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REAL ESTATE TIPS
Financing Your Home >Financing Contingencies
Standard real estate purchase agreements usually contain language that releases the purchaser from an agreement if they are unable to get financing within a specified period of time. This contingency includes a full return of the earnest money deposit. If you are buying a home, you should read the financing clause carefully and be sure that you fully understand the terms of the agreement.
You are usually required to apply for your loan promptly and to comply with requests from the lender for any documentation needed to complete the loan application. The contract will also set a time limit by which you must have loan approval. If your lender cannot meet the financing deadline and needs additional time to complete the loan, you must ask the sellers for a written extension.
Affordable loans and a wide variety of financing options make it an excellent time to buy or sell real estate.
REAL ESTATE TRIVIA
Q; Which metropolitan area in America currently offers the most affordable market in which to buy new homes?
A; The housing market in Youngstown, Warren and Boardman, Ohio is currently the most affordable metro area in the U.S.
