Buyer let contract lapse

[Tamara Miller]

I have signed 3 extensions on this contract because the lender is taking so long to approve the buyer. I have been in direct contact with the lender for about a week now, and they only say “we have no control over how long underwriting takes.”

the most recent extension states “the act of sale shall take place on or before 3/31/2021.” Yesterday came and they still did not have the clear to close. I told my agent that if I’m going to sign another extension, I want the earnest money released to me immediately. She got back with me and said “the buyer says he understands your extra expenses, but it’s not his fault the lender is taking so long so he doesn’t feel he should have to be penalized.”

So yesterday came and went and I received no extension request and no cancelation.

my agent says I cannot keep the earnest money because there is a financing contingency and he’s made “a good faith effort to obtain financing.”

then what is the point of even putting dates on the contract?

At this point I want to keep the deposit and move on. It is being held in escrow.