Buyer Default on Purchase but Asking for More Time

[Lee G.]

One of my buildings is under contract and it looks like the buyer is going to need more time to complete the financing. We are supposed to close on Tuesday (two days from today) but they are coming around today (Sunday) looking for an extension to close. Their earnest money is hard at this point.

My remedy is a couple things:

1) Cancel the contract and pocket the earnest money ($10K)
2) Negotiate something and if so, what?

Part of me is thinking I'd raise the price $5K and close the deal. I'm not really happy about this last minute delay.

What would you do?