Q: Selling my second property. Buyer signed contact and was due to close July 1st. It’s 6 weeks past estimated closing
There have been issues with their lender. Their lender has now said it will take several more weeks. After a time is of the essence letter, what can we do to make up for all this lost time and other potential offers?
A: Practically, nothing. If you return the deposit you have to start over. If you keep the deposit they will sue and put a lis pendens on your property. That will preclude any deal. In COVID everything takes longer. Your contract governs your rights.
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