Applying for a mortgage is one of the biggest financial steps you’ll ever take – and while many applications are approved, not every loan makes it through underwriting. Naturally, that raises the question: How often does an underwriter deny a loan? On average, about 1 in 10 mortgage applications are denied. That means the majority are approved, but there are still a number of reasons why an...
Key takeaways: Sellers sometimes agree to cover closing costs to attract buyers or speed up the sale, but this concession comes at a cost. On a $400,000 home, a 3% closing cost concession could reduce your net proceeds by $12,000. Raising the sale price to offset these costs may create appraisal or financing challenges, while also lowering the buyer’s financial commitment. Before...
Key takeaways: Real estate contracts must include key elements like the offer, acceptance, and consideration to be legally binding. Missing or unclear terms can lead to disputes, delays, or even failed transactions. Buyers, sellers, and investors can avoid pitfalls by understanding essential contract elements and reading every clause carefully. Real estate contracts are the backbone of every property...
Key takeaways: Buyer concessions are seller-offered incentives that make a home purchase more affordable for buyers. Common types include covering closing costs, repair credits, mortgage rate buy-downs, and HOA fees. Concessions can help sellers attract buyers in slower markets and ease financial stress for first-time buyers. What are buyer concessions in real estate? When you’re buying a home, the...
If you tried to buy a home a few years ago, you probably still remember the...
One of the most important things to do after buying a home is take steps to keep it safe. For some, that might mean installing security cameras or other safety measures. But something as simple as changing locks on your house can go a long way when it comes to adding an extra layer of security. So, how do you replace the locks in your house? And should you call a professional, or is this a potential DIY...
When it comes to selling your home, first impressions matter, especially for the home appraisal. To boost your chances of a higher valuation, sellers should focus on improving curb appeal, completing minor repairs, decluttering, and providing accurate records of upgrades. Whether you’re selling a home in Austin, TX, Denver, CO, or Raleigh, NC, this Redfin guide will walk you through practical tips...
Not every homebuyer wants the biggest house on the...
If you’re selling an empty house, vacant home staging is key to attract buyers and close quickly. A well-staged vacant home helps buyers connect emotionally, visualize the space, and ultimately make stronger offers. Without it, even the most beautiful listing can feel cold, confusing, or forgettable. Whether you’re selling your home in South Fulton, GA or staging a property in Wilson, NC,...
Thinking about buying another property? Maybe a lakefront house in Wisconsin for weekend getaways, or a duplex in Austin that could bring in steady rental income. While both sound appealing, the IRS and mortgage lenders treat second homes and investment properties very differently. Financing, taxes, and usage rules all change depending on how the property is classified. Knowing these differences upfront...
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