When Writing a Real Estate Contract: The Words Chosen Can Make a Difference

When Writing a Real Estate Contract:
The Words Chosen Can Make a Difference     

     I'm working on a rather challenging mortgage scenario for new and hopeful applicants ...
     

     There are many elements to this transaction that serve to make it somewhat extraordinary.  

     But the one thing that's proving the most challenging is the wording chosen for a portion of the signed Real Estate Contract. 

     The applicants involved have excellent credit/credit scores and secure employment.  Their financial position is stellar and very secure.  Every indication is that they're financially rock solid and would be at little risk for credit issues arising in the future.

     Yet, there is that darn wording within their Contract to be concerned with.  And it's causing a bit of havoc ...

     Why do I mention it?

     My objective in writing this post is:  

1. To alert real estate professionals to the importance of word choice within a Real Estate Contract.  It can influence the difficulty and speed with which their Applicants' Mortgage financing is secured.
2. In extreme cases, it can even hinder or prevent completion of a successful Mortgage Application.

     That's what is being experienced by my new Applicants.  The wording within their Contract is hindering and slowing down their entire buying/financing process.

     So how can this be prevented?  

     In transactions that may be somewhat out of the ordinary or challenging like this one:

     It would be wise prior to the writing of the Contract ... or certainly prior to the signing, that agents and clients have a conversation with me (the Mortgage Originator).  

     This one simple act could prevent problematic issues from rising during the financing process.  It will help mortgage underwriting and application proceed more smoothly for the client ... and for the professionals involved too.   

     I'm confident that we will work through the challenges found within this present Contract.  However, it'll take time to do so.  The unknown time element will cause some additional stress for the client.  Stress that could have easily been avoided. 

     So take the time to make a call.  Ask me questions.  Ask for direction.  It's definitely worth doing ...  

*  Are you someone ... or do you have clients ... that hope to Buy, Build, Refinance or Invest in a home within New Lenox, Will County, or the Greater Chicagoland area?  Contact me today!  I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  - WI Lic. #216987

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

              

         

Gene Mundt, Mortgage Originator, an Originator with 40 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  

The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI. 

Your Referrals & Testimonials are Greatly Appreciated!