When purchasing a residence the sales agreement usually has clauses referred to as “financing contingencies,” which allow the buyers to declare the contract null and void if they are unable to obtain financing. For first-time or infrequent buyers the terms of a contract and swift deadlines may be daunting. Having a meticulously organized and discerning agent, such as MaryEllen Kuehl of The Kuehl Group, is imperative in order to avoid unforeseen impediments in obtaining monetary means for purchase. The professional real estate agents of The Kuehl Group actively engage their clients in order to adhere to the financing terms outlined in the contract.
The typical financing clause sets a time limit of from 30 to 45 days for obtaining a firm commitment from a lender. This may entail set deadlines for applying for a loan and require the buyer’s full cooperation in obtaining all information needed to process the loan. In instances where a loan is not approved by the deadline MaryEllen is an invaluable resource in order to obtain an extension from the seller, or to void the contract and refund the deposit money. MaryEllen Kuehl will diligently outline the necessary actions to take in order to ensure that the necessary documentation is at hand and that financial deadlines for the transaction are flawlessly executed.