Buyer Termination for Financing
66Must the buyer submit the financing contingency by 5PM to get his EM returned or can it be submitted as late as 11:45PM on the final day?
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REALTORS®
REALTORS®
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Realtor Only
Realtor Only
5 answer(s)
About 3 weeks ago
Hi Denise!You have up to 11:59pm to submit a termination based on the third-party financing addendum, but just be careful cutting it that close. And be sure to count your days carefully! We've seen agents count the days wrong and miss the deadline. Once the termination has been received by the agent, it is assumed to have been received by the seller, as well.
Like (1)
DislikeAbout 3 weeks ago
Hey Denise, Great Question! While the third-party financing addendum doesn't explicitly specify a deadline, assuming 11:59 PM as the cutoff could be reasonable. However, it's worth considering the practicality of waiting until the eleventh hour. Is it realistic to expect lenders to be available and actively resolving issues late into the night? The chances are slim. It's generally advisable to submit the financing contingency earlier to allow ample time for resolution and avoid unnecessary stress. Hope this helps! If you have any questions feel free to reach out to me at 832-696-8100.
About 4 weeks ago
Denise! Great question! There is no specific time stated on the third-party financing addendum, so 11:59 PM can be assumed. However, would one really actually think it reasonable to wait that long? Is the lender / lenders team still working at that time and trying to get it resolved? Highly doubtful. Hopefully an agent would not do that to a seller, but who knows. Feel free to reach out anytime! Codysellsproperty@gmail.com 346-412-6603
About 1 month ago
Hi Denise! Unlike the option period, the Financing Addendum does not specify a specific hour for the financing contingency. It only specifies the number of calendar days in which the buyer has to give notice to the seller. It would be wise to give notice as soon as the lender has notified buyer of non-approval.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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