Residential sales agreements usually have clauses referred to as financing contingencies which allow the buyers to declare the contract null and void if they are unable to obtain financing. This may be the most important condition in your contract if you are buying a home, so read the contract carefully before you sign it.
Most financing clauses set a time limit of from 30 to 45 days for obtaining a firm commitment from a lender. They may set deadlines for applying for a loan, and require the buyer's full cooperation in obtaining all the information needed to process your loan. If the loan is not approved by the deadline, it may be necessary to request an extension from the sellers or take specific steps to void the contract and get your deposit money back. Be sure to note all of the financing deadlines in the contract, apply for your loan as soon as possible, and be diligent about providing the lender with any documents that are requested.
BJ Cole, Associate Broker, ABR Realty ONE Group 7975 N Hayden Rd, Suite A-101 Scottsdale, AZ 85258 BJ Cole: (602) 510-7478 Fax: (480) 368-5140 bj@coleteam.net
We specialize in making the process of buying or selling your home as easy as possible. Together we have sold over $400 million in real estate, taken part in over $6.5 billion in luxury property transactions including appraisals, and understand what it takes to follow through to complete your sale/purchase. We excel in personalized customer service and follow through.
Chris Cole Realty ONE Group 9366 East
Raintree Dr, Suite 101 Scottsdale, AZ 85260 Chris Cole: (602)
510-7286 Fax: (480) 368-5140 chris@coleteam.net
www.DiscoveringScottsdale.com
is brought to you by BJ and Chris Cole, real estate for
Paradise Valley, Scottsdale, Arcadia, Biltmore and Fountain Hills, Arizona
www.DiscoveringScottsdale.com
is brought to you by BJ and Chris Cole, real estate for
Paradise Valley, Scottsdale, Arcadia, Biltmore and Fountain Hills, Arizona
