What to do with an unclear offer
02/13/2015 | Author: Editorial Staff
My client received an offer on her home in which the second box in Paragraph 4A(2) is checked indicating that the contract is not subject to the buyer being approved for financing. However, the buyer attached a completed TREC Third Party Financing Addendum for Credit Approval to the contract. What should we do with this offer?
With your client’s agreement, you should ask the buyer’s agent to clarify the buyer’s intention and require the buyer to resubmit an offer that clearly indicates the buyer’s intent.
The TREC Third Party Financing Addendum for Credit Approval should only be attached to a contract in which the first box in Paragraph 4A(2) is checked. This contract does not clearly express the buyer’s intended offer.
You would follow the same process for an offer in which the first box in Paragraph 4A(2) is checked and a completed TREC Third Party Financing Addendum for Credit Approval is not attached.
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