When you made an offer on a Florida home the question comes up When An Offer For A Florida Home Is Accepted How Quickly Must I Apply For A Loan? when you finance your home. When your offer was accepted and you need financing than you have to take immediate action. Many sales agreements require buyers to apply for a mortgage within a specific time period, say seven days after the contract is signed. This is a negotiable item, and can be any period agreeable to both parties.
This is a very important matter because if an application is not made, then a buyer may be in violation of the sale agreement. A violation of the sale agreement, in turn, could be grounds to forfeit the deposit. Thus, buyers should go through the sale agreement with great care before signing to assure that all obligations are known and understood. Work with an appropriate professional such as a buyer broker when reviewing a sale agreement.
When you meet with a lender, be certain to obtain a letter stating that you met and showing when. Immediately provide this letter to the seller’s broker in the manner required by the sale agreement.
It is imperative that you follow the contract and the deadlines stated. If you need some contract changes ask your agent to write an addendum and get it signed by all parties of the contract. Your contract dictates the sale, the deadlines and the sale itself. It dictates your agent, the closing company, your lender if any and the seller. all parties have to do their part to full fill all requirements of the contract.
Any question about the home buying, the steps to take, the paperwork involved or when An Offer For A Florida Home Is Accepted How Quickly Must I Apply For A Loan?