This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- The Third Party Financing Addendum creates a critical financing contingency that can protect a buyer's earnest money.

- "Buyer Approval" is contingent on securing a loan that meets the specific terms for amount and interest rate detailed in the addendum.

- Missing the deadline to provide written notice of termination for lack of financing approval can result in the buyer defaulting and losing their earnest money.

- Waiving the financing contingency by not specifying a number of days for approval is a high-risk strategy that removes the buyer's protection if their loan is denied.

- The addendum distinguishes between Buyer Approval (the borrower's finances) and Property Approval (appraisal, insurability), both of which are required for the loan.

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