The mortgage contingency is often key to a successful transaction. This is provides that the buyer will obtain a mortgage for a set amount, down payment, rate and duration by a particular date. That date is usually the amount of time that the buyer and their bank has determined it will take to confirm all the details of their financing. The buyer, and their attorney, must notify the seller if the date cannot be met, and request an extension of this date. With no notice the contingency is waived. If the buyer cannot get the financing described, the seller can find a commitment for them, in a specified time frame. To show that they have the ability to meet this contingency, buyers provide letters of pre approval from their banks. To a seller the best offer does not have this contingency, and would be a cash offer.
Friday, September 30, 2011
Tuesday, September 27, 2011
Spaces - Real Estate Contingencies -part 2
The second frequent contingency is for attorney review time period. Offers to purchase are made on standardized forms and the details are worked out between the buyer and seller during their negotiations. Once both have signed and the contract is accepted by both parties, the contract is given to the attorneys for each side of the transaction. They have a specified time to review the contract, and the legal details of the property and to make any clarifications to the details that were worked out during negotiations or issues that arise from inspection or any other due diligence that is done on the behalf of their clients. The attorneys cannot change the price that was offered for the property, but they do negotiate credits for items found in inspection or in the legal description of the property or its title, as well as clarify and explain any condominium documents.
Wednesday, September 21, 2011
Assistance in making mortgage payments
Illinois Launches Hardest Hit Program
The new Illinois Hardest Hit program aims to help working Illinois families who are having trouble making mortgage payments due to unemployment or under-employment stay in their homes. The Illinois Housing Development Authority (IHDA) has partnered with the U.S. Department of Treasury to offer temporary mortgage payment assistance. Qualified homeowners can receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties. Go to http://lyris.illinoisrealtor.org/t/334220/16491058/3867/0/ to learn more.
The new Illinois Hardest Hit program aims to help working Illinois families who are having trouble making mortgage payments due to unemployment or under-employment stay in their homes. The Illinois Housing Development Authority (IHDA) has partnered with the U.S. Department of Treasury to offer temporary mortgage payment assistance. Qualified homeowners can receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties. Go to http://lyris.illinoisrealtor.org/t/334220/16491058/3867/0/ to learn more.
Wednesday, September 14, 2011
Chicago Videos 2011 and 1948
Thanks to this blogger for creating a link to two wonderful films of our City. Check them out.
http://www.chicagonow.com/chicago-ground-up/2011/09/chicago-then-now-two-short-videos/
http://www.chicagonow.com/chicago-ground-up/2011/09/chicago-then-now-two-short-videos/
Monday, September 12, 2011
Spaces - Real estate transaction contingency 1
One of the common contingencies to an offer to purchase a property is for an inspection. This is generally done by a licensed inspector hired by the buyer to take a more detailed look at the property. The inspector spends time testing the mechanical aspects of the property and looking for any safety or heath defects that should be addressed before changing ownership of the property.
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