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. In a conventional sale, a buyer typically bids on a home after being pre-qualified or pre-approved by a lender. When it comes to offers on your home, cash is king for a reason.

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Inspection contingency Proof of funds Inspection Pre-approval 58

Kyle Handy

MAY 3, 2023

Documentation: Ensure that all necessary documents, such as pre-approval letters and proof of funds, are in order. Keep in mind: Research: Analyze comparable properties in the area to establish a competitive price for the offer.

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Development Design Industrial Agents 68

HomeLight

JANUARY 5, 2022

“They help clients save money by representing both sides and a pre-arranged discount.”. Not all states require you to hire a real estate attorney to buy or sell real estate, but it’s almost always advisable to get legal representation in a sale among parties with a pre-existing relationship. Don’t: Be lenient on the pre-approval step.

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Pre-approval Purchase and sale agreement Title search Title 107

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. Ask for proof of funds and EMD. Request Cash Offer. Lower-maintenance sale. Source: (Shopify Partners / Burst).

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Proof of funds Investor Due diligence Closing 144

HomeLight

OCTOBER 20, 2022

Many FSBO sellers will purchase a pre-listing appraisal. The buyer’s lender will probably require their own appraisal as part of their loan approval process. Pre-inspection. Getting a pre-listing inspection can facilitate a quicker sale because it eliminates surprises – and gives the seller time to fix major flaws.

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Purchase and sale agreement Pre-approval Inspection MLS 103

Redfin

SEPTEMBER 3, 2022

Plus, you will need them to see how much house you can afford and then seek pre-approval for a mortgage. Bank statements: To secure a mortgage, your lender will want a snapshot of all funds coming and going from your bank account for the past 30-60 days. Here’s a list of documents you will need: .

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Pre-approval Mortgage pre-approval letter Closing costs Proof of funds 63

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. There’s less uncertainty.” Texas requires a disclosure notice.

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Sales Investor House Flipping Pre-approval 72

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. You’ll either need a mortgage or cash (with proof of funds). HUD-approved housing counseling agencies provide advice on the process and can help you explore financing options.

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Earnest money deposit FHA loan Pre-approval Finance 81

HomeLight

SEPTEMBER 16, 2021

You should also request proof of funds to confirm that the buyer actually has the available cash to complete the purchase. And Simpson recommends going even a step further to confirm that the proof of funds letter hasn’t been forged: “Make sure you call their bank to verify they have funds and that they’re liquid,” he advises.

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Title Inspection Proof of funds Investor 101

HomeLight

FEBRUARY 3, 2022

It’s also good practice to screen buyers for pre-approval or proof of funds before they view the home to cut back on useless showings. To make things easier, develop a pre-showing routine that you can execute with muscle memory.

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Pre-approval Staging Agents Proof of funds 101

HomeLight

OCTOBER 11, 2022

To protect your home, yourself, and your family, have a pre-approval process that includes: Requiring the buyer’s identification. Requiring the buyer’s pre-approval letter or proof of funds. Kauzlarich strongly recommends vetting an unrepresented buyer before letting a complete stranger in the door.

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MLS Purchase and sale agreement Pre-approval Agents 100

HomeLight

MARCH 13, 2023

More certainty: With a pre-offer walk-through, a cash home buyer can generally provide a firm cash offer that comes with few contingencies, or no contingencies at all. You don’t need the added stress of waiting for the buyer’s mortgage approval or a home inspection turning up any unpleasant surprises.

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Sales Investor Due diligence Renovation 83

HomeLight

MAY 25, 2023

Sellers should also keep in mind that while buyers can often get pre-approved for a mortgage at the click of a button on a website, they may not have submitted the documentation to guarantee that approval. Have the pre-inspection done so that you can be ahead of any potential issues,” Richter suggests. See the next step!)

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MLS Pre-approval Agents Sales 86

HomeLight

OCTOBER 1, 2022

If you choose to invest in a pre-listing appraisal, consider the differences and similarities of comps with the appraised value of your home to choose a price that will encourage activity (too high and it may seem out of reach to many buyers) but will also maximize your profit. He says asking for pre-approval letters is key.

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MLS Pre-approval Agents Sales 94

HomeLight

DECEMBER 14, 2021

Ensure any buyer who books a tour is pre-approved for a mortgage or has proof of funds. Your agent will: Value your home accurately using a comparative market analysis to show buyers you’re priced in line with current market trends.

Staging 81

Staging Agents Proof of funds Pre-approval 81

HomeLight

DECEMBER 6, 2022

Murphy says some New Jersey towns offer full-day pre-K. She cautions that buyers can get a pre-approval letter online that’s not worth the paper it’s written on. So your due diligence should include contacting the lender to ask about the type of financing and whether the buyer has the qualifications to be approved for a loan.

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Purchase and sale agreement MLS Pre-approval Agents 80

HomeLight

NOVEMBER 10, 2022

Lalez suggests getting a pre-listing inspection. I check the buyer’s pre-approval by calling the lender. Here are key considerations when considering an offer on your Chicago home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Realtors® are more critical.”.

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Purchase and sale agreement MLS Agents Pre-approval 88

HomeLight

NOVEMBER 21, 2022

Buyers may get pre-approved for a mortgage at the click of a button on a website, but might not have submitted the documentation. With our current climate of changing interest rates, that same pre-approval from a month ago may not be valid today for the price of their home,” Richter adds. Require everything in writing.

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Purchase and sale agreement MLS Pre-approval Agents 79

HomeLight

APRIL 26, 2023

“The first due diligence you want to do is make sure they have proof of funds ,” Graham recommends. Graham says the next step is to ask for a pre-approval letter from a reputable mortgage company that you’re comfortable with. Require everything in writing. Remember, you can counter-offer and negotiate.

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MLS Agents Sales Proof of funds 69

HomeLight

MARCH 16, 2023

More certainty: With a pre-offer walk-through, a cash home buyer can typically provide a firm cash offer that comes with few contingencies, or no contingencies at all. 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.

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Sales Purchase and sale agreement Earnest money deposit Investor 68

The Close

DECEMBER 29, 2022

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. Pre-approval. However, your clients need to know the difference between pre-approval and prequalification (see below). Proof of funds.

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Purchase and sale agreement Title Proof of funds Pre-approval 93

HomeLight

FEBRUARY 4, 2021

To confront that, Causey says most sellers conduct a pre-sale inspection and put together a disclosure package to give to potential buyers. Adding that to your package, in addition to the pre-approval letter and proof of funds (which are required about 80% of the time, Causey says), can help make your bid pop amongst a crowded field.

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Inspection Pre-approval Land Proof of funds 60

HomeLight

NOVEMBER 14, 2022

“Savvy” New York homeowners, according to Lajara, will also pre-screen buyers before showings to avoid tire-kickers or people whose needs simply won’t be met by the home. Here are some questions and issues Lajara recommends discussing with New York buyers or their agents before scheduling a showing: Does the buyer have a pre-approval letter?

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Purchase and sale agreement MLS Agents Pre-approval 81

HomeLight

MARCH 13, 2022

Before signing anything, here are key considerations: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Evaluate offers and negotiate a deal. You’ve got your first offer — congratulations! Require everything in writing. Remember you can counter-offer and negotiate. See the next step!).

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MLS Agents Mortgage pre-approval letter Sales 97

HomeLight

SEPTEMBER 30, 2022

Invest in an appraisal or pre-inspection. Instead, he recommends getting a pre-inspection : “At least get the home inspection so that you can therefore transfer the liability to the home inspector and not yourself when you’re filling out a condition report.”. If necessary, click the plus or minus buttons to widen the search area.

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Purchase and sale agreement MLS Agents Inspection 82

HomeLight

MAY 1, 2023

Here are key considerations when considering an offer on your Mississippi home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Before signing anything, take a moment to consider whether this offer works for you. Require everything in writing. Look for a good real estate attorney.

MLS 76

MLS Agents Sales Mortgage pre-approval letter 76

HomeLight

MAY 1, 2023

Here are key considerations when considering an offer on your Maryland home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Require everything in writing. Remember, you can counter-offer and negotiate. Look for a good real estate attorney. See the next step!)

MLS 73

MLS Agents Mortgage pre-approval letter Sales 73

HomeLight

DECEMBER 6, 2022

However, a pre-listing inspection can turn up issues of which you’re unaware, saving you time and money by handling any necessary repairs before a buyer enters the mix. Here are key considerations when considering an offer on your Oregon home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds.

MLS 86

MLS Agents Sales Inspection 86

HomeLight

APRIL 27, 2023

Here are key considerations when considering an offer on your Utah home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Remember to take your time and be prudent when responding to offers. Require everything in writing. Remember, you can counter-offer and negotiate. See the next step!)

MLS 83

MLS Agents Sales Mortgage pre-approval letter 83

HomeLight

APRIL 27, 2023

Here are key considerations when considering an offer on your Kentucky home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. Require everything in writing. Remember, you can counter-offer and negotiate. Look for a good real estate attorney. See the next step!)

MLS 67

MLS Agents Sales Mortgage pre-approval letter 67

HomeLight

OCTOBER 14, 2022

Here are key things to think about when considering an offer on your Pennsylvania home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. They haven’t been pre-qualified and you don’t know if they’re legit buyers.”. Require everything in writing. See the next step!).

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Purchase and sale agreement MLS Seller disclosure Agents 90

HomeLight

NOVEMBER 23, 2022

So keep in mind that your own appraisal is not a guarantee of how much a buyer will pay, nor how much a bank will approve. Here are key considerations when considering an offer on your West Virginia home: Vet potential buyers by requiring a mortgage pre-approval letter (if you haven’t already) or proof of funds.

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MLS Agents Sales Closing 84

HomeLight

NOVEMBER 21, 2022

Here are key considerations when considering an offer on your Louisiana home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. In addition, Johnson explains, “You need to know that the loan is good, or they have the cash in the bank if they’re paying cash.”. See the next step!).

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MLS Agents Sales Land 88

HomeLight

OCTOBER 11, 2022

Here are key considerations when considering an offer on your Michigan home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. It’s helpful to have a real estate attorney review the documentation so you know what you’re getting into before you enter into the agreement.”.

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Purchase and sale agreement MLS Agents Sales 88

HomeLight

DECEMBER 8, 2022

FSBO sellers might want to hire a home inspector for a pre-listing inspection to ferret out any major issues, such as a tired roof, then fix those items before going to market, she adds. “I actually provide all my sellers what lenders require,” so they can check for items such as chipped paint, faulty plumbing, and so on, Wood says.

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MLS Agents Sales Closing 89

HomeLight

APRIL 13, 2023

Here are key considerations when considering an offer on your Kansas home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. He also says sellers should beware of anyone who wants an “owner carry” where the seller actually holds the mortgage. Require everything in writing.

MLS 88

MLS Agents Sales Mortgage pre-approval letter 88

HomeLight

NOVEMBER 21, 2022

Here are key considerations when considering an offer on your Nebraska home: Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds. You don’t want to lose a buyer because you don’t know all the details in a contract.”. Require everything in writing. Look for a good real estate attorney.

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MLS Agents Sales Mortgage pre-approval letter 87