A Contract is Born
The Appraiser Coach
FEBRUARY 22, 2022
What makes a contract a contract? Is it the legal prose, the professional typesetting, or the date across the top? I’m no lawyer, but my mentor once told me that. Read More.
Agents Contracts Inspection Legal 
What Does Under Contract Mean in Real Estate?
Raleigh Realty
FEBRUARY 24, 2022
What Does 'Under Contract' Mean in Real Estate? You've decided to buy a home and whether it's your first home or your tenth you're likely to stumble across homes that are listed as 'under contract' on the real estate listing. Then, you look at the status and that other shoe finally has a chance to drop: it's "under contract."
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Real Estate Sales Agreements: Understanding Your Contract
Movoto
APRIL 8, 2024
This is a legally binding agreement between the buyer and seller that helps ensure the sale will be completed according to the contract’s outlined conditions. Real estate purchase contracts come into play to protect both parties and move the sale forward, helping prevent either party from wasting the other’s time and money.
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5 best Arizona real estate schools for 2024
Housing Wire
DECEMBER 8, 2023
Are you looking to get licensed as a real estate agent in Arizona? Prospective Arizona real estate agents must fulfill a 90-hour prelicensing program from an Arizona Department of Real Estate (ADRE)-approved school and pass a six-hour contract writing course , for a total of 96 class hours. out of 5 stars Rating: 4.5 out of 5.
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What Is a Land Contract In Ohio? Full Guide [2021 Update]
The Robert Weiler Company
JANUARY 2, 2021
Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.
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Why Buyers Shouldn't Waive Inspection Contingencies
Eppraisal
OCTOBER 26, 2021
Some are waiving appraisals and others are even offering to waive inspection contingencies. Inspection Contingencies Defined When buyers and sellers agree on all the terms of a real estate contract, it is signed and delivered to all parties. Some buyers like to have the roofs inspected by roofing companies.
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The hybrid appraisal is here. Who benefits?
Housing Wire
JULY 12, 2022
Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. An offer comes in at 5 p.m.
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7 Takeaways: Due Diligence Fee and Earnest Money in Real Estate
Raleigh Realty
AUGUST 17, 2021
Understanding Due Diligence and Earnest Money in North Carolina Real Estate When you go under contract on a home in North Carolina you are going to encounter terms like Due Diligence and Earnest Money. It's important to note that real estate contracts and laws change depending on what state you are in. Due Diligence: What Is it?
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Just Put in an Offer on a Home? Here's What to Expect
Eppraisal
OCTOBER 23, 2023
Your bid may need to be higher, your contract contingencies may be undesirable or other buyers may have more attractive financing requirements. The other party has no obligation to respond to you, but your real estate agent can reach out to learn their motivation for declining your proposal. The seller can pick a different one.
Pros and Cons of Selling Your Home As-Is
Cleveland Appraisal Blog
AUGUST 11, 2022
Talking to your real estate agent or appraiser is also helpful to get a professional’s point of view. Therefore, you don’t have to fix or account for any issues that might be discovered in a professional home inspection issued by the buyer. For some homeowners, this might be a completely legitimate option.
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4 Ways to Help Manage Client Expectations
McKissock
JULY 6, 2022
One of the main responsibilities of a real estate agent is to effectively organize all the competing interests of a transaction (or pieces of the jigsaw puzzle). Most agents quickly realize that “coordinating the chaos” is a major part of their role in a given transaction. As agents, we know better.
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Why You Should Use a Real Estate Attorney to Sell Your Home
Lamacchia Realty
FEBRUARY 2, 2023
WHY YOU SHOULD USE A REAL ESTATE ATTORNEY TO SELL YOUR HOME As a home seller you may think you are saving money by not hiring an attorney to guide you through the legal aspects of your sale but in actuality, it could end up costing you more not to! Again, this is a legal document that needs to be done right!
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9 Things to Know Before Selling a Home For Sale by Owner
Raleigh Realty
MARCH 23, 2021
The founder of forsalebyowner.com used a Real Estate Agent to sell his home after trying to sell it himself and failing to do so - imagine that. There are pros and cons to going the for sale by owner route, but it is strongly advised to work with a trusted real estate agent throughout the process.
How to get a real estate license in Ohio (OH) in 5 steps
Housing Wire
NOVEMBER 30, 2023
From completing your required coursework to taking the licensing exam, keep reading to learn how to become a real estate agent in Ohio. Step 1: Complete the prelicensing education requirements Applying for an Ohio real estate agent license starts with fulfilling the 120-hour sales associate pre-licensing education requirement.
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The Role of an Attorney in a Real Estate Transaction
Eppraisal
JULY 19, 2022
Unsure if you should hire an attorney to represent you in your real estate transaction, ask your real estate agent or mortgage lender. Contract Review Whether you are a home buyer or a home seller, once you sign a contract it is time to hire a real estate attorney.
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For Sale By Owner (FSBO): A Comprehensive Guide for 2023
Listing Spark
OCTOBER 9, 2023
Are you considering selling your home without the assistance of a real estate agent? For Sale By Owner refers to the process of selling a home without the involvement of a real estate agent or broker. Cost Savings: One of the primary reasons homeowners choose FSBO is to avoid paying hefty commission fees to real estate agents.
7 Takeaways: What Does Contingent Mean in Real Estate? (Video)
Raleigh Realty
MARCH 31, 2021
In every market though, things happen where homes that are under the contract may not reach the closing table and the contingency clause usually protects the buyer and sometimes the seller in the event the parties decide to terminate. The seller does not have the ability to accept another offer. What Does Pending Mean in Real Estate?
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Ways Home Buyers Can Get Their Offer Selected
Hank Miller Team
FEBRUARY 27, 2022
Princes are conventional loans with as much down as possible Offer 3-4 in earnest money and deposit it within a day of contract Waive contingencies like inspection, appraisal, and financing Learn what is key to seller and try to accommodate them Keep things simple, no nonsense stipulations or asks This is the market right now (late 2/22).
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12 Questions to Ask Your Real Estate Agent
PennyMac
JULY 20, 2021
Whether you are buying or selling a home, your real estate agent will be your partner through one of the most significant transactions of your life. Finding the right agent should involve careful planning and research, but many of us just don’t know where to start. How long have you been working as a real estate agent?
The Real Estate Transaction: Part 2 - From the Eyes of the Seller
Eppraisal
DECEMBER 23, 2022
Listing and Showings After you have listed your home for sale and your listing agent has all the marketing and advertising in full swing, you will start having "showings" Be sure that all buyers are accompanied by licensed real estate agents. Do not ever let anyone in your home without a licensed agent accompanying them.
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New Year, New You: Transforming Your Appraisal Career in 2023
McKissock
JANUARY 6, 2023
Train future appraisers, collateral underwriters, AMC staff, real estate agents, and others in real estate appraisal. These may be full-time jobs or contracted services. A variety of clients could engage you, such as taxpayers, agents representing taxpayers, legal and financial advisors, and hearing boards.
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What Does "As Is" Really Mean
Eppraisal
SEPTEMBER 30, 2021
Many real estate contracts have this provision written in as an optional paragraph. The buyers and sellers need to initial the paragraph to make it part of the contract terms. Sometimes sellers think that "as is" means that the buyers are waiving the inspections. However, it's the legality of the situation.
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The Many Shades of Earnest Money
Eppraisal
JULY 12, 2022
Earnest money is the money a buyer offers to have deposited at contract time to show he is earnest or serious about purchasing the home. How Earnest Money Works When you submit an offer to purchase a home, part of the contract deals with earnest money. What Happens to the Earnest Money if the Contract is Canceled?
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USPAP Myths for Appraisers
Appraisal Today
JANUARY 5, 2024
It also has a private rooftop deck with sunset views “It’s in an area of Hither Woods that is a very hilly section of Montauk near the ocean,” says listing agent Rylan Jacka, “It’s unusual to see the ocean from most places, unless you are directly on the ocean. Arouse the suspicion of an entire neighborhood when inspecting comparable sales.
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How Surplus & Excess Land Work
Cleveland Appraisal Blog
JANUARY 7, 2021
However, what if the car salesman said that the buyer would have to sign a contract stating that they could not resell the second car? In that analysis we must determine if the use of the land is legally permissible, physically possible, financially feasible and most profitable. They would just have to figure out a way to use it.
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Final Walkthrough Before Closing
Eppraisal
FEBRUARY 25, 2022
A critical step in the home buying process is the final walkthrough of the house, before it officially and legally becomes yours. The purpose of a final walkthrough is to be sure the home is in the same or better condition than it was when you signed a contract. Inspect the electricity by turning on and off all lights and ceiling fans.
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Purchasing & Developing Land - Part 2 - The Process of Purchasing Land
Eppraisal
JANUARY 29, 2023
In this posting, we will follow the acts of contract negotiation and legal settlement when undeveloped land changes ownership. If the owners are trying to sell by means of their own resources -- a sign or classified advertisement, say -- it is still wise to keep a buyer's agent on hand.
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Selling a home as-is: What you need to know in 2022
Listing Spark
DECEMBER 2, 2022
Unfortunately a contract’s “as-is” clause can be confusing for some sellers. The “as-is” clause on a standard Texas TREC contract can be confusing for some home-sellers. A buyer might check the box in the contract that says they are purchasing the home as-is.
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Practical Tips for Working With AMCs
Appraisal Today
NOVEMBER 4, 2022
Our office updates AMCs on every scheduling attempt with details, every inspection appointment set and completion, and any materials needed ASAP in the assignment. Appraisers tend to get annoyed with constant emails from the AMC about inspection date, completion, report submission, etc. Property inspection date. Effective date.
The REO Guide: 10 Steps to Buying a Bank-Owned Home
PennyMac
DECEMBER 22, 2020
The lender initiates legal proceedings against the borrower to foreclose on the property. Real estate agent: A real estate agent will be able to find REO offerings from multiple lenders in your desired area. Step 3: Find a Real Estate Buyer’s Agent Who Knows REO Homes. Foreclosure.
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Pre-Appraisal Checklist for Homeowners
D Fritz Appraisals
MARCH 16, 2021
The benchmark for your home’s worth, an appraisal is a legal document that determines the fair market value of a property. Home inspection reports (current and previous). If you’re unsure about the difference between each, we have a helpful blog post on home inspections vs. home appraisals. Plot/blueprint or property survey.
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Fannie Mae: No Appraisals Required? 3-10-23
Appraisal Today
MARCH 31, 2023
First, “third party” inspections. And, with this inspection a traditional appraisal is no longer a requirement for the mortgage loan. Secondly, the 3rd party inspection is sent to a licensed appraiser. What is included by the listing agent in the square footage above?HOW Networking at meetings.
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Pros and Cons to Selling a House As Is
PennyMac
SEPTEMBER 6, 2023
Buyers will have an inspection done and the cost of some repairs or updates, especially those regarding safety, often falls to the seller. Less hassle and negotiating A home inspection that uncovers a lot of issues can cost a decent amount of money upfront. Selling as is means you can usually avoid those possibly expensive repairs.
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Say What? Home-Buying Lingo You Should Know
Zillow
JULY 15, 2019
American Society of Home Inspectors (ASHI) : A not-for-profit professional association that sets and promotes standards for property inspections and provides educational opportunities to its members. A closing is usually attended by the buyer, the seller, both real estate agents and the lender.
Find Out What Really Happens When You Waive Contingencies to Score a Home
Realtor
DECEMBER 7, 2019
But it isn’t something sellers or seller’s agents love. “I Contingency: Home inspection. The right to get a full, professional home inspection—and flee into the night if new and horrifying info comes to light—is a crucial contingency. Contingency: Early move-in. Fear factor: 2. ” And those unknowns go both ways.
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NFT mania and the future of the home sale
Housing Wire
MARCH 7, 2022
It also gives real estate agents ideas. Absolutely, I will offer an NFT option to sellers within the next year,” said Richard Hopen, a Compass agent in Short Hills, New Jersey. NFTs in real estate are, for the moment, a grossly impractical novelty act that, publicity aside, offer tenuous benefits to agents.
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Tempted To Waive Contingencies to Score a Home? Watch Out for These Dangerous Repercussions
Realtor
DECEMBER 7, 2019
But it isn’t something sellers or seller’s agents love. “I Contingency: Home inspection. The right to get a full, professional home inspection—and flee into the night if new and horrifying info comes to light—is a crucial contingency. Contingency: Early move-in. Fear factor: 2. ” And those unknowns go both ways.
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Intricacies of the Offer Review Date in Residential Real Estate
Will Springer Realtor
FEBRUARY 1, 2022
In addition to competing on price, buyers will often exclude contingencies for inspections , financing or low appraisal. Though not a legally binding date, buyers may claim the early acceptance is disingenuous and stains the practice of residential real estate sales.
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How to Sell Your Own Home Without a Realtor
Listing Spark
SEPTEMBER 5, 2023
As online resources for pricing data, flat-fee listing services, and plenty of marketing options become available, homeowners can more easily navigate the market and handle transactions without paying for their own listing agent. While their advice and services can be helpful, you aren’t legally required to use one.
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Appraisers: How and Why To Check Carbon Monoxide Detectors
Appraisal Today
SEPTEMBER 30, 2022
As it turns out, both the appraiser and the home inspector had each independently inspected the home 18 months prior and both mistakenly reported a few of the smoke alarms present at the home, as CO detectors. Consequently, both the appraiser and home inspector ended up on the receiving end of a “wrongful death” legal claim.
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What’s Included in Closing Costs?
PennyMac
JUNE 28, 2022
From taxes, to inspection fees, to mortgage fees, you’ll need to make sure each party is paid to fully purchase your home. This fee will cover the attorney preparing and reviewing agreements and contracts. State laws will usually dictate who is legally responsible for overseeing the closing. Lead-Based Paint Inspection.
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10 Simple Steps to Purchase a Home in 2020
PennyMac
APRIL 2, 2020
Step 4: Find the Right Real Estate Agent. The help and guidance provided by a real estate agent or REALTOR ® can be priceless, particularly for first-time homebuyers or those searching in an unfamiliar area. But be sure you’ve done your research before opting out of using an agent. Step 5: Begin Looking at Homes.
The Complete Guide to Buying a Home As a Government Employee
Raleigh Realty
MARCH 29, 2021
With everything from securing a loan to dealing with the home inspection, a home buyer has a lot to handle. You want to choose the best price available Find an Agent Yes, it does cost money to hire a real estate agent. With an agent, you get a professional who knows the ropes. How Do You Qualify for HUD Programs?
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How to Become a Property Manager in California
CA Realty Training
JUNE 16, 2021
A real estate license doesn’t mean you can only be a real estate agent. In other words, a broker must hire an agent to work for them. One of the biggest duties of a property manager is handling rental contracts. Also, property managers schedule home inspections. By Bettina Siochi. It’s a job that’s in high demand!
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