A financing contingency is a clause in a home purchase and sale agreement that expresses that your offer is contingent on being able to secure financing for the house. A financing contingency can be very specific about stipulations and conditions, but the main goal is to make sure the buyer is not penalized for being unable to get financing and completing the transaction. Most buyer-initiated financing contingencies will stipulate that the buyer gets their earnest money back if you are unable to get approved for the loan. Financing contingencies typically state that the buyer’s earnest money will be returned if the buyer cannot get financing. Some people choose to waive their right to ask the seller for a financing or appraisal contingency in order to beat out their competition.
Depending on the wording of the contract, you may not only forfeit your earnest money but you may also be obligated to purchase the house without the help of financing or possibly be subject to a lawsuit. It is very important to make sure that you read and understand all the terms of a financing contingency before you sign it. Make sure to have your real estate agent and mortgage lender explain anything you find confusing.
Popular periodicals of the 1920’s almost always contained car advertisements from the major car manufacturers – that even included women’s magazines since women were, and are still, a major influence in car buying! You will see from the 1920’s ads below that the marketing methods used by car manufacturers way back then are still being used just as successfully today. The period between 1925 and the end of 1929 was the peak period for color in car advertisements.
Prior to 1925 most car ads were black and white, and following the Stock Market crash of October 1929, many of the magazine car advertisements reverted to black and white again. Only the more expensive and profitable car brands could afford color ads during the depression years as car makers struggled just to survive. Rather than expensive photo shoots in remote or exotic locations, why don’t car manufacturers revert to the 1920’s method of illustrated backgrounds and vehicles as per the Ad below. Vintage car advertisements taken from 1920’s books, magazines etc are available for purchase on eBay.
While conventional financing will require pretty much the same procedure as followed across the globe, Islamic financing has a slightly different approach to the concept of loans, or in this specific case, car loans. The rest of the amount is covered by the car loan and applicable rates of interest are levied per year for the entire term of the loan. This basically allows the bank to purchase the car as its own property and give it to you on a lease-to-purchase basis.