RIS Media

APRIL 8, 2022

Real Estate appraisals are usually completed when homes are bought via mortgage loans. Home inspection problems. Home inspections are standard practice when buying a home and don’t usually stop a sale unless there is a severe underlying issue with the property. Home inspection problems. It depends.

Debt-to-income ratio 144

Debt-to-income ratio Title search Backup offer Home sale contingency 144

HomeLight

DECEMBER 31, 2020

Things that could derail a sale during the sale pending period include: The home inspection. Most buyers will add a number of contingencies to the contract, such as the home inspection, appraisal, and financing contingency. Line up backup offers to hedge your risk. You’re not entitled to see the full inspection report.

Closing 105

Closing Backup offer Sales Inspection 105

HomeLight

JUNE 9, 2023

These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home. As of 2023, 79% of contracts included an inspection contingency while 82% contained an appraisal contingency. Purchase mortgages today are taking over 40 days to close on average.

Home sale contingency 145

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145

HomeLight

NOVEMBER 8, 2024

A home is marked as pending once an offer is accepted and both parties have agreed to the sale’s terms. This can mean that the buyer’s financing is approved, the inspection contingency is met, or any appraisal concerns are resolved. Most pending listings are off-limits for new offers, as the seller has already committed to a buyer.

Inspection contingency 94

Inspection contingency Backup offer Inspection Home sale contingency 94

RIS Media

APRIL 18, 2022

Buyers are waiving a home inspection. Buyers are waiving their home appraisal or offering an appraisal gap guarantee. Getting rid of the mortgage financing clause in their offer. You may see some of these things or all of them before making an offer. Get pre-approved for a mortgage. This one is a biggie.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

HomeLight

JANUARY 5, 2022

Typically, the seller’s agent stops accepting offers once the home is pending sale. However, it’s often a good idea to table backup offers, which may come into play if the sale falls through. Seller’s agents are obligated to present all offers to the seller, even after a contract has been signed,” says Garrett.

Purchase and sale agreement 111

Purchase and sale agreement Backup offer Inspection Agents 111

HomeLight

JULY 23, 2021

If the first offer isn’t accepted — maybe the price is too low, or there are too many contingencies on the sale — the seller will surely want the opportunity for another offer to come in on their home. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

MLS 111

MLS Backup offer Agents Purchase and sale agreement 111

HomeLight

NOVEMBER 1, 2021

It’s likely that you will sell your home to a buyer who will finance the purchase with a mortgage. According to the National Association of Realtors (NAR), 87% of home buyers finance property purchases with a mortgage. Mortgage companies require an appraisal to determine the value of a home. This works in the seller’s interest.

Purchase and sale agreement 111

Purchase and sale agreement Backup offer Proof of funds Finance 111

RIS Media

MAY 19, 2021

The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Common real estate contingencies include the following: Inspection Contingencies. The most common contingency is the home inspection contingency. Financing or Mortgage Contingencies.

Purchase and sale agreement 98

Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

Redfin

MARCH 5, 2025

Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. A mortgage pre-approval can give you a clearer picture of your financial standing and help you secure a deal faster. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 31

Debt-to-income ratio Backup offer Finance Pre-approval 31

HomeLight

MARCH 20, 2023

After all, few people can afford to hold two mortgages. Other common contingency clauses include: Inspection Contingency: If the buyer finds fault with the home inspection report, they can ask for the seller to make repairs, or they can cancel the contract within the contingency period.

Home sale contingency 105

Home sale contingency Purchase and sale agreement Sales Earnest money deposit 105

HomeLight

OCTOBER 20, 2020

It’s standard for homebuyers to pencil in these escape hatches in the event that the home fails to appraise, an issue crops up with the title, or if they’re unhappy with the results of the inspection. An ideal situation would be to receive an offer without a home sale contingency. It’s not instant.

Backup offer 81

Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 81

Redfin

MARCH 5, 2025

Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. A mortgage pre-approval can give you a clearer picture of your financial standing and help you secure a deal faster. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 31

Debt-to-income ratio Backup offer Finance Pre-approval 31

HomeLight

JUNE 29, 2022

As interest rates start increasing, as they are right now in 2022 , sellers may not have as many backup offers to consider as they would when rates were low. Price your house right to attract competitive offers. With that in mind, it’s crucial that you work through all of the big negotiations before you accept an offer.

Earnest money deposit 111

Earnest money deposit Purchase and sale agreement Closing costs Closing 111

HomeLight

DECEMBER 30, 2021

After being under the microscope at open houses and inspection, you may wonder: What’s the point of this final examination? After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ). You’re ready to move on. And, what’s it going to take for your home to pass?

Loans 119

Loans Agents Inspection Closing 119

HomeLight

OCTOBER 11, 2021

In a standard home sale , buyers make an offer on the property, and the sellers can either accept it or make a counter-offer. The seller has enough equity in the home to cover the existing mortgage, and their lender isn’t involved in the sale, aside from providing loan payoff amounts at closing.

Short sale 101

Short sale Sales Banks Backup offer 101

HomeLight

DECEMBER 31, 2020

Some home value estimates cost money to obtain, so they’re better saved for when you’re looking to sell or refinance your mortgage. This route also eliminates the hassle of inspections, financing contingencies, repairs, and other challenges that can come with a traditional retail sale. Do your own comps analysis.

Backup offer 119

Backup offer Sales Agents Closing 119

First Team Real Estate

DECEMBER 14, 2020

Everyone thinks about the price, but when it comes down to the nitty-gritty, your agent will be going to bat for you on a timeline, inspections, home warranty, closing costs, backup offers, repairs, and more. There are literally hundreds of different negotiations that are a part of just one home sale. Their Strategy.

Brokerage 105

Brokerage Backup offer Staging MLS 105

Windemere Buying

JUNE 22, 2022

It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through.

Purchase and sale agreement 52

Purchase and sale agreement Inspection contingency Backup offer Seller concession 52

First Team Real Estate

DECEMBER 13, 2020

Everyone thinks about the price, but when it comes down to the nitty-gritty, your agent will be going to bat for you on a timeline, inspections, home warranty, closing costs, backup offers, repairs, and more. There are literally hundreds of different negotiations that are a part of just one home sale. Their Strategy.

Brokerage 40

Brokerage Backup offer Staging MLS 40