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Financing Contingency |
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A seller's agent told me that financing contingencies are rarely used by buyers, unless they have bad credit and are afraid of not getting approved for a loan. Is that right? Or is a financing contingency very common? I cant believe that most buyers, even with great credit, pre-approval, etc., would sign a contract without a financing contingency unless they had the cash to back-up the purchase price just in case. |
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In my experience, most buyers make their agreement to sell contingent upon obtaining the financing they need to go through with the purchase. I agree with you that only an all-cash buyer would risk signing a contract promising to buy "no matter what". |
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Edith
Originally published on April 15, 2008 |
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