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If a homeowner falls behind on their mortgage payments, a shortsale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a shortsale because it all hinges on the oversight and approval of a third party: the mortgage lender. Shortsales 101.
As their agent, you must also know how to protect your clients through the as-is selling process and understand the nuances such as navigating inspections and disclosures. As their agent, you must also know how to protect your clients through the as-is selling process and understand the nuances such as navigating inspections and disclosures.
When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. How is Contingent Different from Pending? Kick-Out Clause.
These are all items that you may see listed for sale “as is” on sites like Facebook Marketplace or Craigslist. So how do “as is” sales in furniture and retail translate to “as is” sales in real estate? A couch with a red wine stain. An iPad with software issues. A car with a few dents and scratches.
We’ll also share tips on how you can make a strong, non-contingent offer so you’re not stuck in the pending zone. Find a Top Agent With Experience in Contingency Offers If you need to make an offer on a home with contingencies, you’ll want a top agent by your side who can avoid pitfalls and secure the home you want.
You’re getting ready to call your agent to schedule a showing when you notice that the listing says the property is “active contingent.”. What on earth does active contingent mean? In this guide, we’ll take the term “active contingent listing” and break down what it means. What does active contingent mean?
Let’s sort through how potential buyers and their agents view statuses such as “real estate pending” vs. “contingent,” so you can present your home accurately and still meet your selling goals. Learn More Contingent or pending, you’re under contract! Enter the difference between “contingent” and “pending.”
There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and shortsales. Auctions The most common type of foreclosure sale is by an auction. That means there’s no home inspection or appraisal. What is foreclosure?
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 shortsale through.”. But it takes literally months.
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.
If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. You can buy a shortsale, 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.
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.
They look for motivated sellers who want to close quickly and avoid the potential complications of financing or salecontingencies, 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.”.
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.
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.
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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