Posted by Mark-IL on July 24, 2003 at 14:12:06:
Maybe you can contract to him with the stipulation that you can keep marketing the property. If you find another qualified buyer, the 1st buyer could have 48 hours to remove his mortgage contingency, or he gets kicked out.
Has he already spoken to a lender or mortgage broker? It shouldn’t take too long to get pre-approved once he turns his information over. If he needs someone, I know of a couple IL mortgage brokers who deal with ‘challenging’ credit.