• How Do I Evaluate an Offer I Received on My Home?

  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. There are a handful of components to an offer that with make it stronger or weaker. When reviewing an offer you received, pay close attention to each of these but be mindful of the whole picture.  Preapproval and Proof of Funds  If a buSome readers

• What Is a Notice to Perform and How Do I Use It?

  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 contractual obligation, if the contingency period ends prior to the end of those two days. If the party does not perform the specific action, the party issuing the Notice to Perform may cancel the agreement. If the contingency period ends more than thSome readers

• What Are Property Inspections?

  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 landfills, military bases, airports, schools, traffic patterns, and anything else that may affect the property whether on the property itself or even nearby where it may impact the property in some way. It's important to understand that this coSome readers

• There Is a Tenant in the Property. What Do I Do?

  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 and hey might just go ahead and do it. Another option sometimes used is a new owner will offer the tenant some money in order to vacate the property and terminate the lease. If they will not leave, you will need to wait until the end of their leasSome readers

• What if an Agent Represents a Buyer and They Want to Buy My Home?

  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 amount after closing. You can still use Homepie’s platform, but the agent will probably want you to sign a commission agreement. Make sure you read any documents carefully.Some readers

• How Do I Price My Home?

  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 it: Comparative Market Analysis: Start by examining nearby homes that were recently sold or are currently for sale. Pay attention to their size, condition, and features. This will help you gauge a reasonable price for your home. Homepie’sSome readers

• What Is a Seller Credit?

  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 costs so that they can purchase the property with less money out of pocket. It is essentially a way to finance the closing costs. Another common situation where a seller credit may apply is in the case that a buyer does an inspection, fSome readers

• What Is an Appraisal?

  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 and differences, and ultimately come up with an estimated market value. Lenders will almost always order an appraisal of a home before providing a mortgage, but anyone, such as a cash buyer or a seller, can order one.Some readers

• How Do I Start The Preapproval Process On Homepie?

  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 you through the process, assessing your financial situation and determining your loan eligibility. After evaluation, you'll receive a preapproval letter and a Pre-Approval Badge, signaling to sellers your readiness and capability to purchase a home. ThisSome readers

• What Is a Good Faith Deposit?

  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 deposit is basically telling the seller that you are serious about making the deal. A customary standard is that a buyer should put 3% of the purchase price in escrow as a good faith deposit. Generally, you really don’t need to put more tSome readers

• What Is A Down Payment?

  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 lower down payment. Remember that even if your offer isn’t strong in this area, there are other areas where you can strengthen your offer.Few readers

• What is a Seller's Closing Statement?

  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 to net after the sale closes.Few readers

• What Is a Pest Inspection?

  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 termites or wood rot. Most homes will have some sort of issue and it’s almost always something that can be remedied.Few readers

• Is My Personal Property Safe During Showings?

  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 Items: We strongly recommend removing or securing any valuables and personal items before showings. This includes jewelry, electronics, and sensitive documents. Taking these steps is a common practice, regardless of the platform used for the sFew readers

• What Is a Home Warranty?

  Articles on: Real Estate/Financing 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 properly, typically the issue will be fixed or the item replaced. Usually there will be a small service call fee in the range of $50-$100. Most of the time,Few readers

• What Is a Home Inspection?

  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 general aspects of the home. Your inspector should be thorough, however, it’s important to remember that the home inspection is a general inspection and your inspector is not a specialist. Your home inspector will examine the major systemsFew readers

• What is a Sale Contingency?

  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 mortgages. This is not an uncommon scenario, but it makes the sale more complex because now you must coordinate two sales at once and you have to time the closings carefully. Oftentimes a buyer and seller will agree to concurrent closings, but sometimes, the buFew readers

• What Is a Contingency?

  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 the inspection contingency. This allows for a buyer to have time to investigate anything related to the property. If the buyer finds something that they feel is unacceptable, they may cancel the contract under the inspection contingency.Few readers

• What Is a Counteroffer?

  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 submit your offer, the seller will have the chance to review it and respond as they wish. They may accept, decline, or counteroffer you. In response to their counteroffer, you may also initiate a counteroffer to them. Homepie’s onlineFew readers

• Is It Important to List My Home on My Local MLS?

  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 an industry that has been resistant to changes brought about by technology. Once you list on the MLS, it will be immediately syndicated to all of the online real estate websites. The most important are the large portals which receive hundreds oFew readers

• What Is Meant by the Escrow Period/Days to Close?

  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 buyer is paying in cash, an escrow can be closed in 7 to 14 days.Few readers

• What Are The Benefits Of Getting Preapproved For A Mortgage On Homepie?

  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. Understand Your Buying Power: Preapproval clarifies the mortgage amount you're eligible for, helping you focus your home search on properties within your budget. Budget Planning: It provides a clear estimate of your potential morFew readers

• What Is a Loan Contingency?

  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 consuming. The time needed for the loan contingency period is usually about 21 days but may be more or less depending on the lender and the lending market. Be sure to check with the lender to ensure proper expectations and to avoid issues while yoFew readers

• Why Get Pre-approved?

  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 the time to get Pre-Approved now will save you a big headache later. The best news is there is No Fee for this service! Starting the pre-approval process is simple. Simply click the ‘Get Loan Badge’ button located on every listing, or click the ‘GetFew readers