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.
Why is it that in NY, we had a preapproved buyer, mortgage commitment and date of closing on the sale of our home. One half hour prior to closing, the mortgage company denied the buyers a loan and we are not entitled to keep their deposit? Why is the buyer protected when the seller is the one incurring all the financial burden because of the buyer?
Posted by Bill Jacobsen on June 08, 2007 at 20:19:15:
I assume that most sales agreements contain a clause that makes it contigent on the buyers obtaining aloan of their choice. Most buyers want the protection
I have one home that was suppose to close on May 22. I am now being told I won’t know until June 18 if the buyers can qualify. It is costing me about $238 per day to hold.