real estate contingency: FAQ 9 - What is a "Financing Contingency" - 06/09/12 09:06 PM
A Contingency in a real estate contract usually means that something needs to happen in order for something else to happen.Example -  “This contract of sale is contingent upon the purchaser receiving loan approval.”   This  means that loan approval must happen for the sale to happen (or close).  A financing contingency should be included in your offer if you are relying on a mortgage lender (a loan) to buy the property.  Included in the statement about financing is the type of  loan you are seeking, whether it is FHA or conventional, how much you are financing with this loan and the interest rate. … (0 comments)

 
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Debbie Cook, Silver Spring and Takoma Park Maryland Real Estate Expert

Silver Spring, MD

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Long & Foster Real Estate, Inc

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