Posted by Penny on June 09, 2007 at 09:11:35:
I had a similar situation on a townhouse sale - buyer had a loan contingency and couldn’t close. This was because the buyer was selling their house and their buyer couldn’t close due to loan disapproval. The buyer’s buyer submitted their loan package to other lenders until they got approved. We ended up closing a month late as a result.
There is the trade off of trying to complete the sale with the current buyer rather than trying to find a new buyer.