HomeLight
SEPTEMBER 30, 2020
If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.
Point2Homes
DECEMBER 8, 2020
In this case, even though contingencies are still pending, the seller has decided that they will forego any more showings. Short Sale. Short sales occur when the seller will accept a lower amount than is remaining on their home loan. Notably, short sales don’t have the best completion percentage.
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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. More on contingencies in a minute.) Why might a home be listed as pending?
HomeLight
JANUARY 13, 2022
Inspection contingencies. Inspection contingencies mean that a buyer can get a home inspected before the deal goes through, and can back out of the purchase with earnest money intact, depending on what the inspector finds. Inspection contingencies can be waived. Appraisal contingencies.
HomeLight
JULY 6, 2023
So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.
HomeLight
MAY 17, 2022
A short sale is a type of preforeclosure; when a homeowner stops making payments on their mortgage and owes more on the home than the house is worth in the current market, then they will need to sell the house for less than they owe, and the lender will be “short” on the amount of money they accept in the sale (hence the name).
HomeLight
JULY 31, 2020
If all else fails and the repairs are too significant, it’s important to have an inspection contingency in the contract that allows the buyer to cancel the deal after evaluating the inspection report without losing their earnest money deposit. Short sale. Problems with the title. How it can delay closing.
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