medium · National Real Estate Exam contracts
A buyer has a financing contingency. They are denied for a loan, not because of the property, but because of a poor credit score.
Can they still use the financing contingency to exit and get their earnest money back?
- No, because credit scores reflect the buyer's own personal financial responsibility.
- Yes, but the buyer must pay the seller a negotiated fee for the delay caused.
- No, unless the seller has agreed to waive the financing contingency.
- Yes, as long as they didn't intentionally ruin their credit after signing.
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