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mortgages

Started by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
i am new at this so pls dont be harsh. i have a commitment letter with conditions. two being taken care of this week. the rest of the letter is extremely scary to me as there are so many ways to giving me this loan. so what do i do? i have a 30 day window to pull out then what? if i dont get my loan last minute how do i handel this???
Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

three words. mortgage contingency clause. if it isn't in the offer letter AND sales contract, then you're on the hook for the sales price unless there's a liquidated damages clause. In the LEAST, if you're seller is a nice guy, you're deposit is gone if you (a) cannot secure a mortgage in due course; and (b) have no mortgage contingency clause. General Statement here as I have no knowldge of your contract and/or offer letter.

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

Confirm #2. Get the clause in the contract. Also, you really should have a RE lawyer involved. Most charge a flat fee -- $1600-$2000 is the average.

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

Agree with all of the above. You need a finance/mortgage contingency clause.

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