Realty Biz

JANUARY 19, 2024

From three decades working as a Realtor, there are common denominators for first-time home buyers going through the purchase process with ease. This includes understanding the terminology, legal aspects, and financial considerations of purchasing a property. It's advisable to reach out to multiple lenders and obtain pre-approval.

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Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

JANUARY 5, 2022

Find an Agent to Coordinate a Sale Among Friends. They help clients save money by representing both sides and a pre-arranged discount.”. Selling a house to a friend is an example of a non-arm’s length transaction, an arrangement that may lead the parties to make an agreement that diverges from typical market terms.

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Pre-approval Purchase and sale agreement Title search Title 111

HomeLight

JULY 31, 2020

There’s a house for sale that you want to buy. Loan approval. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. The appraisal is lower than the purchase price. Closing on a house seems pretty straightforward. You send your offer to the seller.

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Closing Purchase and sale agreement Title search Earnest money deposit 119

HomeLight

SEPTEMBER 15, 2021

Even if you’re listing your home without a Realtor’s® help, you’ll still need to gather the necessary paperwork for the sale and fill it out correctly. We hope it helps illuminate this tricky part of the sale, while giving you an honest idea of just how complex real estate transactions can be! Original sale contract.

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Purchase and sale agreement Inspection Title Pre-approval 116

HomeLight

JUNE 23, 2022

In many cases, if a homebuyer wants to back out of a contract and retrieve their earnest money, they’ll be able to find a way to do so within the confines of the real estate purchase contract. The typical amount is around 1% of the purchase price (ex. $5k 5k for a $500K home). Is earnest money refundable?

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

Realty Biz

JUNE 7, 2021

So when you add that to the time it takes for a buyer to purchase a house, sellers can fairly easily vacate their properties in under 3 months. Reviewing the title for liens and other encumbrances. Title Issues: The seller must clear the house title from any liens, bankruptcies, judgments, and other outstanding issues.

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Closing Purchase and sale agreement Inspection Title 122

First Team Real Estate

DECEMBER 7, 2020

Here’s how to review details in a tidy, orderly manner so you can make sense of your home sale. Aside from price, there are a number of other elements sellers must think about– and as your official guide in the home sale process , we’re here to help paint the whole picture, not simply part of it.

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HomeLight

SEPTEMBER 13, 2022

This means the buyer and seller have a pre-existing relationship of some kind (i.e. If the IRS decides to audit the transaction, then you’ll have documentation to prove your home’s fair market value at the time of the sale. Sign a purchase agreement. Any items in the home the buyer would like included in the sale (i.e.

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Purchase and sale agreement Title Title search Finance 111

HomeLight

NOVEMBER 9, 2021

If you need to move even more swiftly than that, selling to an online direct buyer through a platform like HomeLight’s Simple Sale could take as little as 10 days. The Simple Sale process frees you of the hassle of staging your home and jumping through hoops for the buyer’s lender. Direct Buyer (Simple Sale). Traditional Sale.

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Purchase and sale agreement Home sale contingency Title search Inspection 105

Realty Biz

AUGUST 12, 2023

Here are some key terms and their definitions: Mortgage : A loan specifically used to purchase real estate. In a mortgage agreement, the buyer borrows money from the lender (usually a bank) and agrees to pay it back with interest over a specified period. These can include title search fees, appraisal fees, attorney fees, and more.

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Purchase and sale agreement Mortgages Pre-approval Title search 97

HomeLight

OCTOBER 20, 2022

For Sale By Owner (FSBO). Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes. Original sales contract. Many FSBO sellers will purchase a pre-listing appraisal. Preliminary title report.

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Purchase and sale agreement Pre-approval Inspection Title 111

Realty Biz

JULY 1, 2023

Escrow acts as a neutral third party that holds funds and documents until all conditions of the home purchase are met. Step 1: Initiating the Transaction Learning about escrow and initiating the process is an important step that occurs once the buyer and seller have agreed upon the terms of the home purchase.

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Purchase and sale agreement Earnest money deposit Title search Pre-approval 77

HomeLight

MARCH 16, 2023

Do you need to connect with cash home buyers in Houston for a fast sale? Whatever your reason for needing a quick sale without making expensive repairs, Houston is teeming with cash home buyers ready to make you an offer no matter your home’s condition. Need to Sell Your House Fast in Houston? No showings, no repairs, no open houses.

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Sales Purchase and sale agreement Earnest money deposit Investor 93

HomeLight

MARCH 31, 2022

Early 2022 data from Florida Realtors® indicates a 23% increase in median sales price and a 33.3% With such impressive sales figures, some Florida sellers may be curious about how to sell a house by owner in Florida — a decision that could help them save on agent commissions. Average home sale price in Florida: $530,419 (Jan 2022).

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Purchase and sale agreement Inspection Title Inspection contingency 111

HomeLight

MARCH 13, 2023

A cash sale may provide the speed and efficiency you need. Get an all-cash, no-obligation offer through HomeLight’s Simple Sale platform whenever you’re ready. Buyers were liquid with cash and there are a lot of sellers going that route rather than waiting on a traditional sale.

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Sales Purchase and sale agreement Inspection Due diligence 105

Redfin

AUGUST 21, 2020

Purchasing your first home is a big move. For some, it represents the independence they’ve been striving for, while others see their home purchase as a path to financial security and a way to create a safe haven for their family. . This information is a standard requirement for a real estate agent’s listing agreement.

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HomeLight

JANUARY 3, 2023

Year-over-year, monthly sales in the Phoenix metro area were down nearly 25%. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale in Colorado.

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HomeLight

NOVEMBER 13, 2024

Could a rent-to-own agreement be just right? Just 1% of homebuyers purchase the home they previously rented, according to a 2024 report from the National Association of Realtors. Once the agreement term concludes, you pay a down payment, secure a mortgage, and transition from tenant to owner. It’s typically between 2.5%

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Purchase and sale agreement Debt-to-income ratio Agents Mortgages 98

HomeLight

JUNE 30, 2021

There’s more that goes into making an offer besides landing on a purchase price. Some states require only 40 hours of pre-licensing classes, while others may require more than 200 hours, for example. Lenders can also approve you for different loan amounts, give you different interest rates, and charge varying fees.

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HomeLight

NOVEMBER 9, 2021

How soon will I receive my home sale proceeds? What taxes will I owe on my home sale? Escrow refers to a specific period of time between the offer and the close of sale in a real estate transaction. It starts after you sign the purchase agreement from a buyer, and it ends when you receive those funds at closing.

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Purchase and sale agreement Pre-approval Closing Title 106

HomeLight

APRIL 29, 2021

The home sale process involves a long list of steps, and your execution of each impacts your final sale price. As with most things in life, preparation is the key to a successful home sale. With 24 years of experience under his belt, Thompson shared a few gems about navigating the home sale journey. Open escrow.

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Purchase and sale agreement Pre-approval Inspection Inspection contingency 98

HomeLight

OCTOBER 27, 2021

In fact, the homeowner might even have a plan to catch up on the mortgage, and in the end, the home won’t end up in any kind of sale.). If you’re going to be buying the preforeclosure with a mortgage, your purchase agreement is contingent on your ability to secure a loan, so getting preapproved is important.

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Purchase and sale agreement Inspection Homeowner’s association Title 110

The Close

FEBRUARY 19, 2025

Whether youre a new or experienced real estate investor, you may have asked, What is a real estate short sale? The simple answer is that a short sale is when a homeowner owes more for their home than its current market value and puts it up for sale. What Happens in a Real Estate Short Sale? Lets begin!

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HomeLight

OCTOBER 29, 2020

Because the stakes are high when it comes to property transactions, contingencies are written into the purchase agreement , and in most cases, action must be taken toward satisfying those contingencies within a certain time frame. In these cases, buyers make up the difference between the purchase price and the appraisal with cash.

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

Redfin

AUGUST 3, 2022

Homeownership offers stability and a sense of security and safety, but the process of making the biggest purchase of your life can seem overwhelming. Research mortgage options and get pre-approved for a home loan. Once you have selected a lender you want to use and before you start looking at homes, get a mortgage pre-approval.

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Redfin

SEPTEMBER 17, 2020

Hiring an agent to help you find a house and negotiate its purchase is well worth the cost, especially in a competitive market. In a buyer’s market, there are more homes listed for sale than there are homebuyers. 5 things you can negotiate when purchasing a home. Mortgage loan points or purchase price .

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Pre-approval Purchase and sale agreement Closing costs Inspection 73

HomeLight

JUNE 8, 2023

Uncle Sam allows single filers to exclude up to a $250,000 capital gain on your home sale ($500,000 for married filers), meaning most sales of primary residences are completely tax free. You have 45 days after you sell your property to find and identify up to three properties you’d like to purchase in the exchange.

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Purchase and sale agreement Title Investor Pre-approval 98

HomeLight

JUNE 29, 2022

When it comes to selling a house, many homeowners hope for a quick, easy sale. By analyzing recent sales transactions, local market trends, and the general condition of your home, you’ll receive a preliminary home value estimate range for your property. He purchased the home nearly a week later.”. Comparable properties.

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Purchase and sale agreement Pre-approval Agents Sales 116

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). You will also need to save money to put toward closing costs , about 2-5% of the purchase price. This agreement will outline the agent’s commission , so you understand how much they’re paid.

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

HomeLight

JULY 31, 2022

Here are some options for pulling a successful sale, regardless of where you stand on your mortgage. This minimum equity ensures that you’ll have the funds for necessary home sale expenses (such as staging , repairs , and closing costs ), plus some leftover profit to put towards your next down payment or security deposit.

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HomeLight

MARCH 17, 2021

The planning stage (1 to 3 years before purchase). “If you want to buy a house, you need to have money saved up,” says April Mason , an agent in Corpus Christi , Texas, who has completed 24% more sales than the average agent in her market. Pre-qualification is just an estimate of what size loan you might qualify for.

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HomeLight

DECEMBER 7, 2021

Source: (LinkedIn Sales Solutions / Unsplash). Usually, it’s the buyer, but the seller may schedule a pre-inspection before listing the home. The buyer’s agent will help the buyer understand the inspection report and decide whether to buy the house, ask for repairs, or cancel the purchase contract based on the inspection findings.

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CT Homes

OCTOBER 28, 2021

Any real estate transaction will host numerous costs and fees that will be factored into the purchasing process on top of the property’s value. Understanding who is responsible for paying these fees is crucial for properly valuing the sale as the buyer or seller. Does the Buyer or Seller Pay Closing Costs? Buyer Closing Costs.

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Realty Biz

AUGUST 2, 2023

Additionally, understanding the closing process and utilizing additional resources and tools can streamline the sale. Setting the Right Price for a Quick Sale When selling your home quickly, one of the most critical factors is setting the right price. Overcoming common challenges is also vital.

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Purchase and sale agreement Title Staging Inspection 93

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. Unless you’re submitting an all-cash offer, you’ll need to obtain financing to purchase your home. The home appraisal is lower than the sale price. How to remedy the situation.

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Closing Title search Purchase and sale agreement Title 63

HomeLight

JUNE 14, 2022

Embarking on a sales transaction of that size calls for some planning, including understanding the costs, potential proceeds, and how long your home might be on the market so you can anticipate your next move. You can probably expect to run into these common expenses for home sellers in Chicago: Prepping your house for sale.

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Seller concession Purchase and sale agreement Closing costs Title 110

HomeLight

OCTOBER 20, 2022

End-of-year listings have historically garnered the highest sales prices in the Austin market. An experienced real estate agent can assist you with preparing your home for sale as well as provide expert guidance on the best time to list your home on the market. Prepping your home for sale. Pricing to sell for the most money.

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Seller concession Purchase and sale agreement Closing costs Inspection 110