My feeling on the financing contingency is it should never be "Waived". If the buyers abiltiy ability to purchase is dependent on a mortgage then there is a financing contingency whether it is contained in the contract or not. The morgage lender will certain proceed using the same lending standards and procedures as if the contract does contain a financing contingency.
Our responsibilty to the buyer is protecting the buyers earnest money deposit and not placing the deposit.... contractually at risk.
If something or anything goes wrong in the tranaction process and the earnest money deposit
is at risk the buyers...WILL BE STARRING AT YOU. Don't put yourself in that position.
Not at all.....they are only hearing rumors and are still operating on the fact that real estate is a "fire sale." Banks are giving property away and sellers are desperate. The real condition of the real estate market will not kick in until the media begins to pump the air ways with information that is passe.
Spread the word....I am....
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
The coventioanl loan home buyers will have an advantage in competing offers but i forsee the FHA and VA home buyers due do condition and appraisal contingencys should be prepared for writing mutiple offers before "Winning" a home. Many home buyers will have to compete again for a future listing is a given area along with the same buyers.
RE/MAX Realty Group