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Financing Your Home >Financing Contingencies
Standard real estate purchase agreements usually contain language that releases the purchaser from an agreement if they are unable to get financing within a specified period of time. This contingency includes a full return of the earnest money deposit. If you are buying a home, you should read the financing clause carefully and be sure that you fully understand the terms of the agreement.
You are usually required to apply for your loan promptly and to comply with requests from the lender for any documentation needed to complete the loan application. The contract will also set a time limit by which you must have loan approval. If your lender cannot meet the financing deadline and needs additional time to complete the loan, you must ask the sellers for a written extension.
The Luby Group - Suzanne & Liz Luby - IL Licensees Coldwell Banker 530 North Hough Street Suite 180 Barrington, IL 60010 Suzanne: 847-922-7773 Liz: 847-691-3150 Office: 847-277-2777 Fax: 847-382-4990 Luby@TheLubyGroup.com
Suzanne and Liz Luby begin each client relationship with a simple commitment to superior service. With more than twenty years of experience in the Barrington, Inverness and Chicago Northwest Suburban markets, Suzanne and Liz Luby offer home buyers and sellers expert real estate guidance based on the highest professional and ethical standards.
The Lubys believe their business is about building lasting relationships through communication, trust, knowledge and expertise. Their team approach has consistently ranked them among the top 100 of Coldwell Bankers’ Chicagoland agents, and top 1% nationally.
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