New Listings
MLS# 1605861 - 6762 Pima Rd, Madison - 2 bed/2.5 baths - $159,000 - Kerri Campbell
MLS# 1605865 - 2806 Post Rd, Madison - 4 bed/2.4 baths - $207,000+ - Janet Johnson
New Accepted Offers
MLS# 1581034 - 121 Metro Terr, Madison - Shawn Kriewaldt
MLS# 1599348 - 120 Glen View Rd, Mount Horeb - Kara Thomas
MLS# - 705 Pulley Dr, Madison - Shawn Kriewaldt
MLS# 1605088 - 1303 Edgehill Dr, Shorewood Hills - Shawn Kriewaldt
MLS# 1604940 - 10 Wood Haven Way, Fitchburg - Kerri Campbell
WRA Legal Hot Tip
Q. In the financing contingency of the accepted offer, the buyers indicated they would have $20,000 and would need the rest financed on a 30-year fixed mortgage. After acceptance the buyers decided to do 100% financing. Does the offer need to be amended?
A. The offer does not necessarily need to be amended. Lines 238-240 of the WB-11 Residential Offer to Purchase provide, “If Buyer qualifies for the loan described in this Offer or another loan acceptable to Buyer, Buyer agrees to deliver to Seller a copy of the written loan commitment no later than the deadline at line 220.” The buyer may choose to enter into a mortgage with terms different than those described in the offer as long as the written loan commitment is properly delivered to the seller. However, if the buyer wishes to provide a letter of unacceptability stating that they could not get the loan they desired; the seller would be able to require the buyer show they could not get the terms described in the offer.
No comments:
Post a Comment