Lighter Side of Real Estate

AUGUST 5, 2020

Ask an agent to go see houses before getting pre-approved. If you haven’t actually qualified for financing, you should hold off on going to look at houses with a real estate agent (or even going to open houses), since there’s no guarantee that a mortgage company can lend you the money.

Pre-approval 145

Pre-approval Debt-to-income ratio Title search Finance 145

Marco Santarelli

AUGUST 16, 2024

Laying the Foundation: Pre-Investment Essentials A successful real estate investment journey begins with a solid foundation. Explore financing options: Research mortgages, hard money loans, and private lending options. Home Inspector: A thorough inspection is non-negotiable, even for seemingly perfect properties.

Due diligence 52

Due diligence Purchase and sale agreement Renovation Title search 52

Realtor.com

JANUARY 2, 2023

“It’s true, on the average, that new homes of similar sizes historically outprice pre-owned by about 16%,” says Stephen Haines , president of Artisan Built Communities. “Depending on the age of the pre-owned homes, one should understand the remaining life expectancy of these components,” says Haines.

New Construction 105

New Construction Construction Pre-approval Inspection 105

HomeLight

JULY 31, 2020

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). Loan approval. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. Repairs identified in the inspection.

Closing 119

Closing Purchase and sale agreement Title search Earnest money deposit 119

Redfin

MARCH 3, 2022

You’ll want to rethink purchasing that beautiful new couch and hold off on planning those backyard additions before the title has been cleared. From appraisal issues to home inspection roadblocks, there’s a lot that can go awry before finally closing on your property. So how can you avoid a delayed closing? How to remedy the situation.

Closing 63

Closing Title search Purchase and sale agreement Title 63

HomeLight

NOVEMBER 9, 2021

A traditional home sale in which a seller lists with an agent and a buyer finances with a mortgage takes approximately 18-30 days to go under contract, plus an additional 30-45 days to closing. Keep in mind though, that a home that needs major repairs may slow or derail a sale to traditional buyers who are financing with a mortgage.

Purchase and sale agreement 105

Purchase and sale agreement Home sale contingency Title search Inspection 105

Windemere Selling

MARCH 14, 2022

Common Real Estate Contingencies Home Inspection Contingency A home inspection contingency allows the buyer to have the home professionally inspected within a certain window of time. If the seller chooses not to make the repairs outlined in the buyer’s home inspection report, the buyer can cancel the contract.

Purchase and sale agreement 52

Purchase and sale agreement Inspection contingency Home sale contingency Pre-approval 52

Realtor.com

DECEMBER 7, 2019

Bottom line: Talk it over with your Realtor and mortgage broker and find out just how confident you should be in your financing. But keep in mind: Even with a pre-approval letter , things can still go awry in the final lending stages (including the appraisal—see the next item). Contingency: Home inspection. Abort mission.

Pre-approval 90

Pre-approval Title search Title Inspection 90

Realty Biz

NOVEMBER 11, 2020

Home Inspection Contingency. Home inspections are one of the biggest hurdles in home sales. It is not uncommon for a home to go from being market “contingent” to “back on the market” because of some issues discovered from the home inspection. The Mortgage Financing Contingency.

Backup offer 110

Backup offer Sales Home sale contingency Earnest money deposit 110

Real Trends

DECEMBER 27, 2022

Inspection issues. An inspection can often reveal major issues that either side would not have been aware of. Whatever side you are on, being aware of inspection issues and how to work with them will be paramount in increasing your close rate. Before a mortgage is approved, lenders will have a property appraisal.

Sales 60

Sales Home sale contingency Pre-approval Inspection 60

HomeLight

AUGUST 31, 2021

A foreclosed home is a property that has been seized by the bank after the homeowner failed to make their mortgage payments. The exact steps vary from state to state, but let’s take a general look : Pre-foreclosure: As the name implies, a pre-foreclosure isn’t in foreclosure yet, but it’s on the way there. Pre-foreclosure.

Pre-approval 111

Pre-approval Short sale Banks Finance 111

Point2Homes

JUNE 23, 2021

Before a property becomes an REO, it goes through several stages: Payment default: the owner of the property fails to make a payment on their mortgage loan. You will still need to check MLS listings, research the local market, consider your financing options, obtain an appraisal and inspection, make an offer , negotiate and close the deal.

Pre-approval 71

Pre-approval Banks Title search Inspection 71

Windemere Buying

AUGUST 31, 2022

Buyers are responsible for securing financing , having the home inspected, and getting the property appraised. Home Inspection Contingency. Also known as a “mortgage contingency,” a financing contingency gives the buyer a specified period of time to secure adequate financing to purchase the home. Financing Contingency.

Home sale contingency 52

Home sale contingency Inspection contingency Title Pre-approval 52

Windemere Buying

JUNE 22, 2022

The timeline for inspections during the closing process vary state to state. Getting the home inspected allows you to ask the seller that certain repairs be made, request seller concessions, and renegotiate your offer. Contact your mortgage lender to relay the final details of the purchase so you can go about securing financing.

Purchase and sale agreement 52

Purchase and sale agreement Inspection contingency Backup offer Seller concession 52

Redfin

AUGUST 10, 2023

A mortgage loan is often the largest and most expensive loan you’ll apply for in your lifetime. There’s one key document you’ll want to gain a solid understanding of when you’re shopping for a mortgage : the loan estimate (LE), also known as a “good faith estimate.” What is a loan estimate or a “good faith estimate”?

Loans 59

Loans Pre-approval Closing costs Title 59

HomeLight

JANUARY 3, 2022

In addition, the risks of a settlement cancellation or delay are higher with a traditional sale, especially if the buyer is purchasing the home with a mortgage. They also don’t want the hassle of renting out their old home or carrying two mortgages. When agents and iBuyers work together. All of this takes time. That was it.

Agents 105

Agents Title Inspection Title search 105

The Residential Specialist

JUNE 23, 2020

to streamline scheduling, Gmail Templates to create and send pre-written emails that quickly answer frequently asked questions, and Gmail’s Priority Inbox feature to automatically separate important emails from junk. REALTORS® can also use automation to help improve customer service.

Pre-approval 98

Pre-approval Title search Technology Agents 98

CT Homes

OCTOBER 28, 2021

This may include credit report fees that lenders will use to determine if you qualify for a mortgage. Appraisal Fees: Appraisals are strongly suggested to verify the sale price of the property is a fair one to pay, Inspection Fees: Some lenders might require an inspection before a loan can be approved for a mortgage.

Closing costs 75

Closing costs Closing Purchase and sale agreement Title 75

Easy Agent Pro

NOVEMBER 12, 2021

Is this a buyer who is dragging his/her feet getting pre-approved for a mortgage? Mortgage topics: Why you don’t need 20% down to buy a home; How to shop for a lender; What is the DTI?; The steps in the mortgage process; Don’t change your financial picture until after closing; Who pays what at closing .

Staging 111

Staging Pre-approval Title search Agents 111

Realty Biz

AUGUST 2, 2023

This can save you and the buyers time, allowing them to pre-screen the property before scheduling an in-person showing. In addition, an experienced agent will have established relationships with other industry professionals, such as mortgage lenders, home inspectors , and title companies.

Purchase and sale agreement 93

Purchase and sale agreement Title Staging Inspection 93

Redfin

JUNE 14, 2023

Get pre-approved from a lender Getting pre-approved from a lender is equally important with several significant benefits. By completing the closing process, buyers gain the assurance that the property’s title is clear, all necessary documentation is in order, and any outstanding financial obligations are settled.

Pre-approval 59

Pre-approval Debt-to-income ratio Closing costs Title 59

HomeLight

DECEMBER 7, 2021

Whether you’re buying, selling, or refinancing a home, you’re probably going to have to endure a home inspection. It can necessitate a lot of preparation and cause a certain amount of anxiety, but a home inspection is an important part of the process when you’re selling a home. But what’s inspected? Prepare for an inspection.

Inspection 105

Inspection Purchase and sale agreement Pre-approval Closing 105

HomeLight

JANUARY 5, 2022

“They help clients save money by representing both sides and a pre-arranged discount.”. Not all states require you to hire a real estate attorney to buy or sell real estate, but it’s almost always advisable to get legal representation in a sale among parties with a pre-existing relationship. Don’t: Be lenient on the pre-approval step.

Pre-approval 111

Pre-approval Purchase and sale agreement Title search Title 111

HomeLight

OCTOBER 20, 2022

Many FSBO sellers will purchase a pre-listing appraisal. The buyer’s lender will probably require their own appraisal as part of their loan approval process. Mortgage statement with payoff amount. Preliminary title report. Pre-inspection. Home inspection report. Seller’s Net Sheet. Purchase agreement.

Purchase and sale agreement 111

Purchase and sale agreement Pre-approval Inspection Title 111

HomeLight

JUNE 23, 2022

The danger to a seller in this scenario is having to pay an extra mortgage payment and additional marketing fees if, after weeks of being wrapped up in an exclusive agreement with a buyer, the buyer falls through. Suppose the inspection uncovers issues that are unacceptable to the buyer. The home’s appraisal comes in low.

Earnest money deposit 111

Earnest money deposit Purchase and sale agreement Due diligence Home sale contingency 111

HomeLight

MARCH 17, 2021

Whether you have a stable income to cover mortgage costs. The lender wants to be sure you can pay back the mortgage plus any other debts you owe, so the bank will calculate your DTI. Your debts include student loans, car loans, child support payments, and credit card bills, plus your mortgage. Figure out your budget.

Pre-approval 98

Pre-approval Purchase and sale agreement Title Closing 98

HomeLight

MARCH 6, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. The amount of financial assistance available depends on the type of mortgage loan you use. CalHFA works through approved lenders, and buyers apply for the program through their loan officer.

Closing 110

Closing Earnest money deposit Sales Title 110

HomeLight

JUNE 30, 2021

Some states require only 40 hours of pre-licensing classes, while others may require more than 200 hours, for example. There are several different factors that determine home affordability and each lender can have its own mortgage approval standards when it comes to the buyer’s credit score, income, assets, debt, and liabilities.

Purchase and sale agreement 98

Purchase and sale agreement Inspection contingency Inspection Home sale contingency 98

HomeLight

OCTOBER 29, 2020

Contingencies can range from the relatively minor or otherwise workable — like requesting a $3,000 allowance to fix a plumbing issue that was revealed during inspection — to more serious stipulations, such as a buyer needing to sell their existing house before closing on the next. Home inspections. Negotiable contingencies.

Purchase and sale agreement 81

Purchase and sale agreement Pre-approval Earnest money deposit Inspection 81

HomeLight

MARCH 2, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. It’s important, especially for first-time buyers, to have someone in both the real estate side and in the mortgage side of things who will represent you and help you navigate.” Loans are between 3%-3.5%

Closing 118

Closing Earnest money deposit Sales Inspection 118

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. It’s rarely advisable to waive an inspection contingency. Clear the title. Get final mortgage approval.

Closing 139

Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

HomeLight

NOVEMBER 10, 2021

A mortgage is a 15- to 30-year commitment, unless you sell or refinance. For example, a 1% difference in your mortgage rate could bump your monthly payment up around $100 a month, costing you $30,000 over the life of a 30-year mortgage. Step 4: Get preapproved for a mortgage. Her higher budget expanded her search radius.

Inspection 98

Inspection Title Agents Pre-approval 98

The Close

JULY 25, 2024

We are making this purchase [describe the financing situation objectively, e.g., preapproved for a mortgage, able to make a cash offer]. An inspection period of [# days] is requested to conduct [list of inspections]. Inspection Period Clarify the duration and purpose of the inspection period.

Earnest money deposit 73

Earnest money deposit Agents Inspection Finance 73

HomeLight

MARCH 13, 2023

More certainty: With a pre-offer walk-through, a cash home buyer can generally provide a firm cash offer that comes with few contingencies, or no contingencies at all. You don’t need the added stress of waiting for the buyer’s mortgage approval or a home inspection turning up any unpleasant surprises.

Sales 98

Sales Investor Due diligence Renovation 98

HomeLight

SEPTEMBER 16, 2021

Pass the home inspection. Clear title. For example, some investors will purchase the home “as is” but still require an inspection; some will offer to waive the inspection entirely , though it may mean accepting a reduced price to hedge the investor’s risk of finding major issues with the property. Clear title.

Title 105

Title Inspection Proof of funds Investor 105

HomeLight

AUGUST 16, 2021

This means that the homeowner stopped making payments on their mortgage, and the bank seized the property to recoup the funds. Given the various types of mortgages that are available, the auction process may differ depending on whether the loan on the house up for auction was government-backed or a conventional loan. Minimum bid.

Title 111

Title Due diligence Finance Inspection 111

HomeLight

SEPTEMBER 13, 2022

This means the buyer and seller have a pre-existing relationship of some kind (i.e. This may entail getting a new pre-approved mortgage, transferring the remainder of your mortgage, obtaining a private loan, or settling on owner financing , in which the seller finances the purchase directly with the buyer.

Purchase and sale agreement 111

Purchase and sale agreement Title Title search Finance 111