Contracts
A NH buyer who is pre-approved for a mortgage of $320,000 offers $335,000 with a financing contingency for $320,000. This structure means:
AThe buyer cannot make an offer above their pre-approval amount
BThe buyer plans to finance $320,000 and cover the $15,000 gap from personal funds✓ Correct
CThe offer is invalid since it exceeds the pre-approval amount
DThe seller must reduce the price to $320,000
Explanation
A buyer may offer above their mortgage commitment if they plan to make up the difference from personal savings. The financing contingency is written for the loan amount ($320,000), not the full purchase price.
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