Process for Sales Advisor to Use with Outside Lender

Buyer and Seller agree to these items below, and by signing are amending the contract to include these items. An Outside Lender is any lender that is not a Preferred Lender as specified by Rockhaven Homes.

1) The Builder Deposit required with this contract from Buyer is $30,000. This $30,000 is considered non-refundable at time of executed contract and Rockhaven Homes requires this deposit to be paid through earnest.com (no personal checks, money orders, cash or business checks will be accepted). Buyer acknowledges no loan contingency shall exist.

2) Buyer will not change to another lender without written consent of the seller. And No Lender changes allowed 30 days prior to closing. If buyer decides to change back to a Preferred Lender, no incentives or closing costs will be paid by Builder on buyer’s behalf.

3) Buyer will provide the Rockhaven Sales Agent with a commitment letter from Outside Lender no more than 10 business days from executed contract. Prequalification letters will not be accepted in lieu of the commitment letter from Outside Lender Underwriter.

4) Buyer will ensure that Outside Lender provides weekly communication to the Rockhaven Sales Agent on the status of buyer’s loan progress and any action items required of the builder by the Outside Lender. It is understood that certain information can’t be shared with builder or builder personnel that is confidential to the buyer, but status of the loan progress and any obstacles preventing a successful, on-time closing are needed every week from the Outside Lender.

5) Buyer will have Outside Lender schedule an appraisal on contracted property ONLY when given the go ahead by builder or builder personnel in writing. Buyer will provide to Appraiser, the builder Sales Agent name and contact information so that any information not listed in local listing services can be made available to appraiser for their use.

6) If closing date has to be moved because of Outside Lender is unable to meet the closing date, there will be a $300 per day charge to the buyer until closing occurs. These daily charges will need to be paid through earnest.com as non-refundable per diem charges in advance of closing. These additional per diem charges will NOT be credited to the buyer at closing of property.

7) Buyer understands that no closing costs or other builder incentives will be made available to be paid on behalf of the buyer when buyer elects to use and Outside Lender for financing.

8) Buyer assumes all responsibility for the performance of the Outside Lender. If Outside Lender is unable to close in accordance with the Agreement, for any reason whatsoever, Buyer will be in default and Seller shall have the right to terminate Agreement or increase the purchase price of property.

9) Failure to meet any items above will result in immediate termination of contract.

Process For Acceptable Methods to Collect Earnest Money

Who is Responsible: Sales Advisors

What is the Goal: To ensure we collect earnest money in the preferred methods.

How Will We Achieve This: Follow the preferred method of earnest money collection outlined in this process.

Why is This Important: To ratify contracts and get the clear to close for each buyer to create a more superior home buying experience.