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The Covid-19 Funding Provision: You MUST HAVE This Mortgage Protection if You Are Buying in 2021!
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Welcome to Episode 23 in my Series REAL ESTATE INVESTING IN NEW YORK!!
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Email: christina.Kremidas@elliman.com
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In this Episode, I'm sharing why the standard Mortgage Contingency leaves you with huge exposure for risk, and how the new Covid-19 Funding Provision is a necessary layer of added protection for you as a buyer during this highly volatile time.
Did you know that the Mortgage Contingency does NOT protect you in the final stages of the transaction? So many people do not know this, so be sure you get this critical information in this episode.
Thank you to Real Estate Attorney Milan Reyngach of Reyngach Law, P.C. for clarifying the details of the Covid-19 Funding Provision for me so that I was able to properly communicate the facts to you.
Building your team is important when engaging in a real estate transaction, whether you are a Buyer or a Seller. Check out my most highly recommended Real Estate Attorneys, Mortgage Lenders, Inspectors and Movers.
Topics covered in this episode:
- What is a Mortgage Contingency?
- How the standard Mortgage Contingency does NOT protect you all the way up to your closing date.
- What is the Covid-19 Funding Provision, and why you should push to have it in your contract?
I always am so happy to have the opportunity to work with you - if you would like for me to represent you as your Agent as you begin the property purchase or sale process, please do not hesitate to reach out to me.
Don't Miss Episode 24, where I will be sharing the financial requirements that Co-Ops look for when they are reviewing your application.
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