HomeLight

SEPTEMBER 20, 2022

Short sales can provide an excellent opportunity for potential homebuyers to score a good deal. If you’re in the market to buy a short sale home, you’ll need to prepare for a lengthy closing process and steel yourself to jump through some hoops not generally associated with traditional sales. What is a short sale?

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HomeLight

OCTOBER 11, 2021

You see a house you love, but the listing shows that it is an “active pending short sale.”. And just what is a short sale, anyway? Is a short sale home purchase for you? And can you still make an offer on an active pending short sale? Short sales defined . Wait, what?

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HomeLight

OCTOBER 5, 2020

But what if it’s a different kind of sale … for example, how much should you offer on a short sale? Enter the short sale : a solution for the seller, and a special opportunity for a buyer. What’s a short sale? Short sales are unique because they require the approval of the seller’s lender.

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Short sale Sales Banks Due diligence 92

HomeLight

MARCH 30, 2021

You may have heard a little bit about short sales — enough to know that this type of real estate listing can present some opportunities to get a good deal. But while short sales offer potential opportunities , they come with plenty of potential pitfalls as well. Know if a short sale is the best option for you.

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CT Homes

APRIL 18, 2024

If you find yourself in a tough financial spot, it’s crucial to understand your options, particularly when it comes to a short sale vs foreclosure. What is a Short Sale? In contrast to a foreclosure, a short sale is a process initiated by the homeowner before the mortgage defaults become unmanageable.

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Point2Homes

DECEMBER 8, 2020

However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Short Sale. Short sales occur when the seller will accept a lower amount than is remaining on their home loan.

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Housing Wire

JUNE 7, 2024

Meet the fire department for the smoke inspection. Maybe they’re further away, a lower price, or more tricky, such as a short sale or estate sale. What to consider when deciding whether to add on or move Most common home inspection issues to avoid when selling The key is choosing the topic and applying good marketing.

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Purchase and sale agreement Agents As-is Inspection 439

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).

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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%). Repairs identified in the inspection. The home inspection is one of the most important steps in the purchase process and one of the strongest variables that can affect closing.

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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. Bank denies short sale offer: In a short sale , the bank must approve the sale terms.

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Realty Biz

JULY 19, 2022

Many of these will be new investors that don’t have experience with the pre-foreclosures, short sales, and foreclosures, that occurred during the Great Recession. The REO sales process is much the same as any traditional sales process. The primary option when a house is worth less than the loan is a short sale.

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Purchase and sale agreement Short sale Loans Inspection 101

McKissock

NOVEMBER 13, 2020

If a mortgage lender acquires the title to a property as the result of a foreclosure, the property is called an “REO” property, which is short for “Real Estate Owned.” However, inspecting these types of properties can be dangerous. It is a good idea to take another person along when inspecting REO properties. Come prepared.

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Realty Biz

JULY 25, 2022

These kinds of properties include condemned houses, hoarder homes, and short sales. If a property has been condemned, the local municipality probably won’t allow the owner or tenants to occupy until repairs have been made and an inspection completed. Short Sales Require Patience and Due Diligence.

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Realty Biz

NOVEMBER 18, 2021

But don’t mistake a BPO for a home inspection. A professional home inspection is much more thorough about looking for damage and repairs needing to be made. One of the few times that a lender will use a BPO instead of requiring an appraisal is for a short sale. Bank-owned property sale of a foreclosed property.

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Short sale Inspection Loans Banks 110

HomeLight

SEPTEMBER 1, 2020

In a normal home sale, if the home inspection finds issues, you can negotiate with the seller. But with an REO sale, you generally won’t get an additional discount on the price or to ask for repairs. If you know someone who’s bought a foreclosure, short sale, or REO property, talk to them first.

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HomeLight

AUGUST 31, 2021

Let’s take a look at the most common foreclosure sales and how they work. Short sale. A short sale isn’t necessarily a foreclosure sale, but it’s common to see a short sale done to avoid foreclosure. A seller will usually have to prove financial hardship for the lender to agree to the sale.

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Realty Biz

MARCH 2, 2023

Look at Short Sales or Foreclosures When the owner fails to pay their mortgage, the lender can take back the property and evict the occupants. With the house vacant, they can put it up for sale on the market. In addition, you can only inspect the property after winning the auction.

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HomeLight

MARCH 31, 2022

The buyer can still request repairs: Even if the home is listed “as is,” the buyer can still order an inspection after making an offer and request repairs to areas of concern that come up on the inspection. The potential buyer still has the right to ask for a home inspection even if you state you’d like to sell “as is.”

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HomeLight

JUNE 8, 2021

Keep in mind, though, that a large item such as foundation cracks will raise red flags in an inspection, resulting in a price discount. Some cash buyers will still require an inspection, and negotiate with you over repairs. Here are a few options to avoid: Short sales. Others will purchase “as is.”

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HomeLight

FEBRUARY 26, 2021

You might not be aware of every flaw — that’s for the home inspection to notice — but once you are, you can’t hide them, and legally, neither can your agent. Buyers can still get an inspection to unearth problems. A home inspection is part of a buyer’s due diligence. But not every “as is” home sale falls into that category.

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CT Homes

JUNE 4, 2024

Cons Short Sale Possibility: If the home’s value has decreased, selling might not cover the total mortgage amount, leading to a short sale. Credit Impact: While selling can prevent foreclosure, forbearance and a potential short sale may still impact your credit score.

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HomeLight

JANUARY 13, 2022

Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. So he knows all the twists and turns that can occur between an accepted offer and a closed sale. Inspection contingencies. Inspection contingencies can be waived. Let’s take a look at a few of the most common ones.

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HomeLight

DECEMBER 31, 2020

Statistics from the National Association of Realtors show that 30% of closings in October 2020 were delayed because of complications, including issues related to financing, appraisals, home inspections, titling, distressed property, or contract contingencies. Navigate short sale or foreclosure hurdles and complexities.

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HomeLight

SEPTEMBER 1, 2020

You can buy a short sale, or you can buy a bank-owned property — but the foreclosure is just what’s happening in the process.”. If your offer is accepted, you start the process of inspections, title checks, and negotiations while securing a mortgage loan and signing the papers when it’s all said and done.

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HomeLight

SEPTEMBER 30, 2021

Make sure to get a good inspection, and know what you’re getting yourself into! You may not be able to do an inspection. In some cases, it may not be possible to do an inspection on a foreclosure, or even to tour the home. I would avoid properties that don’t have an inspection or won’t allow an inspection,” Crotts says.

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Banks Inspection Equity Investor 122

HomeLight

JULY 6, 2023

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. Buyers also can use the findings of an inspection to negotiate for repairs or credits. How does a listing status get changed?

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RIS Media

SEPTEMBER 21, 2020

Approved for short sale : A term that indicates that a bank has approved a homeowner for a reduced listing price on a home, and said home is ready for resale. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more.

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HomeLight

MAY 19, 2022

Even in the case of an as-is sale, you are still required to provide a list of latent defects to prospective buyers. These are any problems the purchaser wouldn’t be able to discover for themselves during a visual inspection, as well as anything that would pose a health or safety hazard. Consider a pre-listing inspection.

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HomeLight

MARCH 18, 2022

Step 4: Coordinate on lien searches or inspections. Be sure to discuss your buyer’s policies on lien scenarios, as well as inspections. While many cash buyers purchase homes as is , others may request a credit for repairs found in an inspection. Step 2: Get a pre-listing inspection to get ahead of repairs. Find Agent.

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HomeLight

MAY 23, 2022

“As is” sales often attract investors searching for their next flip or buyers seeking a bargain, perhaps on a home in a great location with lots of potential. There’s a lot of really good things about having your house pre-inspected. Consider a pre-listing inspection. Jesse Allen. Real Estate Agent. Jesse Allen. “So

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As-is Purchase and sale agreement Inspection Closing costs 118

HomeLight

MAY 24, 2022

While this typically takes just a few days, if the home has been through a foreclosure or short sale, it could take longer. Inspections: One week to book; 2 to 4 hours to complete. An inspection can identify a serious hidden problem which could impact the home’s value. condition that it was when you agreed to buy it.

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Purchase and sale agreement Closing Title search Title 111

HomeLight

OCTOBER 1, 2020

If the appraiser only looked at sold listings while there are pending sales that might be more comparable to your would-be property, that’s something else that can affect a home’s appraised value. Short sales in the neighborhood . In some cases, short sales may be to blame for a low appraisal.

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HomeLight

MAY 23, 2022

A lot of times, sellers are trying to remove some future liability by listing their house ‘as is,’ but buyers do, of course, still have the opportunity to inspect it and ask for any repairs or a price reduction,” Rynders says. “So Consider a pre-listing inspection. Possibility of reducing negotiations from the inspection.

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As-is Inspection Investor Closing costs 116

HomeLight

MAY 23, 2022

Buyers need to ask direct questions and pay close attention to the results of a home inspection so that they can determine the condition of the property and its features. The buyer may request answers in writing, especially after a home inspection. Consider a pre-listing inspection.

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HomeLight

NOVEMBER 10, 2021

Some iBuyers will perform an inspection and may reduce their offer price based on what they find out about the home’s condition. Opendoor buys homes of varying condition, but criteria like a short sale, unpermitted work, or dated materials may impact whether the company is willing and able to purchase a home.

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HomeLight

OCTOBER 11, 2024

But be careful that you’re not getting in over your head, and make sure to still have the home inspected. “As-is” in listing descriptions is generally a clue that the home is a fixer-upper you could buy at a steal. You could lose the money you save on the home’s purchase price on repairs necessary to make the home livable.

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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. A seller also may sell a home as-is at full market value, even if the repairs are minor, if they’re underwater on their mortgage, or if it is a short sale.

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