South Jersey Real Estate Broker exposes a hidden deal killer
Yes…it’s a killer and it’s quite hidden until you know exactly where to look for it. So let’s say you’re selling your South Jersey home and of course the buyer has to get a mortgage, so it’s quite normal to give them a mortgage contingency clause in the contract that says if for some reason they can’t get a mortgage that they get their deposit back. That’s fine. But what if they need to get a loan for thier DOWN PAYMENT ??!! For example, a home equity loan on thier current home that will be used as a down payment on the new home. Hmmmm, so now, if they don’t get the home equity loan, they can’t get the mortgage to buy YOUR home and they effectively have ANOTHER back door out of the deal… not good for the seller who is sitting around with the house off the market thinking everything is just peachy, until the phone rings and we’re told the transaction is dead because of home equity loan that we never even knew about !
What’s the solution? A diligent inquiry during the offer and negotiation stage and a well written contract to purchase. Knowing the right questions to ask and recognizing the red flags that alert us to ask these questions is critical. It’s all about the experience ! ….and why you need an experienced agent on your side, representing your best interests. When hiring a real estate agent I recommend at least 10 years full time experience. If you need a South Jersey Broker to help guide you, I’d love to interview for the job…call or email me now.
Thanks for Reading!
REMAX Home Team