Redfin

MARCH 4, 2025

There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. Auctions The most common type of foreclosure sale is by an auction. That means there’s no home inspection or appraisal. What is foreclosure?

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HomeLight

MAY 17, 2022

But although you might pay less than you would on the open market, closing a sale on a foreclosure can take a long time, and properties may be sold “as-is ,” without a seller’s disclosure. I mean, it takes probably, at the minimum, three to four months to get a short sale through.”. But it takes literally months.

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Inspection Banks Short sale Title 115

HomeLight

JULY 31, 2020

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). Because the entire sale hinges on securing this loan, it is a top criteria for closing, and it’s also the most common reason for a delay in the closing process. is not a simple or finite one.

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Closing Purchase and sale agreement Title search Earnest money deposit 119

HomeLight

SEPTEMBER 1, 2020

If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. You can buy a short sale, or you can buy a bank-owned property — but the foreclosure is just what’s happening in the process.”. Bank-owned property sales work a little differently and can often take a bit longer.

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HomeLight

APRIL 21, 2022

Cash vs. financing : Cash offers usually result in a faster sale than mortgage-backed offers; if speed is an important aspect of the sale, this could make a significant difference. If you accept it, your sale can close in as few as 10 days, often concluding with a moving date of your choosing. Eventually, the call comes.

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Inspection contingency Home sale contingency Pre-approval Agents 111

HomeLight

JULY 31, 2021

They look for motivated sellers who want to close quickly and avoid the potential complications of financing or sale contingencies, even if it means accepting a lower offer price,” he explains. In addition, these properties allow for multiple exit strategies for investors, including flips, short- or long-term rentals, or wholesales.”.

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Earnest money deposit Inspection Inspection contingency Title 98

HomeLight

AUGUST 31, 2020

Some potential homebuyers pass over foreclosures or buying a bank-owned home entirely because they are daunted by the special considerations that go into this kind of sale. The lender may also make any repairs needed to ensure the house is livable before listing it for sale. Yes, you may indeed (but not necessarily) get a great deal.

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Banks Inspection Inspection contingency Title 98

HomeLight

OCTOBER 29, 2020

And that’s before buyers even start thinking about steps like making a contingent offer. This means buyers need to come prepared with enticing offers and the capacity to quickly follow through, and nothing can sideline an otherwise stable deal like tricky contingencies. What is a contingent offer? Negotiable contingencies.

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Purchase and sale agreement Pre-approval Earnest money deposit Inspection 81

HomeLight

JULY 29, 2022

Closing on a house is a thrilling time for buyers : Once you’ve found the one and have an accepted offer, you’re ready to grab the keys and make it your own. But closing time can also be plenty to rack your nerves. First, when deciding to purchase a home, you’ll naturally try to make sure you’re at a stable point in your career.

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Closing Purchase and sale agreement Title Home sale contingency 105