Hopefully, it is not the latter.
You have a contract that states the closing will be "...on or about..." a certain date. In essence, your closing date can go about 30 days after the closing date with no harm or foul to the buyer. Contact your Attorney immediately if they go beyond the 30 days and the financing doesn't come through. You probably have a financial contingency clause in the contract which would protect the buyer from losing their deposit.
None of what I've said really helps your situation. If the deal dies, you've been strung along. Hopefully you have a backup offer. I wish you all the best.
Unfortunately banks today don't care about their borrowers or sellers or any one else that is affected by their arrogance and incompetence. Remember the major banks took TARP money "they were too big to fail. They gave mortgages to people that were unqualified. They created a national economic and foreclosure crisis in the country. Both the major banks and investment houses committed fraud on home buyers and investors.
They don't even try to excuse their behavor because the American taxpayers have transferred funds to make them solvent and profits without risk, bonuses and free capital (TARP) yet the calaim they don't have funds for a conforming loan for a Manhattan coop or condo. They ignore rate lock deadlines and financing contingencies in contracts.
As a seller, you and your attorney must take the financing contingency dates and dealines very seriously. Are they past the deadline for a loan committment? Have they already received a committment but the bank is dragging thier feet about funding claiming they don't have money and they can't clear to close. Has an appraisal been done?The biggest banks in the world don't have money for a loan for a NYC apartment????
The buyers may be in default thanks to their bank. Community banks are more solvent, they didn't take the TARP money make loans base on their own criteria not government mandates. Community banks actually put money in their communities since the loans come from their deposits and they are not being packaged and sold to investors. There are many good community banks thjat are a pleasure to deal with.
Your broker needs to stay on top of the loan officer. I always do. Nothing about a mortgage these days can be left to chance. Underwriters and closing departments for major banks are often located in the mid west or perhaps even India and are clueless about NYC coops and condos
It's a little unclear what you are asking, but if you are asking if the buyer's attorney not setting a closing date could be due to the bank, it definitely could be. The banks these days are backed up and delaying closings. It has happened to me several times recently on my sales. The banks have more mortgages and refinances going on than they can close on. Also the underwriting depts. are asking for more things at the last minute. The buyer's attorney cannot arrange a closing until the bank's attorney tells them file is cleared to close. I wouldn't assume the buyer's attorney is "dragging feet."