An "informed but informal" place to find real estate information
As prices continue to remain high in the more urban area's of the Hudson County real estate market, many buyers can only purchase property by obtaining some of the more "inventive" financing vehicles which have been very popular recently in allowing a buyer to spend more than originally intended. These "inventive" mortgages tend to call for very specific and often hard to achieve conditions that would not apply with a conventional 30 year mortgage. In the standard realtor contracts and many standard contracts in general, the language states that the buyer is obtaining a conventional 30 year fixed mortgage which is very often not the case. And what can happen is that 6 weeks into what is assumed to be a done deal, the mortgage company continues to make demands that the purchaser can't make. From the date that the contract is first signed to the time delays that may arise during attorney review & the mortgage contingency period, much time can go by which may put the seller in a vulnerable position that may force them to re-negotiate the contract at some level with the buyer to make the deal happen. So right from the beginning of signing the contract, be very careful as a seller to the details of the buyers financing. You may get your asking price early in the listing but if the buyer can't get financing, you are actually going to have to start the entire process again. (Don't leave this important aspect of this transaction up to your lawyer to take care of as it is really your responsibility to stay on top of this).
About me
- I'm Judy Marciano
- From Hoboken, NJ, United States
- Thanks for checking out my blog. I am a full time licensed NJ real estate agent in Hoboken at Empire Realty Group. As I go thru Hudson County each day, often I stop to take a picture. Feel free to contact me for any real estate assistance at jmarciano@empiregroup.com
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