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Hi Dana sparks Broker of maximum one-seater Atlanta Realtors and this week'contract tip has to do with the loan contingency exhibits in the guard contracts packages now in the conventional loan exhibit the FHA loan exhibit and the VA loan exhibit there ISA paragraph that states right of seller to request evidence buyers ability to close so what the paragraph states Isis×39’m going to read it to you if the financing contingency ends without the buyers terminating this agreement the seller shall have the right but not the obligation to request the buyer provide the seller with written evidence of the buyers financial ability to purchase the property a copy of the loan commitment from each institutional mortgage lender from whom the buyer is seeking mortgage financing to purchase the property stating the type amount interns of the loan and the conditions for funding Malone shall be deemed sufficient evidence the provision of such evidence is not a guarantee that the mortgage loan will be funded or that the buyer will close on the purchase of the property the buyer shall have seven days from the date the seller delivers the notice to the by requesting such evidence to produce the same no request for such evidence shall be made by the seller less than seven days from the date of closing so here's the issue really wish gar had not put in that paragraph in the financing contingency exhibits because basically you go through the financing contingencytimeframe and what it's saying ISAF the buyer doesn't#39’t terminate then the seller can request you know a commitment letter from the lender stating that the where they are in the loan processthat'’s the intent is that to give seller her some sort of feel good feeling that they the loan is going to go through even though the loan commitment letter can be conditional and is not necessarily a guarantee to close the seller can request it after the seller requested this paragraph states that the buyer has seven days to provide it the seller may not request it within seven days from closing the problem visit puts you as an agent in a bad position with the seller because thereat no seller termination rights with that paragraph so yes the seller may request it but if the buyer does not provide it the seller doesn't have the right to terminate and the reason I say that is for a couple of reasons number one is earlier on in all the loan contingency exhibits it states that the buyer may apply for a different loan than that as outlined on the document SOA buyer doesn't even have to go through with whatever loan is on here to purchase the house additionally a buyer can change loans or buyer could pay cash for the house, so there could be sometimes that a buyer might be changing their type of financing and thatwouldn'’t even apply the other issuwhyyI say there are no termination rights for the seller is the if there were termination rights for the seller then those would be specified within that paragraph there...
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