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Old 11-07-2012, 02:50 PM
1 posts, read 1,603 times
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Buyer is expected to provide a loan commitment and submit it to the Seller within 30 days of the of the Effective Date, Contract for Sale and Purchase.
Buyers Loan is USDA funded loan.
Buyers are preapproved, for loan. Underwritter has submit to USDA.
Buyers agent is requesting that Seller sign addendum to extended contact due to USDA backlog with loan approvals.
Loan Officer (local bank) submitted a letter of approval contingent upon, 1. USDA Approval, and other small contingencies.
Question(s): Do the Sellers based on the Contract For Sale and Purchased, have the right to cancel the contract on the basis that the Buyers have not provided the "Loan Commitment Letter" within the written timeframe? Is the Loan Officer letter a commitment letter or a approval letter?
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