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Real Estate Questions and Answers

 Question: We signed a contract to sell our Home contingent on the buyer getting a loan approved & closing it by a given date.  The buyer did not get the loan & the deal was off.  We started showing the house again, but have now found out that the buyers got financing through a different bank & they can close by the original deadline. Are we still obligated to close or can we change the contract to better ourselves?

Answer:    Wait a second. Go back to the part about the “deal was off.” Did the buyers agree the  transaction was finished?  Did they get their earnest money back? Or did they simply find a financial bump in the road? Their offer was fair & acceptable— otherwise you would not have had a contract. The offer from the buyers may be the best you’ll get. Instead of seeking advantage from their difficulty, congratulate them for trying to meet the terms of the agreement & enjoy your check at closing!

Market Snapshot

While there is Covid and High Crime in some areas of Chicago, Home Sales in the south suburbs and NW Indiana are Incredible. If you are thinking of selling, now is the absolutely best time to do it, in our opinion. Low Interest rates have made more buyers able to purchase a home. High demand is raising prices. High Demand and Low Supplies make it a great Sellers Market. Who knows what will happen after the November Election.