. MLS has a field to mark a listing as is?

As-is

HomeLight

FEBRUARY 28, 2021

Always check if the property is in a flood zone, and know that your mortgage lender may require flood insurance, which can average $500-$750 per year. Miami is known for hurricanes, and Sidorevskaya recommends that buyers should always have a seller disclosure to state if they’ve experienced flooding or mold.

Inspection

HomeLight

OCTOBER 30, 2020

First, determine where you stand on your mortgage by calculating your home equity — the current value of your home minus what you owe on your loan. Then, calculate your home equity by subtracting your outstanding mortgage balance from your estimated home value.

Staging

HomeLight

MARCH 13, 2023

You don’t need the added stress of waiting for the buyer’s mortgage approval or a home inspection turning up any unpleasant surprises. The Florida Supreme Court ruled that the seller of a home must disclose material defects that they know about affecting property value that are not readily observable and known to the buyer.

Sales

HomeLight

OCTOBER 11, 2022

Iowa disclosure stipulations and a sample disclosure form are available from the Iowa legislature. The Iowa State Bar Association also provides a Residential Property Seller Disclosure Statement form. Why sell a house by owner in Iowa? When you go in blind, you don’t always get the best out,” warns Kauzlarich.

Purchase and sale agreement

HomeLight

JUNE 30, 2021

There are several different factors that determine home affordability and each lender can have its own mortgage approval standards when it comes to the buyer’s credit score, income, assets, debt, and liabilities. This is why shopping around for a mortgage is so crucial ! Financing contingency. Inspection contingency. Title contingency.

Purchase and sale agreement

HomeLight

AUGUST 16, 2021

This could include any publicly recorded issue, such as a lien, mortgage, or judgement that grants another person or business some type of claim to the property. Talk to your agent about seller disclosures in your state. As-is does not mean the seller can withhold what they know about the house’s problems.

As-is

HomeLight

JANUARY 10, 2023

Transfer Disclosure Statement. The main form to know is the Transfer Disclosure Statement (TDS), as it is considered to be one of the “ most important and well-known ” seller disclosures, according to CAR. Complete home appraisal by a third-party independent appraiser (necessary if your buyer is using a mortgage).

Purchase and sale agreement

HomeLight

JUNE 19, 2023

The process of a cash offer in Florida In a cash sale, the buyer has the funds upfront to purchase your home, eliminating the need for a mortgage and the lengthy process that accompanies it. Once accepted, you can close the deal quickly since there are no mortgage approvals or inspections to wait for.

Inspection

HomeLight

JULY 29, 2022

When you’re buying a house, the list of what can go wrong at closing includes everything from issues with the mortgage loan and buyer’s credit, insurance snags, appraisal problems, title claims, and events beyond everyone’s control (such as natural disasters, or buyer or seller illness or death).

Closing

HomeLight

JANUARY 29, 2021

Review your state’s specific disclosure requirements for more information on seller disclosures. If you require legal advice on a complicated disclosure issue, consult a licensed attorney. Will I be able to pay off my mortgage by selling my home? Is it possible to avoid mentioning a recent death in the house ?

Agents

HomeLight

OCTOBER 18, 2022

Mortgage loan payoff. The closing costs for a median price home in California ( $839,460 ) — when a typical mortgage payoff is involved — may be more than 50% of the home’s sale price, or more than $400,000. You are responsible for many disclosures when selling a home in California. Disclosure exceptions. Selling Expense.

Purchase and sale agreement