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REMOVE THE FINANCING CONTINGENCY? NOT ON MY WATCH!
Bob Harris gives some good advice to home buyers considering buying distressed property.  However, when it comes to removing the financing contingency in an offer, buyers need to understand the risks.
WHAT IS THE JOB OF A BUYER'S AGENT??   We are engaged to help home buyers "find the house"??  Of course, but so much more.  When preparing a Contract of Sale, home buyers often rely on the advice of the agent about the meaning of the paragraphs in the Contract.  Agents MUST be careful and give the buyer the agent's best advice to protect the buyer.  Experienced agents learn through experience that what may appear simple in contract language may put the home buyer at risk. 
THINK TWICE ABOUT THE FINANCING CONTINGENCY.  The Financing Contingency is a paragraph in most Contract of Sale forms in the U.S.  I have learned from experience to never, never, never advise a buyer to remove a financing contingency. 
THE SELLER PREFERS OFFERS WITHOUT A FINANCING CONTINGENCY.  It's fairly routine these days for for banks, sellers and listing agents to expect that the financing contingency in a Contract of Sale will be removed as satisfied once the home buyer has been fully APPROVED for financing.  RISKY, RISKY. 
APPROVED  What does that mean?? 
The buyer ... more

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