That is correct.... And during that 30-60 day period, the home is considered under contract not "closed"..... Not that I have a lot of experience in this arena... but I have been involved in several situations where the property that was "under contract" did not close because the lender or the borrower backed out....
But once it was "closed" funds were deposited and I laughed all the way to the bank.... That is my point.... I am not laughing until the funding is complete. My heart has been broken too many other times when I was "under contract"
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