Housing Wire

NOVEMBER 22, 2023

Seemingly forever, the average time between reaching a sales agreement and closing on that property has hovered around 45 days — a month and a half. More than a few real estate agents will roll their eyes and sigh when asked by a client, upon the signing of a sales contract, “What’s next?” It doesn’t lend itself to a 24-hour cycle.

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Housing Wire

AUGUST 30, 2021

External circumstances, such as a pandemic, lend an agonizing element of uncertainty to that expectation. While much innovation has been focused on the upstream, consumer-facing processes, one of the industry’s largest transactional quagmires – title – remains largely untouched.

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Housing Wire

OCTOBER 29, 2021

Another area that requires clarification is the importance of searches performed on title grade data to the instant title process. Lenders may believe that it’s impossible to perform title searches and deliver instant title. Quality data is key to the viability of an instant title product.

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RIS Media

APRIL 8, 2022

Here’s all you should know about contingent sales as a potential home buyer. An active listing means the home in question is currently on sale, and sellers are actively open to offers. The lending institution can also stop the transaction. . If the house doesn’t get sold in the stipulated time, the sale can fail to materialize.

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HomeLight

DECEMBER 23, 2021

Essentially, title and deed are both related to the important question of who truly owns a particular piece of real estate and has the rights to it. Let’s take a deeper look at what a house title is; the different types of deeds used in real estate; and related terms including chain of title, title search, title insurance, and title abstract.

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Realtor.com

DECEMBER 5, 2022

Before a property sale can go through, a title company is brought in to find out whether or not a seller has the legal right to sell the property. To do that, the title company searches public records for liens on the property, meaning anyone who has a claim to a portion of the money should the property be sold.

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HomeLight

JANUARY 17, 2024

In the realm of real estate, “backing out” refers to the decision a buyer makes to withdraw from a home purchase after the offer has been accepted but before the sale is finalized. This action is more formally known as rescinding or voiding a residential home purchase agreement.

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Purchase and sale agreement Debt-to-income ratio Title search Finance 111

HomeLight

AUGUST 16, 2021

Between searching for, viewing, negotiating , inspecting, and possibly renegotiating on a home, the road to the closing table is rarely a short one. And if the house you’ve landed on is listed as a short sale, you could be in for a long ride. What exactly is a short sale? A short sale is anything but short,” cautions Sanders.

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Point2Homes

OCTOBER 21, 2020

Not all liens will affect you the same way, and even though a lien can lead to an auction sale, you can still sell your property while it’s in pre-foreclosure. But how will the lien impact the sale? The Sale Can Take Longer. A cash sale might speed up the process, yet they are quite rare. Here’s what you need to know.

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Realty Biz

AUGUST 12, 2023

These can include title search fees, appraisal fees, attorney fees, and more. Loan-to-Value Ratio (LTV) : A ratio that compares the amount of the loan to the appraised value or sale price of the property, whichever is lower. Lenders require an appraisal to ensure the property is worth the amount of money they are lending.

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Realty Biz

FEBRUARY 19, 2024

The real estate attorney you are using should conduct a title search to ensure no liens against the property. Banks, credit unions, and specialized lending companies offer land loans. Look at comparable sales in the area. Land sales are far more complex than buying a home. Comparing Lenders Shop around for lenders.

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HomeLight

JANUARY 5, 2022

Find an Agent to Coordinate a Sale Among Friends. 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. HomeLight can help connect you with an agent who is qualified to help.

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HomeLight

NOVEMBER 10, 2021

The same closing fees that apply to an agent-assisted sale will be charged to a FSBO seller, with the exception of the agent commission. of the sale price (for simplicity, let’s round up to 6%) covered by the seller in the majority of home sales. For reference, on a $250,000 home sale, that amounts to $15,000 in commission fees.

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Point2Homes

DECEMBER 7, 2020

If a homeowner fails to keep up with their mortgage payments, the lender can begin foreclosure proceedings, and the sale of foreclosed homes can sometimes be a bargain to home buyers. As an example, below are some of the steps involved in the sale of a foreclosed home that you need to be aware of. How to Buy Foreclosed Homes.

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HomeLight

APRIL 12, 2023

These costs typically include fees for services such as title searches, appraisals, legal fees, recording fees, mortgage insurance, and taxes. Both buyers and sellers are responsible for certain fees and closing costs in a home sale transaction, which we’ll discuss in more detail in the next section.

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Rent, Buy & Sell

JANUARY 20, 2023

Foreclosures and short sales may be enticing due to low offer prices, but they carry some risks and potentially higher costs. Typically a recession brings lower lending costs overall, but you should still pursue the best option. For example, the average sale price of a home from January to March 2007 was $322,100.

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Realtor.com

JANUARY 2, 2023

In other words, while a new-construction home might have a sales price that seems more expensive upfront, it’s actually saving a buyer from having to replace, upgrade, or “bring to code” elements of a previously owned home, which could cost tens of thousands of dollars. ” 2. .

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Realty Biz

JULY 1, 2023

Providing documentation of pre-approval - Providing proof of pre-approval from a lender will show that they're ready and willing to lend money when needed during escrow. Step 6: Ensuring Clear Title When buying a home, ensuring a clear title is paramount. To protect against unforeseen title issues, title insurance is obtained.

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HomeLight

JULY 31, 2022

When you find a neighborhood you love, the next step is finding a home that’s for sale and in your price range. You can set up search parameters on real estate platforms and spend hours combing through photos and property descriptions, but you can also get more proactive. Find a home. Purchase price.

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HomeLight

DECEMBER 2, 2021

We break down what the cost of a home sale could look like based on the average U.S. home sales price of $453,300, as reported by the Federal Reserve Bank of Saint Louis. Accounting for your payoff amount will help you determine how much cash you’ll net after your home sale closes. Title insurance search and policy premiums.

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HomeLight

JULY 26, 2022

Is it a yard sale? No…it’s a for sale sign!!! A “for sale by owner,” or FSBO (pronounced “fizz-bo”) home, is a home that is being sold by its owner who hasn’t hired a listing agent. A “for sale by owner,” or FSBO (pronounced “fizz-bo”) home, is a home that is being sold by its owner who hasn’t hired a listing agent.

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Redfin

APRIL 13, 2021

Lenders require PMI ( Primary Mortgage Insurance ) on Conventional loans if the borrower does not put at least 20% of the sales price toward the down payment. The home appraisal process provides assurance to the lender that the amount they are lending is not greater than the value of the property. Title Search.

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HomeLight

AUGUST 10, 2022

When you’re estimating the costs of the sale , taxes can be a big part of the equation. In reality, the laws’ complexity lends itself to a lot of nuance and interpretation, which can even confound the most seasoned tax professionals. How can I estimate the taxes I’ll owe on my home sale? Get Estimate.

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Redfin

MARCH 3, 2022

To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. The home appraisal is lower than the sale price. It’s used to determine how much you can borrow and assures the lender that they aren’t lending more than what the home is worth. Clouds on the title.

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HomeLight

JUNE 7, 2022

Go with the turn time that the lender states and then add an extra day to it, just to be safe,” says Richie Helali, a mortgage sales leader with HomeLight Home Loans who gave us the inside scoop on how long a mortgage preapproval really takes. Closing conditions (inspections, appraisal, title search, etc.) Preapproval.

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HomeLight

AUGUST 31, 2021

It’s the moment when you can’t bear to see another piece of paper related to your home sale that you’ll receive the settlement statement — also known as a closing statement in real estate. Sellers can expect to pay between 6%-10% of the final sale price in commissions and closing costs, so it’s nice to see exactly where that money is going.

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HomeLight

MAY 27, 2021

Title search. A title search is a process to confirm the current owner has a clear title to the property and is thus eligible to sell it. A specialist will comb through documents related to the property to make sure there are no issues with the title. The lien must be paid before the house is sold.

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Loans Mortgages Title FHA loan 98

HomeLight

JUNE 30, 2022

Mortgage brokers help prospective borrowers secure a loan by serving as a go-between for the buyer and a potential lending institution. Basically, these pay your lender for all of the administrative work involved in the lending process. Average escrow fees range between 1% and 2% of a home’s sale price. Title search fee.

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Redfin

MARCH 2, 2021

When you (or your heirs) sell the home, the reverse mortgage loan balance is deducted from the proceeds of the sale. Any balance remaining from sale proceeds reverts to you or your heirs. You reduce the equity in your home because you are, in effect, lending it to yourself. . What can you pay for with a reverse mortgage? .

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Marco Santarelli

AUGUST 16, 2024

Explore financing options: Research mortgages, hard money loans, and private lending options. Check Our Inventory of Turnkey Rental Properties For Sale 2.2. Foreclosures and Short Sales Distressed properties often come at a discount: Foreclosures and short sales present opportunities to acquire properties below market value.

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HomeLight

AUGUST 12, 2022

HomeLight’s Simple Sale platform provides full cash offers for homes in almost any condition nationwide and in Houston. We Buy Houses® is a long-standing and trusted name in the world of the “Houses for Cash” sales model. Simple Sale (a HomeLight platform). Reviews: Simple Sale is a HomeLight platform. Request Offer.

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Closing costs Purchase and sale agreement Closing Staging 98

HomeLight

JULY 28, 2022

HomeLight’s Simple Sale platform provides full cash offers for homes in almost any condition nationwide and in Kansas City. Simple Sale (a HomeLight platform). Simple Sale , a solution from HomeLight, is an online platform where sellers in Kansas City (and across the country) can request a cash offer for their home.

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Closing costs Purchase and sale agreement Closing Staging 96

HomeLight

FEBRUARY 16, 2023

Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. They usually present a take-it-or-leave-it sale price. If you accept the offer, you’ll both sign a sales contract. With a signed sales agreement, the closing process will begin.

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HomeLight

MARCH 31, 2022

This is higher than the national median sales price ($408,100) , which represents a large sum of money for a first-time homebuyer. According to Damien Manno , Assistant Vice President of Real Estate Lending at Ardent Credit Union, “Pennsylvania tends to be high on closing costs.”. Title insurance. Title searches.

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Redfin

JUNE 14, 2023

This affordability is evident through a median sale price of $361,000, which is below the national median of $407,415. Despite a decrease in housing demand, the median sale price continues to rise steadily, with a noteworthy 2.5% One aspect that makes this market particularly enticing is its affordability in comparison to other areas.

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Redfin

AUGUST 29, 2024

Search homes for sale and take home tours The next step when buying a house is to start browsing homes for sale in your area. It’s important to use your wish list to inform your home search. Your offer is rejected: If the seller rejects your offer, you’ll need to begin looking for other homes for sale.

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

Redfin

AUGUST 3, 2022

It also strengthens your offer to the seller because a bank is already willing to lend you the money, improving the likelihood of closing the sale. The next step is reviewing the data and reconciling the adjusted sales into a single-point value opinion for the subject property.

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