Unfortunately, yes-- as Glenda said, it could be worse. I just received some addendums from a bank/seller that they said we had to sign as part of the sales agreement. After a delay of one month producing them and two weeks before closing, I am horrified. There is a clause in these addedums that says, basically, that the seller has the right to cancel the sale agreement at any time, for any reason -- which, I guess could be the day before closing. They are also reminding the buyers that they are keeping it on the market and instructing the list agent to continue to accept offers.
These banks are unbelievable. While I hope they do not do exercise their rights under these "take it of leave it" addendums, my Buyers are really in a risky situation. I truly hope the government does not get stupid and bale these guys out. To me, this is just unbridled greed-- just like when they made a bad loan in the first place.