HomeLight

APRIL 17, 2024

Others perform a home inspection while their competitor skips one. Like Opendoor, they typically perform a home inspection before finalizing their offer. In normal home sales, many real estate agents are negotiating rent-back periods for home sellers. But beyond this similarity, how do they stack up? Trustpilot : 4.6

Seller concession 115

Seller concession Inspection Rent back Closing 115

HomeLight

JUNE 30, 2021

There are lots of other kinds of contingencies — inspection contingencies, appraisal contingencies — but the sales contingency can be especially tricky. In a seller’s market, homebuyers are waiving inspection contingencies , financing contingencies, and sales contingencies. Ask for a rent-back clause.

Rent back 105

Rent back Inspection contingency Earnest money deposit Finance 105

Hank Miller Team

FEBRUARY 27, 2022

Princes are conventional loans with as much down as possible Offer 3-4 in earnest money and deposit it within a day of contract Waive contingencies like inspection, appraisal, and financing Learn what is key to seller and try to accommodate them Keep things simple, no nonsense stipulations or asks This is the market right now (late 2/22).

Due diligence 52

Due diligence Rent back Inspection Agents 52

HomeLight

MARCH 2, 2023

While it is not always recommended to completely waive contingencies to impress a seller, you might consider pairing down to just the inspection contingency and financing contingency to remain competitive. Do they need to do a rent-back on the house, or do they want a quick close?

Closing 118

Closing Earnest money deposit Sales Inspection 118

HomeLight

APRIL 29, 2021

Do you need interim housing, a specific closing date, or a seller rent back ? Your buyer will use the home inspection report to leverage a deal. To avoid repair negotiations, some sellers conduct a pre-listing inspection to get ahead of issues and make repairs in advance. You accepted an offer ! But not so fast.

Purchase and sale agreement 98

Purchase and sale agreement Pre-approval Inspection Inspection contingency 98

Redfin

MAY 27, 2021

We offered over the list price, added lucky numbers in the offer amount, appraisal gap, waived the home inspection, offered free rent back to the sellers, and more,” said Denver Redfin agent Hunter Owens. With such a competitive housing market, waiving inspection and appraisal contingencies are becoming a standard practice.

Agents 66

Agents Rent back Inspection Closing 66

HomeLight

AUGUST 31, 2021

The lender usually also requires additional contingencies before they’ll approve the loan, such as an appraisal contingency to make sure the home is worth the amount they are loaning you to buy it, and an inspection contingency to see if there are any potential problems. A cash buyer is more likely to waive appraisal and inspections.

Due diligence 106

Due diligence Inspection Pre-approval Pre-qualification 106

Realty Biz

JULY 7, 2021

One contingency that is almost always wise to include is a home inspection to be sure you aren’t buying a major problem that you aren’t aware of. Require a minimal home inspection. You should include a home inspection contingency, but you can make it minimal. Offer to rent back to the seller.

Inspection contingency 87

Inspection contingency Marketing Inspection Rent back 87

Real Trends

MARCH 3, 2022

If you have clients that are thinking about offering, keep in mind that the offers we have already received are well above list price, have waived inspection and appraisal, and are willing to honor the Seller’s request of a free 60-day rent-back.”

Agents 103

Agents Due diligence Inspection Rent back 103

HomeLight

NOVEMBER 10, 2021

They’ll know whether offering a rent-back period could sweeten the deal, or if it’s more common to pay seller closing costs. When it’s time for the inspection, they’ll reassure you that a damp basement is normal for the town, or tell you to get it checked out by a professional. Step 9: Order an inspection.

Inspection 98

Inspection Title Agents Pre-approval 98

RIS Media

APRIL 18, 2022

Buyers are waiving a home inspection. Allowing the seller to rent back for a specified amount of time. Here are a few examples of what you might encounter: Bids are coming in significantly over the home’s asking price. Buyers are waiving their home appraisal or offering an appraisal gap guarantee.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

HomeLight

MARCH 31, 2022

Inspection contingency: This grants the buyer the right to have a professional home inspection, and then allows them to renegotiate the price, ask the seller to complete repairs (neither of which the seller is obligated to do), or back out of the contract entirely if the inspection reveals more dramatic issues.

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Home sale contingency Sales Purchase and sale agreement Inspection contingency 104

The Close

FEBRUARY 6, 2024

When you remove the possibility of your buyers backing out, you’re giving that seller peace of mind that your clients are in it to win it. Waive the Inspection Contingency Let me be clear—I am in no way suggesting that your buyers should not do a whole home inspection. In fact, I suggest quite the opposite.

Pre-approval 75

Pre-approval Earnest money deposit Inspection Inspection contingency 75

The Close

APRIL 28, 2022

No-cost Rent-back. If the seller needs time to stay after the home is sold, then a no-cost rent-back can give them time to stay in the home long after the home has been sold. The winning buyer agreed to get an investment loan so they could allow the seller to rent back the home for up to six months after closing.

Rent back 105

Rent back Closing costs Finance Agents 105

HomeLight

MARCH 20, 2023

Other common contingency clauses include: Inspection Contingency: If the buyer finds fault with the home inspection report, they can ask for the seller to make repairs, or they can cancel the contract within the contingency period. Offer to accept a rent-back agreement. Allow the sellers to select the closing date.

Home sale contingency 105

Home sale contingency Purchase and sale agreement Sales Earnest money deposit 105

HomeLight

FEBRUARY 28, 2022

Some sellers will even order their own inspection prior to putting their house on the market, especially if they know the house needs significant work. You could try to find a buyer who will allow you to do a rent-back on the property, but if that isn’t available, you may need to move into a temporary rental property.

Equity 126

Equity Debt-to-income ratio Closing Loans 126

RIS Media

JULY 8, 2021

Agents can help buyers write the very best initial offer by contacting the listing agent to find out their preferred terms for closing dates and occupancy, rent backs if necessary, financing or cash options, so that they can put the best terms in their initial offer. Be relentless and resourceful.

Marketing 105

Marketing MLS Agents Rent back 105

HomeLight

FEBRUARY 4, 2022

Guide you through the steps of due diligence and inspections. There’s a lot more to consider than just a pretty kitchen, and an agent could potentially save you money by pointing out a major issue with a home before you get to the offer and inspection stages. Provide advice on first-time buyer programs and recommend mortgage lenders.

Agents 115

Agents Purchase and sale agreement Due diligence Inspection 115

HomeLight

OCTOBER 1, 2020

Are you able to offer the seller more time to stay in the home, or suggest a rent-back agreement? With a rent-back agreement , the seller stays in the home post-closing, giving them more time and giving you leverage.). Can you offer to take care of more repairs from the inspection?

Purchase and sale agreement 98

Purchase and sale agreement Short sale Rent back Sales 98

Redfin

JULY 30, 2020

Yaaran’s clients, who were at the time living in Virginia but planning to move back to the Seattle area for a job at Amazon, found their dream home after doing a video tour on FaceTime. They sent a Seattle-based relative to attend an in-person showing and the pre-inspection, submitted an offer at 6:20 p.m.

Inspection contingency 74

Inspection contingency Purchase and sale agreement Pre-approval Inspection 74

HomeLight

APRIL 19, 2021

Inspections & attorneys. Jean Chou , the principal attorney at JLC & Associates , advises her clients who buy in smaller buildings to schedule their own inspections as part of the homebuying process. Getting the necessary approvals can take up to four months, so plan for this ahead of time. Flood zones in the city?

Earnest money deposit 89

Earnest money deposit Inspection Due diligence Agents 89

Redfin

FEBRUARY 2, 2021

Earnest money protects the home seller in case a buyer backs out of a home sale after the offer was accepted. Unless a homebuyer backs out due to something coming up in a home inspection or appraisal, the seller will get to keep the earnest money. 9) Be willing to make concessions during negotiations.

Pre-approval 66

Pre-approval Purchase and sale agreement Marketing Inspection contingency 66

HomeLight

FEBRUARY 28, 2021

A home inspection can help buyers get a good grasp of the home’s condition. Waive home inspection contingencies — but NOT the home inspection. Offer a rent-back clause to the seller. Virginia requires a seller to disclose material defects , but not latent defects. “In Waive appraisal and finance contingencies.

Earnest money deposit 105

Earnest money deposit Land Residential Inspection contingency 105

Redfin

MAY 7, 2021

You can also consider requesting a rent-back agreement from potential homebuyers. A rent-back agreement means that the homebuyer purchases your home and you rent it from them for a specified period of time. In addition, you could waive the inspection and appraisal contingency.

Purchase and sale agreement 80

Purchase and sale agreement Marketing Equity Rent back 80

HomeLight

JANUARY 7, 2022

As you finalize the sale on your property with a home inspection, appraisal, and all other necessary steps, you will most likely be doing the same for your new home. More time to make any repairs or concessions found in the home inspection. Option 9: Ask for a rent-back clause. Source: (2H Media / Unsplash).

Equity 105

Equity Loans Debt-to-income ratio Closing 105

HomeLight

MARCH 28, 2022

Also known as a seller rent-back agreement or a holdover , this allows you to stay in your home for a designated period ?of Essentially, it makes the buyer your landlord so you have time to rent or buy a new home and arrange for the movers to collect your belongings. of time after you sell. Address any mechanical issues ASAP.

Purchase and sale agreement 119

Purchase and sale agreement Agents Equity Staging 119

Real Trends

JULY 15, 2022

This could involve a quick settlement, a rent-back offer, a home inspection without repairs, or doing away with other contingencies. As an agent representing the buyer you should call the seller’s listing agent who can help you gain knowledge regarding what the sellers really want besides a great price.

Loan Officer 52

Loan Officer Agents Rent back Loans 52

HomeLight

APRIL 21, 2022

Common contingencies include an inspection contingency and an appraisal contingency. One solution might be a rent-back that would financially compensate a patient buyer if the seller needs more time to transition after the sale. Therefore, the fewer contingencies tied to an offer, the more likely the deal will reach closing.

Inspection contingency 111

Inspection contingency Home sale contingency Pre-approval Agents 111

HomeLight

JANUARY 4, 2022

A cash buyer will generally not use a financing, appraisal, or home sale contingency , and many cash buyers will inspect the property for informational purposes only. Your inspection could reveal a big repair that you did not anticipate, forcing a renegotiation. You’re overwhelmed with prepwork.

Investor 98

Investor Finance Inspection Sales 98

HomeLight

OCTOBER 12, 2020

That last one, miscellaneous bucket, that includes things like contingencies and rent backs and so forth. I’ve gonna give them free rent back. High price, short inspection period, quick close. I can’t do the three-week close unless I can order the appraisal tomorrow and inspect on Monday.

Agents 98

Agents Inspection Inspection contingency Pre-approval 98

Marco Santarelli

MAY 4, 2023

By offering a flexible closing timeline and allowing the sellers to rent back the home or vacate the property at their pace, you may have a better chance of winning the bid. Strategy 5: Offer Compelling Terms Bidding wars aren't only won on price; terms also matter.

Sales 52

Sales Pre-approval Investor Renovation 52

HomeLight

MAY 24, 2021

If this is the case, you can offer a rent-back arrangement , allowing the seller to stay in the home as a renter for a specified timeframe after closing. These days, “the winning offers that we’re seeing in this market are doing an inspection for informational purposes only,” Strum says. Can you even pay in cash ?

Pre-qualification 111

Pre-qualification Pre-approval Purchase and sale agreement Loans 111

HomeLight

OCTOBER 5, 2020

I basically explain, like the five parts on offer are price, earnest money, down payment, close date, and then there’s this miscellaneous bucket which includes a bunch of other things, you know, inspection period, appraisal contingency, repairs, personal property, rent back, etc. Like, I’ve had that happen to me.

Agents 97

Agents Backup offer Inspection Rent back 97

HomeLight

MARCH 22, 2021

That last one, miscellaneous bucket, that includes things like contingencies and rent backs and so forth. I’ve gonna give them free rent back. High price, short inspection period, quick close. I can’t do the three-week close unless I can order the appraisal tomorrow and inspect on Monday.

Agents 75

Agents Inspection Inspection contingency Pre-approval 75

HomeLight

MARCH 15, 2021

I basically explain, like the five parts on offer are price, earnest money, down payment, close date, and then there’s this miscellaneous bucket which includes a bunch of other things, you know, inspection period, appraisal contingency, repairs, personal property, rent back, etc. Like, I’ve had that happen to me.

Agents 81

Agents Backup offer Inspection As-is 81

HomeLight

SEPTEMBER 11, 2020

Your offer will be stronger if you build in some wiggle room relating to factors that might seriously entice the seller to pick you: Can you offer rent-back? The offer will include any contingencies — clauses that allow you to cancel the purchase agreement and get your earnest money deposit back, should certain conditions not be met.

Earnest money deposit 98

Earnest money deposit Purchase and sale agreement Inspection contingency Home sale contingency 98

HomeLight

MAY 24, 2022

Although Quinn says buyers are more likely to forgo home inspections , they are reluctant to purchase houses that need work — especially with the current challenges of finding contractors or building supplies. Ask buyers to rent back if you need more time to find the right property or rent another home until you do.

Pre-approval 98

Pre-approval Equity Agents Closing costs 98