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St Louis Real Estate

Loan Commitment:  Part of the Process

In the St Louis area, the the Realtor Association and Bar Association Residential Sale Contract includes language that allows a home buyer to apply for a loan and the means to back out of the contract due to the inability to obtain financing.  There is a deadline in which this contingency must be excercised, which is called the loan commitment date.  The section of that contract is below:

"If Buyer does not deliver written notice, provided by Buyer's lender, to Seller or listing

Broker, of Buyer's inability to obtain a loan commitment on the terms described below on or
before xx-xx-2012 (the "Loan Commitment Date") then this condition shall be
deemed waived and Buyer's performance under this contract shall thereafter not be conditioned upon
Buyer's obtaining financing. If lender will not give Buyer such written notice then Buyer may directly notify
Seller or listing broker (on or before the Loan Commitment Date) by providing a notarized affidavit that
Buyer has complied with all of the terms of this paragraph and that despite request, Buyer was unable to obtain
such written notice from lender."


Sometimes buyer's misunderstand what they have when they are pre-approved.  A pre-approval is normally a "pre-screening" of information conveyed by telephone and a check of the credit score.  When writing up an offer to purchase real estate, or discussing the loan approval / commitment, buyers occasionally say "I already have that;" confusing the pre-approval they already have.  

Getting loan commitment from a lender takes place after a written application has been approved by the mortgage bank underwriter and usually involves paying for an appraisal, and providing title work, tax returns, and employment verification to the lender.  Once a loan file is submitted to the underwriting department, a response to the application is received, which is usually called "conditional approval" and all the conditions of approval are stated, which must be fulfilled prior to receiving the completed loan commitment.  Usually agents give three or more weeks for the lender to complete the loan process and provide loan commitment.

For more information on getting a home loan in St Louis, call the Premier Team or contact one of our preferred lenders. 

 

 

St Louis Real Estate Listings

2229 Alberta, St Louis image
2229 Alberta, St Louis $185,000

City living. Minutes from everything. - This updated 2+ bedroom 2.5 bath townhouse in the Marine Villa neighborhood of St. Louis City is a great addition to any investors...

  • 0 Baths
  • 21012050 MLS
  • ACTIVE Status
7002 Willow Branch  Court, St Louis image
7002 Willow Branch Court, St Louis $325,000

Whoa! Wonderful 4 bed, 2.5 bath 2 story in Oakville on a quiet cul de sac lot. This home has been well cared for and is meticulous inside. The main level features a 2 sto...

  • 4 Beds
  • 2.5 Baths
  • 21012027 MLS
  • ACTIVE Status
9338 Radio, St Louis image
9338 Radio, St Louis $159,900

The search is over! This all brick bungalow offers vinyl windows, an updated custom kitchen including granite countertops and all new stainless steel appliances. A magnif...

  • 2 Beds
  • 1 Baths
  • 21012022 MLS
  • COMING SOON Status
437 South Elm  Avenue, St Louis image
437 South Elm Avenue, St Louis $234,900

Super walkable, cute 3 bed 1 bath in Webster Groves! 437 S Elm Ave features hardwoods throughout the first floor, an updated kitchen with stainless steel appliances, and ...

  • 3 Beds
  • 1 Baths
  • 21011755 MLS
  • ACTIVE Status
8451 Hampstead  Drive, St Louis image
8451 Hampstead Drive, St Louis $225,000

COMING SOON...Come check out the original wood floors, which will need refinishing, in this beautiful Affton ranch. The Den off the kitchen would make a great place for a...

  • 3 Beds
  • 2 Baths
  • 21012020 MLS
  • COMING SOON Status
1732 Blue Jay  Cove, St Louis image
1732 Blue Jay Cove, St Louis — Brentwood Forest Condo Ph Two $207,500

Beautifully renovated, effectively new condo is ready to be shown starting today. Everything in this house is either new or has been rehabbed in late 2020 & 2021. Walk up...

  • 2 Beds
  • 1 Baths
  • 21012001 MLS
  • Brentwood Forest Condo Ph Two Bldg.
  • ACTIVE Status
9414 Dorisann  Court, St Louis image
9414 Dorisann Court, St Louis $185,000

This super cute brick bungalow is awaiting its new owner. Nice, clean generous sized family room with beautiful wood floors, custom stone faux fireplace and crown moldin...

  • 2 Beds
  • 2 Baths
  • 21011789 MLS
  • ACTIVE Status
St Louis image
St Louis $175,000

In MLS for Comps Purposes Only

  • 2 Beds
  • 1 Baths
  • 21008670 MLS
  • COMING SOON Status
8671 Engler  Avenue, St Louis image
8671 Engler Avenue, St Louis $180,000

Home sweet home! This stunning, brick 2 story home sits on nearly one half acre & is sure to win your heart! As you tour the property you will notice all it’s original ch...

  • 4 Beds
  • 2 Baths
  • 21011106 MLS
  • COMING SOON Status
1540 High School, St Louis image
1540 High School, St Louis — Brentwood Forest Condo Ph Seven $185,000

Located near shopping & restaurants, this condo is in the perfect location with tons of amenities! Enjoy the clubhouse, swimming pool & tennis courts! As you enter this g...

  • 2 Beds
  • 1 Baths
  • 21011975 MLS
  • Brentwood Forest Condo Ph Seven Bldg.
  • ACTIVE Status
578 Sarah  Lane Unit #102, St Louis image
578 Sarah Lane Unit #102, St Louis — Golfview On The Green Ph II Condomini $250,000

First Show Fri 3/5. Enjoy easy living in this golf course community condo featuring in-ground pool, whirlpool, lobby, elevator, 2 underground secure parking spaces with a...

  • 3 Beds
  • 2.5 Baths
  • 21011726 MLS
  • Golfview On The Green Ph II Condomini Bldg.
  • COMING SOON Status
3527 Miami, St Louis image
3527 Miami, St Louis $197,500

Don't miss out on this very nice brick 2 family that was converted from a 4 family so each side is huge! With a total living area of 3.342 there is plenty of room. The p...

  • 0 Baths
  • 21011949 MLS
  • ACTIVE Status
9539 Montbrook  Drive, St Louis image
9539 Montbrook Drive, St Louis $170,000

Charming, mid century updated ranch home nestled on a quiet street in sought after Affton. Convenient location just minutes from city entertainment and dining. Home has r...

  • 2 Beds
  • 1.5 Baths
  • 21011110 MLS
  • ACTIVE Status
1072 Chatelet, St Louis image
1072 Chatelet, St Louis $275,000

Welcome to “1072 Chatelet Dr” ..... As you enter the Staircase graces the foyer as you gain a glimpse into the Formal Dining Rm and Living Rm w/ Beamed Ceiling and Built-...

  • 4 Beds
  • 4 Baths
  • 21011944 MLS
  • ACTIVE Status
2015 King Arthur  Court, St Louis image
2015 King Arthur Court, St Louis $225,000

Gorgeous updated maintenance free townhome in Parkway North! Spacious with 2 beds/3 baths, loft on the upper level and partially finished lower level. You will love the c...

  • 2 Beds
  • 2.5 Baths
  • 21011839 MLS
  • ACTIVE Status
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St Louis Real Estate Wiki

  • Adverse Possession
  • Appraisals and Market Analysis
  • Buyer's Agent
  • Buying Short Sales
  • Capital Gains
  • Cap Rate
  • Code of Ethics
  • Condominium Conditions and Restrictions
  • Contract Execution
  • Deed of Trust
  • Designated Agent
  • Dual Agent
  • Encumbrance
  • Escalation Clause
  • Expired Listings
  • Getting a Loan
  • Home Staging
  • Inspection Contingency
  • Homeowner's Insurance
  • Listing Agent
  • Land Survey Types
  • Limited Service Brokers
  • Loan Application (Mortgages)
  • Loan Commitment
  • Making An Offer
  • Multiple Listing Service (MLS)
  • Open Houses
  • Pre-Approval
  • Selling Short Sales
  • Title Company
  • Title Insurance
  • Do I need Title Insurance
  • Quit Claim Deed
  • Warranty Deed

Recent Blog Posts

  • Welcome to St. Louis Residents!
  • The Price of Experience
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  • Homes with a View? St Louis Parks
  • Why Pay Realtor Fees?
  • Chosing a Listing Agent: Your Most Important Business Decison

 

 

 

 

 

Premier Realty Exclusive has provided the above Real Estate Encyclopedia for informational purposes only. Any legal matters discussed are provided with the understanding that any legal questions or problems experienced need to be brought to the attention of a real estate attorney. The best way to learn about real estate is the interaction a prospective real estate customer can have with expert Realtors.  In addition to the experience and knowledge of the Realtor,plus the interaction and questions that come up, Realtors at Premier Realty Exclusive offer information on specialists in lending, appraisals, inspections, surveying and insurance agents.  All professionals are provided as a service are screebed and have a proven record of experience throughout real estate transactions.

Contact us for more information.

 

Let the Premier Realty Exclusive Realtors make your real estate purchase or sale a smooth experience for you!  

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