Hey {first_name},

So you’ve found the home of your dreams and you want to put in an offer. We sit down. We

talk numbers. I carefully draft up the Purchase Agreement (the contract) to include terms

and conditions to protect your best interests.

A financing condition is one of the most commonly used conditions. It’s included to protect

you, the Buyer, by telling the Seller that your offer to buy their property is conditional on

you obtaining financing.

WHAT IF YOU CAN’T OBTAIN FINANCING?

If you buy a property with a financing condition and then find out your lender won’t lend you the money, the contract is canceled and you get your deposit back. In obtaining the loan you have a responsibility to act in good faith. You can’t just change your mind the next day and back out of a sale saying you couldn’t get financing.

If you buy a property without a financing condition and then find out your lender won’t lend you the money, you’re in serious trouble. You risk losing your deposit and quite possibly being sued. There are ways to get PRE-APPROVED for a mortgage so you can make anoffer without a financing condition. This is particularly useful if you find yourself in a bidding war and financing conditions aren’t likely to fly with the Seller. Your lender and I can help you out with that.

Pro Tip:

While the legal wording may vary from contract to contract, a well-worded clause states

that the financing obtained must be “satisfactory to the Buyer in their sole and absolute

discretion.” This means that the terms and conditions of the financing obtained (interest

rate, payments, etc) must be satisfactory to you – not just that you were able to obtain

financing in general.

Know anyone looking to buy? I can help! Call me:{{default_phone}}

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