New financing contingency protection when purchasing real estate!
The mortgage industry is massively upside down. Too many defaulting loans, far to many borrowers unprepared to support the loans they took out, and changing economic conditions causing massive default and failure from both qualified and unqualified borrowers.
Yet there are many who still want to and can buy real estate in today’s market.
The problem is that in today’s mortgage market, the rules, terms and conditions can change every hour, day, or week.
In fact we are seeing mortgage commitments being written that have enormous contingencies, and huge opportunities for the lender to kill the deal and not fund, even at the last moment even at the closing table.
Therefore it is now important for anyone considering purchasing real estate to consider protecting your deposit money right up to the actual disbursement of funds.
Included would be failure of the lender to fund FOR ANY REASON AT ALL RIGHT UP TO THE CLOSING.
Do this, the world is changing and borrowing is very difficult. One cannot afford to lose a downpayment because the lender pulls out at the last moment…and it happens every day.
