Contracts
A Nebraska purchase agreement with a financing contingency that specifies 'buyer to obtain a 30-year conventional mortgage at no more than 7% interest' would allow the buyer to cancel if:
AThe buyer simply decides they don't want to proceed
BThe buyer cannot obtain financing at the specified terms after good faith efforts✓ Correct
CThe appraisal comes in below purchase price
DThe buyer's employer transfers them to another city
Explanation
A financing contingency tied to specific terms allows cancellation if those exact terms cannot be obtained after good faith efforts. If rates are 7.5% and the buyer cannot qualify at 7% or better, they may cancel and recover the earnest money.
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