What Must a Buyer do to Terminate Without Penalty on a Low Appraisal – on GAR Conventional Loan Exhibit
When you send a referral and get paid a referral fee, are you.breaking license law? Watch the video to find out what you need to do to make sure that you are not in violation of license law!
If a Buyer has gone under contract to buy a house contingent upon receiving financing and they get denied for their loan, they must do the following: (1) terminate within the negotiated time frame, and (2) provide a “Loan Denial Letter” from their lender. However, there are very specific parameters as to what the Loan Denial Letter must reflect in order for the Buyer to actually terminate on this contingency and not default on the contract… and lose their Earnest Money or potentially be sued by the Seller for the default. These specifics are outlined very clearly in the Georgia Association of Realtors (GAR) Financing Contingency Exhibits as well as in the RE Forms Standard Terms. Watch the video for examples of Loan Denial Letters that do not meet the Buyer’s Financing Contingency.
Happy Independence Day from ALL of us at Maximum One to you! Check the Training Calendar for CE classes this week! www.eAGENTweb.com click “Calendar.” Regular newsletter to resume next weekend!