Depends on the bank.
Depends on the investor.
Depends on the Mortgage Insurance company.
Depends on the servicing company.
Depends on the owner.
Depends on the second mortgage holder.
Depends on the existing encumbrances that must be removed to provide a clear title.
Depends on the banks Plan B
Depends on the banks bulk strategy
And of course...Worth Zero implies a structure must be removed that MAY contain hazardous material such as asbestos...meaning the bank will refuse to take title...therefore..NO SALE.
Normally when you don't close by the close date it's probably a lender issue, Lenders like to wait to the last minute to get docs out. This is not unsual at all it happened to 3 of my deals this week. I guess the question is can the buyer get out of the deal if they don't close on time. If you are the seller and the buyer doesn't close on time they are in breach of contract and you can usually cancel, but I don't know why anyone would do that. If your the buyer and you don't close on time you need to get all over the lender and see whats going on because the seller could cancel and you could possibly lose your earnest money.... more