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What You Need to Know If You’re Buying a Home from the Owner

HomeLight

Title contingency. Also, be sure to include your earnest money deposit amount, closing dates, and who will be responsible for certain closing costs. Order a title search from a reputable title company and open escrow. Send your earnest money deposit. Appraisal contingency.

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How to Buy a House without a Real Estate Agent, Just Like a Professional

HomeLight

An online search will provide you with a number of different offer templates you can download and fill out. The template will include your offer price, down payment amount, earnest money deposit, contingencies, and desired closing date. Title contingency. Choose a title company and order a title search.

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How to Read a Settlement Statement When Selling a Home

HomeLight

As of October 3, 2015, the Closing Disclosure has replaced the HUD-1 Settlement Statement and Truth-in-Lending Statement, combining them into one document. What is an excess deposit, and who will receive the funds listed on that line? Let’s say the buyer put down a $7,000 earnest money deposit on a $100,000 home.

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8 Essential Steps to Navigating Escrow in Home Buying

Realty Biz

Depending on how far along in the escrow process you are, this can be done in a variety of ways: Providing a deposit - If you have not yet made an offer on a home, consider providing an earnest money deposit as your first step. Step 6: Ensuring Clear Title When buying a home, ensuring a clear title is paramount.

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How to Buy a House in 15 Steps: The Ultimate Guide

Redfin

The offer letter will include details like your name, address, the price you want to pay, contingencies, and possibly, your earnest money deposit. What’s an earnest money deposit? An earnest money deposit is usually 1-3% of the purchase price but can vary by market.

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Your Conclusive Guide to Buying a House with Cash

HomeLight

According to Jessica Sanchez, Head of Mortgage Operations at HomeLight Home Loans , this due diligence is two-fold: the lender also needs to check out both the borrower and the property to make sure it’s safe to lend money for the home purchase. “We Step 2: Deposit your earnest money. Step 3: Do your due diligence.

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23 Hidden Costs of Buying a Home

HomeLight

When you buy a home, you might be expecting certain costs, such as the down payment and earnest money deposit — but there could also be hidden costs that first-time homebuyers especially may not anticipate. Basically, these pay your lender for all of the administrative work involved in the lending process. Appraisal fee.

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