Purchase agreements - Canton first time home buyer tipsIf you are a Canton first time home buyer you probably have questions about purchase agreements and how you are protected. You are protected by what we call contingencies. These contingencies are standard language that is in your purchase agreement. The two main contingencies are:
A purchase agreement that you sign has these two contingencies. An inspection contingency and a mortgage contingency. Mortgage contingency. If you can't get a mortgage then you can get out of the purchase agreement. It's that simple. Let's say you lose your job during the process of buying a home. Then you can't qualify anymore and can't get a mortgage. You can void the contract and get your deposit back. Or the house doesn't appraise, the bank won't loan you enough money. You can't get a mortgage and the purchase agreement can be voided. Or if the bank comes up with an underwriting condition you can't clear. You can't get a mortgage and the purchase agreement can be voided. Inspection contingency. The standard inspection contingency gives you 7 days to get the home inspected after you sign the papers. If you don't like what comes up in the inspection you can void the contract or you can ask for a reduction in price, or to have it fixed. Well, septic, radon, termite inspections can all be done and are part of the inspection contingency. So if something major in the home inspection comes up then you can declare the purchase agreement null and void. If you would like to meet with me about your Canton home or if you are a Canton first time home buyer, please give me a call at (313)310-9855 or email me at yesmyrealtor@gmail.com Canton real estate information Canton MI relocation information http://www.detroitmichiganrealestatehomes.com/005766 Posted on Sep 08, 2011 @ 2:35 pm by russ.ravary - View Profile
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