Hi, cannot really answer your question, because I do not have the purchase contract terms. Usually there is a date or a time frame, like 30 biz days after Inspection and Attorney approval or something similar or even a fixed date by which the buyer is obligated to present in writing the loan commitment letter from the lender!
I am not sure you are doing the deal on your own, only with an attorney, with or without a Realtor....
So I am joining the other Realtors by telling you ....
If you are worried, check your contract and find the date due for the mortgage commitement from the lender, and talk to your Realtor or to your Attorney.....They will know when that date is, and it must be extended officially if the buyer or his lender cannot provide it by the date in contract.
Hope you have a good Realtor and a good Attorney on your side.
if you every know about anyone moving to Chicago or Northern Illlinois
send them my way they will get first class real estate service here!