medium · National Real Estate Exam
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 are the buyer's personal responsibility.
- Yes, but they must pay the seller $1,000 for the inconvenience.
- No, unless the seller also has a poor credit score.
- Yes, as long as they didn't intentionally ruin their credit after signing.
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