In this lending environment, this very typical...what is your agent telling you? Lenders are asking for last minute things all the time, but your agent can call the lender directly and get a feel for if this is stalliing or legitimate lender requests.
As far as the deposit, if they have not signed off the loan contingency, then you are most likely not going to get the deposit. That's what the contingency is for....and I would never allow my buyers to sign off on any contingency until they were done...including final loan approval. This is a perfect reason why.
Remember that if you do start over, you are about 30 days away from closing, at best...my advice is to get your agent to research what's going on, if these are real last minute lender requirements, it might be best to give it a few more days and just get it done.
Heather Paul, Realtor
Your agent should talk to the buyers' agent (which I'm certain has already happened) and the lender. If the buyers really want the property, they should be able to offer some sort of compensation to you as one of the earlier posters mentioned Since they haven't removed the loan contingency, you are not going to get the deposit that easily. However, if you send a for for the buyer to close or a demand to close escrow or cancel the deal, then you yould remarket your property and get another buyer. Look at paragraph 14, item F of the offer contract.
By the way, what is the hold up and why do you say the escrow officer isn't concerned? That sounds a little odd. Everything is important during an escrow and all stated date are
If you want to force the buyers to act now and if you feel they are stalling, you need to work with your agent and send them a "Notice to Perform", instructing them to remove their loan and other contingencies within 2 days (or whatever time period you decide) or the seller then has the option to cancel the agreement. You will likely not be entitled to keep their deposit if they have not removed their contingencies, as the loan contingency is still in effect, even if it is beyond the time period specified in the contract. But at least you can force them to act and either get them to remove the contingencies or allow you to cancel the deal and move on. Good luck with your situation.
Coldwell Banker Residential Brokerage
Your must refer to your purchase contract and find out if you're ENTITLE to keep Buyer's deposit due to Buyer's breaching the contract. If this is what you really want, just cancel and keep the deposit and move on. Otherwise, you may have Buyer's sign a per diem agreement for the days passing the closing date. Everything must be in writing and signed by all parties involved.
Have that conversation first, & if you have to, tell the processor to be truthful with you because you're about to cancel everything & keep the buyers' deposit.
Realtor Since 1996