Edwardsville IL Homes for Sale and Real Estate

Pay Attention to Those Pesky Contract Deadlines

We always tell our buyers to be sure they read and understand the standard board contract that is used to make an offer to purchase property in our market. As we fill it out with them, we paraphrase and tell them about the importance of the document they are signing and initialling.

However, the contract is eight pages long and it's likely that many of them don't pay as much attention to some very important language as we'd like. That's one more reason why it's so important to have a competent buyer's agent on your side when you're purchasing a home or investment property.

One of the most critical sections of our contract in Southwestern Illinois is the financing commitment deadline.  The buyer's financial pre-approval is submitted with the offer to purchase, but the lender's full loan commitment must also be presented to the seller by a certain date.

This is where things get tricky and where a buyer can lose everything if no one is paying attention.

Our contract language reads that the loan commitment must be finalized not later than 30 days after contract acceptance or 10 days prior to closing -- whichever comes first. 

"So what?" you might ask.  Well...if the commitment isn't produced, then the seller has the right to terminate the contract.  "Hey, Nancy," you might also ask, "Why would a seller want to do that? Don't they want to sell their house?"

Yes, but put yourself in the seller's position. They might have received another offer since yours was accepted. And if they took a back-up contract on their home (thinking yours might fall through), it could be for a larger amount than you are paying for their home. That means the seller could think it is in their best interest to try to get out of his contract with you by whatever means possible.

So, my buyer friends, be sure you and your Realtor are talking about all the nuances of the contract from the time you make the offer until the day you're sitting at the closing table and being handed the keys to your new home.  

Take those dates seriously.  It's easier to read and understand a contract than it is to start the home search process all over again.

__________________________________________________________________________________________________

About the Author: Nancy Milton, GRI, is a Realtor with the Just Ducky Homes team at Coldwell Banker Brown Realtors in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs of Madison and St. Clair counties with special emphasis on real estate in the communities of Edwardsville, Glen Carbon, Maryville, Collinsville and Troy. For more information, visit their web site at http://www.JustDuckyHomes.com or e-mail Nancy@JustDuckyHomes.com.

Enjoy life in the (618) area code in Southwestern Illinois, St. Louis' Illinois suburbs. SEARCH FOR HOMES HERE.

 

LIKE MY BLOG? PLEASE SUBSCRIBE HERE.

I help good people buy and sell good homes in St. Louis' Illinois suburbs, with special emphasis on the Metro East communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy and surrounding areas in Madison County, Illinois.

Are you a teacher, firefighter, law enforcement officer, medical professional or active duty or retired military? Then ask me about Homes for Heroes, offering substantial savings on home purchases. Learn more at Homes For Heroes.

For more information or to search for homes, visit my sites at NancyMilton.com618Life.com, or GoshenRealtyGroup.com or send an email to me at Nancy@GoshenRealtyGroup.com. Text or call Nancy Milton Holtzscher, your Edwardsville Realtor, at 618-791-8007 any time.

REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025, 618-791-8007 (direct) 618-655-1188 (office). We're easy to find on IL-157 in Edwardsville between Pasta House Co. and Shenanigans. Each office is independently owned and operated.

Comment balloon 0 commentsNancy Milton Holtzscher • April 12 2009 09:22PM
Pay Attention to Those Pesky Contract Deadlines
share
We always tell our buyers to be sure they read and understand the standard board contract that is used to make an offer to purchase property in our market. As we fill it out with them, we paraphrase and tell them about the importance of the… more
The art of the deal… or not
share
From time to time I come across a great blog post that I really want to share with my customers. So, even though the Realtors who penned the advice below practice in Alaska and my buyers and I are in Madison County, Illinois, this is… more
Seniors and Freshmen: Buying a Non-Traditional Home
share
Recently I have noticed an upswing in the number of buyers I help who are acquiring a home for some non-traditional reasons that make a great deal of sense. These customers tend to fall into two categories -- parents of university students… more
Here's Why I'll Never Sell You a House
share
Dear Buyer: I am so glad we've decided to work together to find your next new home. It will be a pleasure to be your buyer's agent. But before we get started, I want to make one thing perfectly clear. I will never, ever sell you a… more
Real Estate Home Styles 101 - The American Craftsman
share
If you don't know a Tudor from a Victorian or a raised ranch from a bi-level, you've come to the right place. Sometimes, it seems like real estate has it's own language. There are contract terms, financing terms and style terms. This will… more
5 Reasons You Don't Need A Buyer's Agent
share
I spent yesterday hanging out with a lot of my husband's friends from work. One friend, we'll call him "Walter", decided to inform me that one day buyer's agents will be obsolete. When I asked him why, he told me that whatever an agent… more
We're Collecting Bikes For Kids
share
Did you know that May is National Bike Month? Every child should have the opportunity to hop on a bike, strap on a helmet and enjoy the feeling of freedom that comes from flying down the road under their own power. Sadly not all kids… more
Tune in to WSIE 88. 7 FM Your Station for Jazz in Edwardsville
share
If you're new to the Edwardsville area, or anywhere in Madison County, get ready for a treat on your radio dial. WSIE 88. 7 FM is the on-air gathering place for jazz lovers in the St. Louis metropolitan region. Operated by Southern Illinois… more
Call Us About ConocoPhillips Wood River Refinery Relocation Homes
share
The massive ConocoPhillips EnCana Wood River refinery in Roxana, Illinois is expanding, bringing great new jobs to our area for skilled craftsmen and contractors. That's excellent news for Madison County, Illinois in the midst of the ongoing… more
Think Like A Buyer - And Your Listings Will Sell
share
Back in 2005, anyone with a real estate license could sell a house. Snap a picture, stick a sign in the yard and put the listing in the MLS with a one sentence description and you were done. Those days are long, long gone. The numbers in my… more