HomeLight

SEPTEMBER 6, 2024

Generally, an appraisal contingency protects a buyer when a home they’ve made an offer on appraises for less than the amount the buyer offered to pay. Appraisal contingencies are just one type of contingency. Other types include a sales contingency , financing contingency, and inspection contingency.

Inspection contingency 111

Inspection contingency VA loan Finance Inspection 111

HomeLight

AUGUST 9, 2022

As we mentioned, your lender will need to see that you do actually have the money as part of your loan approval process — a current bank statement will usually suffice — but you won’t need to transfer it out until closing day. A VA loan provides 100% financing with no money down — so no down payment. Conventional loan.

Earnest money deposit 111

Earnest money deposit VA loan Purchase and sale agreement FHA loan 111

Redfin

MARCH 4, 2025

Key takeaways A foreclosed home means the buyer can no longer make payments and the bank has taken the house. There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. The bank or lender typically wont sell a home directly to you, the buyer.

Pre-approval 35

Pre-approval FHA loan Short sale Banks 35

HomeLight

MAY 28, 2021

On the other hand, a home in foreclosure might list as-is because the bank doesn’t want to invest money or spend time on fixes. An inspection can tell you upfront the exact issues with the house so you know what money you might have to spend down the line. Conventional loans. Working heating system.

As-is 100

As-is Inspection Title search Inspection contingency 100

HomeLight

JANUARY 27, 2021

A lender with a local presence will likely know the ins and outs of your market better than a big bank, and they’ll have local relationships that will make closing your deal easier. VA loans : Finally, there are VA loans that have advantageous features for qualifying military service members and their spouses.

Closing costs 119

Closing costs Inspection Loans Earnest money deposit 119

HomeLight

JULY 31, 2022

While an appraisal is not in the same category as the more in-depth home inspection, different mortgage types (such as conventional loans or government-backed FHA , USDA, or VA loans ) have different minimum property standards. The property might not be safe enough for a bank to back it.

Closing 98

Closing FHA loan Purchase and sale agreement Inspection 98

HomeLight

OCTOBER 29, 2021

Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close. In that case, you could get your earnest money back if you have an inspection contingency and make the decision within the period the contract specifies.

Closing 111

Closing Inspection Title Due diligence 111