how much do real estate agentsmake

When selling a house, real estate agents play a crucial role in facilitating the transaction between buyers and sellers. In the United States, a popular financing option for homebuyers is the Federal Housing Administration (FHA) loan. Real estate agents are well-versed in handling FHA loan bids as they navigate the complexities of the home selling process. In this review, we will explore what real estate agents do with FHA loan bids, highlighting their expertise, responsibilities, and the benefits they bring to both buyers and sellers.

Real estate agents are experts in the housing market and possess extensive knowledge of various types of financing options available to buyers. When a seller receives an FHA loan bid, the agent's first step is to evaluate and understand the terms and conditions of the offer. This includes reviewing the bid for its compliance with FHA loan requirements, such as the property condition, appraisal guidelines, and necessary repairs or improvements, if any. The agent ensures that the bid aligns with the seller's preferences and provides guidance on whether to accept, reject, or negotiate the offer.

One of the key responsibilities of a real estate agent is to guide the seller through the FHA loan appraisal process. FHA loans require an appraisal to determine the value of the property and assess its condition. The agent assists the seller in

If the FHA appraisal process reveals new problems and the home loan is denied, sellers will likely have to relist their home and disclose the newly discovered problem to future prospective buyers. Something most sellers in a hot market won't be willing to deal with.

Why do sellers avoid FHA?

Some home sellers see the FHA loan as a riskier loan than a conventional loan because of its stricter approval and appraisal requirements.

What does FHA financing mean for the seller?

FHA loan rules specifically require the down payment to be buyer-funded, except for gift funds or other approved contributions from third parties with no financial gain in the transaction. The seller may contribute closing costs where applicable and permitted, but down payment funds cannot come from the seller.

What happens when you sell an FHA home?

FHA loans are assumable, which means they can be transferred to your buyer. Price sensitive buyers could really benefit from a low fixed rate loan, making your home more marketable.

What would cause a house to fail FHA inspection?

Common issues that may result in a failed inspection include: Heating, plumbing, or electrical issues. Leaking, damaged, or inadequate roofing. Faulty or inadequate water heater.

What would disqualify you from getting an FHA loan?

The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments or closing costs.

How strict is an FHA appraisal?

FHA mortgage appraisals are more rigorous than standard home appraisals. Whether you're looking at refinancing an FHA loan, buying a house with an FHA loan or even selling to someone who will be using an FHA loan, you'll want to understand what these appraisals entail.

Frequently Asked Questions

Can I buy a house without my husband?

If you don't live in a community property state, you live in a common-law state. This means that you're not required to share ownership of property you acquire while you're married. In a common-law state, you can apply for a mortgage without your spouse.

Can I buy a house in FL without my spouse?

Mortgage lenders cannot discriminate against you buying a home with or without your partner due to the Equal Credit Opportunity Act (ECOA). Buying a home alone can save you A LOT of money, hassle and time. Speaking of saving a lot of money, make sure to get the help of a home value estimator.

Can my spouse sell our house without my consent in Florida?

Some states, such as Florida, have laws that require the spouse's consent for selling a homestead property, even if they aren't named on the deed. This reflects a broader understanding that marriage involves shared assets and responsibilities.

What is the spousal privilege in Florida?

That spousal privilege means that communications between you and your spouse are inadmissible at a trial or hearing. As a matter of public policy, Florida's strong spousal evidentiary privilege is intended to preserve the goodwill, peace, and trust in the marital relationship.

Can you sell a house without telling your spouse?

Basically, all of this means that as long as your spouse's name appears on the title of the property, he or she is considered a co-owner. As such, his or her rights to the property are the same as yours and you cannot sell the property without his or her permission.

Does marital status matter when buying a house?

Your marital status does not affect whether or not you'll qualify for a mortgage, so it doesn't matter if you apply as a married couple or as separate individuals. When you apply for a mortgage with another person, the lender will evaluate each person's financial profile separately, including credit history and income.

Why is marital status important in survey?

Marital Status Some respondents may prefer not to say a lot about their private life. However, the relationship status survey question is a source of data about customers' habits and everyday spending. Married people buy a different range of products than singles. Understand their priorities to craft the best offer.

Can I sell my house without my spouse's signature in Florida?

Some states, such as Florida, have laws that require the spouse's consent for selling a homestead property, even if they aren't named on the deed. This reflects a broader understanding that marriage involves shared assets and responsibilities.

Is it harder to buy a house if you're not married?

Buying a house while unmarried can be a complex situation, especially since there isn't a prenup in place to indicate how the property will be divided in case you break up. It's important to have full transparency with your partner.

Can a married couple buy a house in only one person name in Florida?

Generally, both spouses should be titled in the deed of the family's primary residence (homestead), a second home, or even a vacation home. Different forms of joint ownership permit couples to hold the title of property in Florida, including tenancy by the entirety.

Can my wife take my house if I bought it before marriage Florida?

Quick Info: Is a home bought before the marriage divided in a divorce? In a Florida divorce, a pre-existing house is normally not marital property and therefore is not divided.

Can a married person own property separately in Florida?

Categorizing Property as Separate or Marital in Florida Marital property belongs to both spouses and will be divided accordingly. Typically, separate property is owned by one spouse and that spouse will receive it in a property settlement.


Can I buy a house with only my name on it if I am married?
You can also put only your name on the title. If you and your partner were to split up, the home would be yours alone; you wouldn't have to split it with your spouse.
Does tenants in common avoid probate in Florida?
Tenancy in Common in Florida Probate In general, an interest in a tenancy in common is the only type of joint interest that passes through probate, and it can be transferred via provisions in a Florida last will or through intestate succession in Florida—more or less like any other property interest.
Can tenants in common sell their share in Florida?
Tenants in Common is real property that is shared among more than one owner. Each owner possesses a certain percentage of the real property, and their interest can be sold or transferred at any time without the other owner's permission.
When property is owned as tenants by the entirety the death of one spouse will result in the surviving spouse owning the property as a whole?
This means that each spouse has an equal and undivided interest in the property. This form of legal ownership creates a right of survivorship so if one spouse dies, the surviving spouse automatically receives full title to the property.
What are the disadvantages of joint tenancy with right of survivorship?
Disadvantages of joint tenants with right of survivorship JTWROS accounts involving real estate may require all owners to consent to selling the property. Frozen bank accounts. In some cases, the probate court can freeze bank accounts until the estate is settled.
What are the rights of tenants in common in Florida?
In Florida, concurrently owned properties are, by default, owned by “tenants in common” or “tenancy in common”. This form of property ownership gives each person listed on the deed the right to equal ownership of and privileges to use all areas of the property, unless expressly stated otherwise.
What is the holdover tenant law in Florida?
Chapter 83 of the Florida Statutes is instructive on handling a holdover tenant situation. Section 83.58 of the Florida Statutes entitles an owner to demand double rent for the amount of time that the tenant continues to stay in possession of the property.
How do I get rid of a holdover tenant in Florida?
Evicting a Holdover Tenant Similar to normal lease termination, the landlord must provide the holdover tenant with a notice of eviction. In the case of a standard lease, landlords must provide tenants a 3-day notice of eviction for non-payment of rent and a 7-day notice of eviction for violating the lease agreement.
What happens when a house gets sold with a renter in it in Florida?
Review your lease agreement. Remember, Florida Landlord Tenant Law does not cancel your lease agreement upon the sale of your property and the new owner is bound to fulfill this lease agreement unless your lease states otherwise.
How long do tenants have to move out after house is sold in Florida?
If the original lease includes a “lease termination due to sale clause,” the landlord has the right to end the lease early if the property sells. However, the tenant typically has 30 days or more to vacate the property in the event of a sale.
What is the holdover clause in real estate?
A holdover clause is a provision in a lease agreement that allows the landlord to charge a higher rent or take other actions if the tenant stays beyond the lease term without renewing or terminating the contract. This clause can help the landlord protect their property rights and avoid losing income from a vacant unit.
Can we know the marital status of a person?
You can inquire about marriage records there, as marriages are often registered at the SDM office. Legal Assistance: If you need to verify someone's marital status for legal reasons or personal matters, consulting with a lawyer may be necessary. They can guide you through the legal process and access relevant records.

When selling a house what do the real estate agents do with fha loan bids

What is the ACS marital status question? We ask questions about whether a person is currently married, widowed, divorced, separated, or never married; whether his/her marital status changed in the past 12 months; and lifetime marriages to create statistics about current marital status and marital history.
Why do lenders ask for marital status? A lender or broker may consider your marital status as it affects the creditor's ability to reach the property in the event of nonpayment. For example, for mortgage and home equity loans, a creditor could consider whether your spouse has an interest in the property that is being offered as collateral for the loan.
Is Mark Spain Real Estate legitimate? Is Mark Spain Real Estate Legit? Yes, Mark Spain Real Estate is a legitimate company founded by Mark Spain in 2016. Their experienced agents have closed over $3.3 billion in transactions and served over 10,300 clients.
Does Mark Spain Real Estate charge commission? Mark Spain Real Estate will sell your home for a 4% commission, rather than the normal 6% commission.
Does Mark Spain sell houses? Mark Spain Real Estate sells over 57 homes per day on average. Get a Guaranteed Offer and work with the most trusted and #1 team in real estate so you can close with confidence!
How much does Mark Spain pay? The estimated total pay for a Listing Agent at Mark Spain Real Estate is $91,107 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $61,338 per year.
Did Mark Spain work for Keller Williams? In 2011, after 15 years of practicing real estate, Mark Spain joined Keller Williams and formed the Mark Spain Team. Over the next 5 years, the Mark Spain Team helped over 3,500 families close on their homes. In 2016, Mark Spain announced independence from Keller Williams and formed Mark Spain Real Estate.
What are the three basic forms of ownership in real estate? In California, there are five main ways to hold title. California title-vesting options include:
  • Sole ownership.
  • Community property.
  • Community property with right of survivorship.
  • Joint tenants with right of survivorship.
  • Tenants in common.
What are the two types of ownership estates of real property? Estates in Real Property
  • Fee simple: A holder of an estate in fee simple is entitled to all rights in the property. It is the highest type of interest in real estate recognized by law.
  • Life estate: A life estate is limited in duration to the life of the owner, or to the life or lives of some other designated person(s).
What is the most common form of real estate ownership? Fee simple. This is the most common type of interest. It is outright ownership. Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple.
In which form of co ownership is a person's ownership inheritable? Tenancy in common The most common forms of co-ownership include: Tenancy in common is used when property is held by two or more persons and, upon death, each owner's interest passes to his heirs or devisees.
What are the common forms of ownership? 10 common types of business ownership
  • Sole proprietorship. A sole proprietorship is owned and operated by one individual.
  • Partnership.
  • Limited liability company.
  • Private corporation.
  • Cooperative.
  • Nonprofit corporation.
  • Benefit corporation.
  • Close corporation.
  • What do I put for marital status if divorced?
    • Classified through self-reporting in the categories of married and unmarried. The term “married” encompasses all married people, including those separated from their spouses. “Unmarried” includes those who are single (never married), divorced, or widowed.
  • Should I write single or divorced?
    • There isn't one universal answer. On some forms the distinction may be material for some reason, in which case it is necessary to say "divorced". On many other forms it may not be material, and so there is no harm in saying "single". This would have to be analyzed on a case by case basis as to each form.
  • Is single the same as divorced marital status?
    • Divorce is the legal termination of a marriage through a formal legal process. It dissolves the marital relationship, ending the legal obligations and rights that come with marriage. After a divorce, your relationship status returns to single.
  • What should I put for marital status?
    • Classification of legal marital status
      • 1 - Married (and not separated)
      • 2 - Widowed (including living common law)
      • 3 - Separated (including living common law)
      • 4 - Divorced (including living common law)
      • 5 - Single (including living common law)
  • How long after divorce are you considered single?
    • You are here: Home / California Divorce Guide / Your Divorce is Final: Now What? / How Long Before You Can Remarry? Before both sides of a divorce proceeding obtain a decree restoring their single, non-married status, there is a minimum statutory six-month waiting period in the state of California.
  • Are husband and wife automatically joint tenants in Florida?
    • Married couples automatically become 'joint tenants' of their property in Florida. But you can also allow other co-owners to enter a joint tenancy agreement. There is no asset protection provided by this type of ownership.
  • How should married couples hold title in Florida?
    • Because tenancy by the entirety avoids probate and provides protections not provided by other forms of ownership, it is usually the best choice for married couples who purchase Florida real estate.
  • Does divorce sever tenancy by the entirety Florida?
    • Tenancy by the entireties can be terminated if there is a divorce, a mutual agreement to sever, or joint conveyance of the property. In either case, the interest property will be converted into a tenancy in common, which is another form of ownership.
  • Should both spouses be on house title in Florida?
    • Generally, both spouses should be titled in the deed of the family's primary residence (homestead), a second home, or even a vacation home.
  • Is tenants by the entirety presumed in Florida?
    • Tenancy by the entirety is a type of joint ownership available to married couples. Both spouses must simultaneously acquire their interests in entireties property while married. Florida law presumes jointly owned marital property is intended to be owned by the entireties.
  • What if only your spouse is on the mortgage or title?
    • Can a married couple buy a house under only one name? Yes, one spouse can purchase a home without the other's name on the new mortgage application or title. In communal property states, the home would still belong to both partners during divorcee proceedings.
  • Can I sell my house without my spouses signature in Florida?
    • Some states, such as Florida, have laws that require the spouse's consent for selling a homestead property, even if they aren't named on the deed. This reflects a broader understanding that marriage involves shared assets and responsibilities.

Leave A Comment

Fields (*) Mark are Required