Question

When issuing a Good Faith Estimate, what should be done if not all information has been provided?

1) Send the Good Faith Estimate with the available information
2) Wait until all information is provided before sending the Good Faith Estimate
3) Estimate the missing information and include it in the Good Faith Estimate
4) Cancel the Good Faith Estimate if all information is not provided

Answer 1

When issuing a Good Faith Estimate, if not all information has been provided, the best course of action is to estimate the missing information and include it in the estimate.

Step-by-step explanation:

When issuing a Good Faith Estimate, if not all information has been provided, the best course of action is to estimate the missing information and include it in the estimate.

It is important to provide the buyer with as much information as possible in order to reassure them and build trust. By estimating the missing information and including it in the estimate, the seller can provide a more complete picture of the transaction and address any concerns the buyer may have about imperfect information.

Some ways a seller of goods might reassure a potential buyer who is faced with imperfect information include providing detailed descriptions and specifications of the goods, offering guarantees or warranties, and providing references or testimonials from satisfied customers.