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Stated specifically in the contract is that the sale is contingent upon delivery of written commitment for financing from the lender to the seller. The buyer agrees to make written loan application to the lender within five business days of acceptance of the contract and diligently pursue obtaining the loan.
A date is set for approximately four weeks from the date of the written contract for that written confirmation from the lender. Should the lender at any time within that four weeks decide that the buyers are not a good candidate for this loan, the seller’s agent will be notified in writing, all earnest money is returned to the buyer, and the contract becomes null.
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