When the housing market is up and sales seem to favor sellers rather than buyers, negotiation contract contingencies may seem like a lost cause. But there are always cases where you as the buyer can effectively negotiate purchase protection into the contract of your home, and you may even be able to convince your seller to throw in a few perks. Here are some tips to negotiating contract contingencies from the seller. Common Contract Contingencies Knowing what contingencies are often included in home purchase contracts is the first step in getting what you want from the seller. There are a number of contingencies that are commonly included in contracts, and while this list is not exhaustive, it can give you a good idea of what you may want to consider. Appraisal—This is usually required by your lender, and while traditionally it is the responsibility of the buyer, you can get it covered by the seller. Home Inspection—This important step can find any major problems with the house or property that could cause a decrease in value, or make it an unwise investment. Loan Contingency—This is a term in the purchase contract that allows a buyer to back out of the […]
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Once your loan is approved, you will be ready to take the final step that will lead to the door of your new home. Many homebuyers are intimidated by the closing process, but it’s not as complicated as you may think. In fact, finding the right home is much more difficult than closing the deal. Making It Official The closing process begins with the borrower and lender meeting in the presence of a notary public. This is a person who is authorized to oversee, create or certify contracts, deeds and other legal documents. At the conclusion of the signing, the notary public will provide their stamp and signature, which certifies the identification of everyone present and the signatures on the loan application. Handing Over The Cash When you meet with the lender to close the loan, you will be required to produce your down payment and, if required, the closing costs. Ask your lender about acceptable payment methods, which may include a cashier’s check or other certified funds. If you have an account with the lender, a personal check may be accepted in some circumstances. Review The Loan Documents At closing, this will be your final opportunity to review the […]
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