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What is a mortgage contingency?
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When offering to buy real estate you can make this offer dependent on securing financing to buy the property. If you don’t get financing at the terms specified in the contract by the finance commitment deadline you can terminated the contract and get your earnest money back.
As this deadline is customarily one of the latest in the series of contingency deadlines it is very important to pay close attention to that date. The contract most likely goes hard after this contingency passes.
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