RIS Media

APRIL 18, 2022

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. It will help tailor your offer when the time comes. It may make sense to put in a backup offer when you’re not the winning bidder. Get pre-approved for a mortgage.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

Realty Biz

NOVEMBER 11, 2020

The Mortgage Financing Contingency. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Perhaps, they have taken out a fresh loan, or their situation has changed in some other way since pre-approval. Can you Make an Offer on a Contingent Home?

Backup offer 111

Backup offer Home sale contingency Sales Earnest money deposit 111

RIS Media

APRIL 8, 2022

While financing may be pre-approved, the process is complex. Real Estate appraisals are usually completed when homes are bought via mortgage loans. Some contingent offers are subject to a home buyer being able to sell their current home to be able to finance the new one. Low appraisal. The title search reveals issues.

Debt-to-income ratio 144

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

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

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home.

Home sale contingency 145

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145

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

First Team Real Estate

DECEMBER 7, 2020

Having several offers on your home is fantastic, however, how do you guarantee you pick the very best deal and don’t miss out on an even better one? The purchasers will not get this cashback if they back out of the offer unless defined in the agreement. Usually, the purchasers need you to pay the mortgage throughout this time.

Purchase and sale agreement 98

Purchase and sale agreement Pre-approval Title Backup offer 98