Sentences with phrase «loan contingency»

A loan contingency refers to a condition in a real estate contract that allows the buyer to back out of the purchase if they are unable to secure a loan or mortgage for the property. Full definition
Made an offer on this Newark home over asking, waiving the appraisal & inspection contingencies, reduced loan contingency.
Loan or Financing Contingency Loan contingency is the period of time the seller is giving you to obtain full, formal loan approval.
Inspection and Loan Contingencies exist to protect the buyers» earnest money deposit in a transaction.
You want to get the best rate and loan program possible, but you're also under a deadline to remove your loan contingencies and get your financing in order.
What's more, if your loan contingency has expired or been removed, you could lose your earnest money deposit along with your new home.
You want to get the best rate and loan program possible, but you're also under a deadline to remove your loan contingencies and get your financing in order.Quicken Loans might be the most well known online mortgage lender.
Meanwhile, we received a final loan commitment from our lender today, just in time to release our loan contingency tomorrow.
Citing this loan contingency, she exercises her right to terminate the contract and recoup her earnest money, but the escrow agent can't release the funds because the seller — in clear violation of the terms of the agreement — refuses to acknowledge contract termination.
I don't have loan contingency and I still want to buy this property.
In fact, pursuant to the terms of the contract, if the loan contingency has expired and you fail to close the purchase transaction, you could lose your earnest money deposit and not have the failure of obtaining loan approval to lean on as an excuse.
Most agents discuss with the lender about the loan contingency, so they are in the same ballpark, but many listing agents struggle to separate them.
Sellers misinterpret the meaning of removing the loan contingency has being approved and may put themselves at risk with their subsequent purchase by removing their OWN contingencies before they should.
And by «one of hundreds» of complicated topics, I mean that there are over 10,000 words in the purchase contract (I counted, and that doesn't include the other 3 disclosures you sign with an offer), and the Loan Contingency I've been talking about (and very briefly, I might add) makes up less than 100 words.
They elected to keep both their appraisal and loan contingencies, however, and the listing agent noted that the winning offer was completely non-contingent and at a significantly higher price.
Here it is: Just because someone removes a loan contingency, that does not mean the loan is approved.
My buyer's initial offer on this home came in with an appraisal and loan contingency.
Submitted an offer 15K over the list price and waive the inspection and loan contingencies.
If your loan contingency has expired or been removed, you could forfeit your earnest money deposit in addition to losing the home.
We wrote an offer keeping contingencies of the buyer selling his current home, inspection contingency and loan contingency.
There were 5 other offers, so we dropped our Appraisal Contingency, shortened our Close of escrow timeline to 12 days and our loan contingency to 10 days to win the bid!
There were 17 offers per listing agent, and we were the top price offer but with the loan contingency.
Buyer refused to remove the loan contingency, therefore seller had accept the other non-contingency offer instead.
It could be a loan contingency, an appraisal contingency or an inspection contingency — maybe it's contingent on the buyer selling another home that the buyer can't seem to sell.
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