Legal Question in Real Estate Law in Illinois

Mortgage Contingency

There's a contract where the buyer claims the home didn't appraise & he can't get his mortgage. He faxed us a request to extend the mort. contingency & renegotiate the price. We returned a letter denying these request. Is this contract still legally binding us to sell the home to him? We have another contract from another buyer at this point and don't know what to do. Thanks.


Asked on 4/04/03, 7:16 pm

1 Answer from Attorneys
Mary McDonagh McDonagh-Faherty Law Offices

Re: Mortgage Contingency

You must look at your contract. Examine the details as to what occurs if the buyer cannot get his mortgage in the required time - usually you would have no obligation to continue with the contract. However, it all depends on YOUR contract and what it says. If you have an attorney already, he should be able to tell you immediately. If you do not have an attorney at this stage, I would suggest you get one. Real estate deals are OK until something goes wrong. A nominal fee can save you a heck of a lot of money down the line through prevention.

Read more
Answered on 4/07/03, 11:29 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois