With all due respect to Bill, it's never that cut and dried. Technically you are out of contract: in reality and practically speaking, this happens all the time. Flexibility is usually tolerated in a contract because there are so many moving parts, we are dealing with complex issues and with peopleâ€™s lives.
It sounds like your agent has been actively communicating with the other side and is proactively working on this. It also sounds like the buyers have been communicating as well â€“ everyone appears to understand what the issue is and are apparently actively working on it. In the current market, although I donâ€™t agree with a buyer changing lenders in the middle of a contract, I certainly understand the desire to get a lower rate AND â€¦ it happens all the time.
If this were my transaction, Iâ€™d issue an addendum extending the contingency time periods. That way, the buyer has a bit more time to find another loan and the deal is technically still active. Since you donâ€™t have a backup offer, and donâ€™t want to â€œforceâ€ the buyer to perform because of the risk of losing them, an extension is the best way to go.
Where is your agent in all of this? If your contract calls for contingencies to be satisfied by a specific date and they are not......you are out of contract.
Someone should have been communicating with the buyers to miniimize a problem of this nature.
We are so grateful that the house has "sold" in this economy and just pray that this goes through. The house is listed at $850k
Just VERY concerned and nervous.
It could mean anything INCLUDING the fact that they may be having troubles with their loan. Your agent needs to ask some VERY direct questions of the other side to find out exactly what is happening.
An unfortunate aspect of the current market is that some buyerâ€™s agents donâ€™t remove the contingencies until they are forced to. Some donâ€™t remove them at all. They know that if you really want to sell your home, there is not much you can do in the current market. At times, sellers get left hanging on tender hooks until the very end, not knowing for sure if it will close or not.
Sad but true. Hope itâ€™s not the case for you.
If your home is very marketable or if you had back-up offers, you might have your agent consider a Buyer 24 Hour Notice To Perform. If you DONâ€™T have any leverage, then you may just have to wait it out.