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Adding penalties will do

Adding penalties will do nothing but deter buyers from signing contracts. If I knew I faced hundreds of dollars in penalties if something were to go wrong and delay my loan, I would not sign. First of all, the buyer should have all his financing arranged so that a transaction can be done in a timely manner. He should know how much money he can borrow/spend before ever going house shopping. But, we all know this won't happen.

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