No financial contingency on contract...bad?
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My Realtor didnt want me to put a financial contingency in my contract...she said this would help me get the offer accpeted quicker - she is saying the home inspection is my out. Is this true? She and my Lender talked and he assured her that getting a loan was no prob...If I dont end up getting qualified for a loan does this mean I still have to buy it? or can I say somthing is wrong with the house? Thanks again for all the help....
No financial contingency on contract...bad?This is a "cash deal" when there is no financing contingency. If you have a home inspection contingency, you should comply with the express language of the contingency, WITHOUT VARIATION! If the contract states that the home inspector must be certified, hire only a "certified" home inspector. Also, you should personally attend the home inspection to assure that there will be no collusion between the inspector and the Realtor. You should also ask the inspector alot of questions.
Lastly, if there is an attorney approval contingency, you better get to an attorney within the time limit. The attorney can then change the contract to add safe-guards for you.
No financial contingency on contract...bad?Is your Realtor really a Realtor...there is a difference between a Realtor and a real estate agent! Most people do not know that! The inspection is a pretty good way out, but you should always have a loan contingency! The loan contingency covers the appraisal, if the property does not come in for the purchase price! In addition, your loan officer should be able to provide you with the underwriters approval usually in less than 3 to 5 working days at the most. How long have you been working with the loan officer and have you seen or been told of the conditions of your loan....this would be a good place to start!
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