The Close

AUGUST 6, 2024

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. Notably, falling below MPR standards could be a deal breaker for some homebuyer programs, such as a Federal Housing Authority (FHA) loan or VA loan.

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HomeLight

SEPTEMBER 1, 2020

If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. If the former homeowner defaulted on an FHA loan, the home may become inventory for various HUD programs, including the Good Neighbor Next Door program. Step 9: Order an inspection. Source: faiq daffa / Unsplash).

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HomeLight

JANUARY 14, 2022

Buyers and their real estate agents are typically allowed to be present for the inspection , giving them the opportunity to ask additional questions about the property. Can I wrap the home inspection into closing costs? Most inspection companies around here like to get paid before they provide the inspection report.

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HomeLight

JULY 31, 2022

Even before you decided to put your home up for sale, you probably knew making minor repairs and sprucing up your home would increase the chances of attracting the right buyers and getting a great offer. It’s important to distinguish that appraisals are not intended to be a home inspection. FHA loans must meet very specific standards.

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Closing FHA loan Purchase and sale agreement Inspection 98

HomeLight

MAY 28, 2021

An example: Let’s say a property is listed as-is, and a home inspection finds a leaky roof and foundation issues. You’ll be on the hook for the entirety of those repairs, and you can’t expect any financial help from the seller if you pursue the sale. In some as-is home sales, you might see a “where-is” specification added in.

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HomeLight

AUGUST 9, 2022

If you back out of the sales agreement and your reason for doing so isn’t covered by contingency written into the contract, the seller can keep your earnest money. So, someone could literally buy a $700,000 house with no money down with a VA loan,” says May. The deal is done! And that’s the deal with down payments.

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

Realty Biz

JUNE 7, 2021

That means the bank will loan 80% of the value of the house and the buyer needs to pay cash for the other 20%. In this case, the loan to value is 80%. Of course, there are many FHA loans out there with a down payment of 3.5%. A home inspection contingency means that no unknown major problems are found with the house.

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Realty Biz

MARCH 13, 2024

If waiving inspection contingencies, have the home pre-inspected so you enter informed on its condition. Consider keeping your finance contingency for your protection. Their data shows the median new home sale price up 7% in Maryland year-to-date. Other options are FHA loans requiring just 3.5%

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HomeLight

DECEMBER 29, 2023

Typically, the reasons are like an estate sale where they’ve inherited the property, and they don’t have the funds or the inclination to prepare the property for the market. It’s a seller’s market, and they strongly prefer an “as is” sale,” she adds. Either that or it’s not a distressed property.

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As-is Inspection Finance Loans 110

HomeLight

DECEMBER 29, 2021

Savvy sellers know that if their home is priced right, they stand a very good chance of having it appraise accordingly, and keep the sale on track. Data from CoreLogic indicates that in May 2021, about 20% of home appraisals came in lower than the sales price. The lack of routine maintenance can cost you 10% on the sales price.

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Purchase and sale agreement VA loan Loans Agents 111

HomeLight

DECEMBER 23, 2021

Get started with our Simple Sale platform and a no-obligation offer. For example, FHA loans typically won’t allow buyers to purchase properties with unpermitted converted garages or outdated electrical panels. According to both Barker and Davis, the home inspection is when most code violations are discovered.

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Inspection Title Renovation Inspection contingency 111

HomeLight

JANUARY 27, 2021

Other features : Interest rates are low with USDA loans, but they do come with a 1% upfront fee, and a small monthly fee on top of that. FHA loans : These loans are offered by the Federal Housing Administration, and they’re typically for buyers with lower credit who can’t qualify for a conventional loan.

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Closing costs Inspection Loans Earnest money deposit 119

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.

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HomeLight

AUGUST 24, 2022

According to Todd Auslander , who completes 27% more sales than the average Stamford, Connecticut agent, selling a house ‘as is’ in Connecticut is mostly done when the owner inherits the house, lives out of state, or the house is in really bad condition. Median sales price in Connecticut. Estate sales. Request Offer.

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Redfin

AUGUST 29, 2024

Jumbo loan: Also known as non-conforming loans, jumbo loans exceed the limits set by conforming loans. These loans are typically issued for more expensive homes and come with stricter qualification requirements. Remember that once the sale closes, any major repairs are up to you to fix.

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Earnest money deposit Purchase and sale agreement Pre-approval Debt-to-income ratio 63

Windemere Buying

OCTOBER 18, 2021

VA Loans can be a lifesaver for active service and veteran personnel, offering zero down payment and lower-than-average mortgage rates. Other government loan programs such as USDA and FHA loans can greatly aid homebuyers with favorable loan terms. However, this mistake comes with an aside.

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Pre-approval Pre-qualification Debt-to-income ratio Inspection 52

HomeLight

OCTOBER 29, 2021

Housing shortages, bidding wars, and fast-moving sales abound, coupled with historically low interest rates. One of the perks that comes with being a first-time buyer is that there are a wide range of programs that can help you get into a home: FHA loans. Contingencies are conditions that a buyer puts into their offer.

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Inspection Loans VA loan Title 98

Redfin

FEBRUARY 10, 2021

Later in the year, the worst of the pandemic will hopefully be behind us, and as businesses reopen and daily activities become safer, a new batch of homebuyers and sellers will enter the housing market, making for the strongest year of home sales since 2006. ”. There is a shortage of homes for sale. We’re in a seller’s market.

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Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 76

HomeLight

AUGUST 12, 2022

HomeLight’s Simple Sale platform will provide a full cash offer for homes in almost any condition. Median sales price in California. As is” is a type of home sale where it’s understood that no improvements will be made to the property. Sell 'As Is' With a Cash Offer. Skip repairs and close in as few as 10 days.

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HomeLight

AUGUST 29, 2022

Some conventional loans allow for first-time buyers to put as little as 3% down , subject to qualification requirements. FHA Loans usually require a minimum down payment of 3.5% — so if you purchase a house for $325,000, expect to put down at least $11,375 with this type of loan. Get preapproved for a mortgage.

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