Question: We signed a contract to sell our Home contingent on the buyer getting a loan approved & closing it by a given date. The buyer did not get the loan & the deal was off. We started showing the house again, but have now found out that the buyers got financing through a different bank & they can close by the original deadline. Are we still obligated to close or can we change the contract to better ourselves?
Answer: Wait a second. Go back to the part about the “deal was off.” Did the buyers agree the transaction was finished? Did they get their earnest money back? Or did they simply find a financial bump in the road? Their offer was fair & acceptable— otherwise you would not have had a contract. The offer from the buyers may be the best you’ll get. Instead of seeking advantage from their difficulty, congratulate them for trying to meet the terms of the agreement & enjoy your check at closing!
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