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Real Estate Tips

Welcome > Resources > Tips > Real Estate Contracts > Deadlines ...

Deadlines

Both buyer and seller should be aware of all of the deadlines in their purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing.

If you are a careless buyer, you could lose your right to ask a seller to pay for needed repairs. There may be a limit on the time the seller has to respond to the buyer's request to complete repairs that are not required by the contract. Failure to apply for your mortgage on time may place your deposit at risk if the loan is denied. In many cases, the agreement can be declared null and void by the seller if financing is not approved within the time frame set forth in the contract. A delayed closing can cost the sellers money, and they may ask the buyer to reimburse these expenses.

Work closely with your real estate agent to ensure that all of your transaction deadlines are met.

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Real Estate Tips

Foreclosures >1. What Is a Foreclosure?

A foreclosure is a legal process through which a mortgagor loses his or her equitable right to redeem a mortgaged estate; in other words, the lender completely repossesses the home from the borrower (homeowner.) The lender goes through the legal motions to sell the property, terminate all the homeowners rights in that property, and remove the homeowner.

What are the effects?

The most stressful and pressing effect that foreclosure has is that the borrower loses his or her place to live.

Foreclosure negatively affects the borrowers credit rating. It stays on a credit report for seven years and drops a credit score 250 points.

A borrower whos been foreclosed on may have trouble finding and keeping jobs since good credit may be required by employers to be hired.

A foreclosed home can bring down the value of surrounding homes.

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Real Estate Trivia

Q	What architectural detail made its way into the design of many suburban homes built in the 1950s, 60s and 70s?
A	The picture window was a signature of the suburban American neighborhood.
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*Billy Burk and GiGi Gaubert Burk, REALTORŽ, real estate agent and broker for New Orleans, Lakeview and Lakefront, Louisiana home listings, property and land for sale - NUMBER1EXPERT

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