I'm not looking for an agent. Yuou may find out from your agent friend from DE about prevailing. They should understand thei words from their forms. thx.

Hi. I just picked up your message. I would be happy to give you some names and their contact information. If you would, please email me at Judy.May@Century21.com or call me at (610) 324-5240 and I'll provide you with that information.

About the term "prevailing rate" that is an ambiguous term. For example, prevailingn when? The date the offer is written? The date the offer is accepted? A week prior to settlement? These days when rates change almost daily, having the term "prevailing rate" doesn't seem at all helpful to identify the actual rate in hard and fast numbers. You're right...you need to speak to a Delaware-licensed Realtor who is familiar with the practice there.


I look forward to hearing from you. Take good care.............

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: (610) 666-0202 x. 226
C: (610) 324-5240 (preferred)
F: (610) 666-1942

You said you have friend realtors in DE. I would appreciate finding from one of them.. What does it mean 'Prevailing rate''. This is there in DE forms which I found from Google search. Thanks.

Good morning! I agree with Patrick. Review the contract you signed (I apologize that I can't be more helpful. I'm a licensed Realtor in PA and, as a result, am not familiar with DE agreements of sale).

The mortgage contingency section should be rather easy to find. Typically when an agreement of sale is drafted, a buyer has the opportunity to indicate the mortgage company/lender, the maximum interest rate s/he will agree to and a time period by which an application as well as an approval must be made. There are, related to that provision, other clauses that indicate what happens if any of those items are not met.

To be certain of your rights, of course, it's always best to consult a real estate attorney. In addition, I hope you had Buyer Representation by a Realtor. Your Realtor should certainly be able to guide you and offer advice with respect to MANY things, including contract language, etc.

I hope this helps. Please feel free to call me at (610) 324-5240 with ANY additional questions you may have. (I have Realtor friends in Delaware if you would like a referral.)

Good luck and blessings to you..........

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: (610) 666-0202 x. 226
C: (610) 324-5240 (preferred)
F: (610) 666-1942

Look in the mortgage contingency section of your contract. Usually there is a date, an amount and a rate indicated in the contingency section. If you are unable to meet any or all of these then you may have a way to terminate the contract. Check with an attorney to be sure.