Here is a tip for Buyers
Now that you have found that perfect house and you are so excited to write an offer the tension starts to mount with the offer you submit to a seller. Here is a simple tip that can avoid some pain or problems down the road. The WB-11 Residential Offer to Purchase has a provision on line 269 regarding an appraisal. Above this section on line 220 there is a blank for how many days for you, the buyer, to provide the seller with a loan commitment letter. On line 269 are the days required to get an appraisal done on the property. If the days are the same, for example 45 days, the buyer could potentially put themselves in a difficult position. If your lender needs the extra time to process your file and the appraisal is due the same day that the loan commitment is due you could be out because you could not meet your appraisal deadline which was needed to obtain the loan commitment. Do you see the potential for a problem? Perhaps the appraisal contingency should be sooner than the actual loan commitment so as to give your lender time to receive the appraisal, then issue a loan commitment. Some lenders do not see a problem with this since they are on top of the dates and the appraisal is done sooner. But in some cases this could be just the out the seller needs if they have secured a second offer. Dates are important in an offer. Please consult with your real estate professional or an attorney for further advice on this topic.
Posted by: 
Glenn Hanon
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