Absolutely, the terms of the contract need to be follwed to the letter. If confronted with this sinerio, the best thing to do is confer with your real estate professional and submit a request for extension to the contract that would provide you with additional time.
You are asking the question regarding North hills. There is a North Hills in many states and practice is different in each place. I notice you are from California and I will assume your purchase is in California.
In NY...it is very different and I will not attempt to answer for another area. In Long Island, we practice real estate very differently from other locations.
you aure can along with your deposit, contact your buyer broker at once and ask for an extension prior to the closing date, the sooner the better so the seller can have a proper notice and you will have a chance to get that extension tio close and be able to still purchase it and not loose your deposit, good luck with working things out
Get with your agent to do an amendment to extend the closing date. Everything should be documented to cover both you and the seller. If there are extenuating circumstances I would have your real estate agent share this with the sellers agent. This is a common occurence dont be alarmed.
Y ou can probably request an extension of your contract through your agent.The sellers will probably be willing to do this rather than lose the sale & have to start from scratch trying to get another buyer. This happens quite often--sometimes due to underwriting issues--i have had several new construction properties go for months past original closing date,due to seller/builder's inability to finish construction on time for various reasons.