Financing Conting/Buyers Loan Commitment to promptly apply for a mortgage loan, and to provide evidence of application promptly upon request of seller

Asked by Seller About To Lose There Cool, 54914 Sat Oct 29, 2011

Please help in a major argument with my broker/agent I am the seller, about this topic of the potencial buyer, this i what it says in our offer to purchase (Wis.) the agreemet date was Sept 15th,it is now Oct. 29th and the buyer still has not provided any information to me, I want to know period... The only information that was provided was a email from the buyers mortgage broker on Set. 21st, that they have applied but the app. is on hold until mid Oct. because of something on there credit that should have lapsed by this time, well it is the 29th of Oct. and still no proff, we have asked more than once, also the OTP gives them 60 days to provide a loan comm. letter from a lender, and will expire on Nov. 14th, this is crazy, per my broker/agent they have until than to apply, I cannot stand this guy for the lier that he is, and he owns the agency. in my world promptly is now not later, had he explained to us the truth about ths matter in the OTP it would have been a big fat reject..

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Tom & Nancy…, Agent, Rhinelander, WI
Sat Oct 29, 2011
Sounds like this buyer cannot fulfill his obligations under the contract and you're wasting precious time. It's difficult to say much without knowing what kind of financing this buyer was applying for that required 60 days for a commitment. The good news is you have a bit more than 2 weeks before you can instruct the list agent to draft a cancellation agreement with this purchaser and start over. You could ask list agent to do it now and perhaps buyer would be willing to sign if he knows he can't get a loan.
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