A title inspection of a home could show unresolved liens or legal disputes over the property’s ownership. Options include: Ask the seller to clear the title before closing — for example, by paying off any outstanding lien or resolving any legal disputes involving the property. Wait for the title to be cleared before proceeding. Ask […]
The Home Inspection can sometimes uncovers serious problems. No home is perfect, but serious problems —for example, with the home’s foundation or major systems — may concern you enough to renegotiate with the seller. Some options include: Ask the seller to make some of the repairs flagged in the inspection report. Use the inspection report […]
After a legally binding real estate purchase agreement has been signed, about 7% of real estate transactions were terminated before closing, according to the April 2025 REALTORS® Confidence Index Survey, based on thousands of real estate professionals’ transactions nationwide. Sixteen percent of contracts faced delays to settlement. The most common reasons are flagged items from a […]
When closing on a house, contracts typically close within 30 to 60 days. In that time, you’ll need to accomplish certain things: resolving contingencies outlined in your purchase contract, meeting contractual deadlines, getting your financing ready, and making sure paperwork is in order. Your agent will] help you navigate the timelines and stay on top […]
What if a buyer is unable to obtain a mortgage to complete the purchase of a home. Sometimes a buyer’s financial situation changes while under contract, such as from a job loss or a sudden medical situation. Options include: Ask the seller to grant a loan extension or extra time to obtain financing. Explore alternative […]
What if the appraised value for the home you want to sell comes in lower than what the buyer agreed to pay. A lender will approve a mortgage for only the appraised amount. Options include: Negotiate a price reduction with the seller to match the appraised value. Agree to pay extra cash to the lender […]
What Is a Real Estate Purchase Agreement? A real estate purchase agreement, also known as a sales contract, is a written document outlining the terms and conditions of a home sale. It’s the buyer’s contract for the home purchase and is legally binding only when both parties have signed it. Below are Some Common Contingencies […]
Buying a home is exciting, beginning with a proposal and leading up to a big, life-changing day. First, you have to find a home you love and make a commitment — that is, a strong real estate purchase offer, which the seller could accept, counter, or reject. Even after you have an accepted real estate […]
When applying for a mortgage, the amount a lender will preapprove you for will be based on multiple factors including: Income: Your gross monthly income and any other income you receive. Credit score: Higher credit scores — 700 or above — tend to qualify for larger loan amounts and lower interest rates, even though lower scores are […]
Here are the primary steps for a Home Loan Preapproval: Initial application: You’ll contact a lender and provide basic financial information. Document collection: You’ll provide requested documents like pay stubs and bank statements. Credit check: The lender will pull your credit report — revealing your credit score and credit history — as as a basis for evaluating whether […]
