A good faith deposit is a sum of money that you place into escrow showing the seller you have some skin in the game. It's typically refundable if you cancel your contract under a contingency. If you breach the contract, it could be at risk.Your good faith ...
The sale contingency is typically used by a buyer who must sell a home before they can purchase a new one. Usually this is because the buyer can’t qualify for two mortgage loans at the same time or doesn’t want to be obligated to pay two mortg ...
Make your offer stronger, know how much you can afford, estimate your monthly payments, and budget for down-payment. This process is essential for your success. Savvy sellers will only consider offers from buyers who are preapproved. Investing ...
If you are applying for a loan, you will usually be required to make a down payment. The more you put down, the stronger your offer, and the lower the risk to the lender. That being said, don’t be discouraged if you intend to make an offer with a lo ...
The loan contingency gives the buyer peace of mind of knowing they can get full underwriter approval before removing the contingency. The loan approval process at times can consist of a rigorous underwriting and document gathering and may be quite time co ...
Initiating the preapproval process is straightforward:Click the ‘Get Loan Badge’ button on any listing, or select the ‘Get a Loan’ link from the top menu.Complete the form to connect with a preferred lender.The lender will guide yo ...
If there is a current lease, you typically need to buy the property subject to the lease. Having a lease, the tenants have the legal right to occupy the property until their lease is finished. Sometimes, you can simply ask the tenants if they will move an ...
Just like showings conducted through other platforms or with a traditional real estate agent, personal property is generally safe during showings, however, it's important to be cautious. Here are some key points to consider: Valuables and Personal Item ...
The home inspection is the most common and could be the most important. Be sure to give yourself enough time to complete this inspection as well as time to further investigate anything that comes up.This inspection is detailed in nature and covers most ge ...
A Seller's Closing Statement is a statement that can be provided a seller by the escrow company which shows all related costs of the sale including any payoffs to any current lien-holders. Ultimately, it drills down to the final amount a seller can expect ...
A typical escrow period is 30-45 days when the buyer is getting a loan. If you want to close faster, be sure to consult the lender to make sure it’s possible so that there aren’t any unrealistic expectations. If all parties agree, and the buye ...
A counteroffer is the offer a party makes as a response to an offer or counter offer. In a negotiation, all subsequent offers to the initial offer, no matter which party is initiating the response, are considered counteroffers.If you are a buyer and you s ...
Preapproval offers several significant advantages for potential home buyers:Strengthens Your Offer: A preapproval letter indicates to sellers that you are a serious and financially prepared buyer, making your offer more compelling in competitive markets.U ...
If you're not familiar with a real estate deal and all the nuances that come along with it, knowing which offer to accept or knowing if an offer is good can seem tricky. Here we will break down the structure of an offer to help you make informed decisions ...
If an agent contacts you with an interested buyer, it’s your choice as to how to proceed. They will almost certainly want a commission to be paid to them, so you will probably want to build that into the purchase price so you can still meet your net ...
The completion of a pest inspection, also called a termite inspection, is common depending on your area. It’s usually affordable and quick to have completed. The inspector will look for evidence of any wood destroying pests or organisms, like termit ...
A contingency is essentially an exit clause in a contract. In regards to real estate and the purchase contract, a contingency protects a party from a future unknown event.For example, the most impactful contingency in a real estate transaction is usually ...
There is a widespread misconception that if you are not on your local MLS, you will not sell your home. This used to be true before the widespread use of online real estate portals, but it is not true today. That misconception is spread by realtor's from ...
A Notice to Perform is a document used in conjunction with the purchase contract to help enforce an obligation by one of the parties. Once you issue the Notice to Perform, the party receiving the Notice to Perform has two days to perform a specific contra ...
An appraisal is a detailed report that ultimately determines the current market value of a home. The appraiser will come out to the home, measure, and take pictures. They will also analyze recently sold properties in the area, looking at the similarities ...
A home warranty is typically a one year warranty policy that protects the homeowner against the failure of certain systems and appliances of a home. It can give a buyer a lot of piece of mind when buying a property.If a covered item fails or isn't working ...
Pricing your home accurately is crucial for a successful sale on Homepie. While you have options like hiring an independent appraiser or using Homepie’s pricing review service, self-pricing is also a viable choice. Here’s how you can approach ...
When a buyer is writing an offer, they will notice there is an option to ask for a seller credit. This is purely optional and is a negotiable item just like everything else.Sometimes a buyer will want to ask for a seller credit to help with the closing co ...
Property inspection refers to any and all inspections that the buyer may want to do. This includes a home inspection, pest inspection, HVAC inspection, plumbing inspection, foundation inspection, research on natural hazards, sex offender databases, nearby ...