Commercial Buyer doesn't have financing, when to terminate

[Aurelia Weems]

I am trying to get some feedback on a commercial land sale as my realtor is also the buyer's agent on an adjacent property needed for the sale to close.

I entered into a contract to sell a piece of commercial land for $1.5M in May 2018.  The time has passed for the earnest money to go hard and even had additional earnest money added to put at 3% of contract.  The property will be part of a larger project in which the buyer is also buying the property adjacent to mine.  They have entered into a different type of purchase agreement with them that basically means the sellers will be financing a portion of the sale in the hopes of getting a better return on their investment.

My agent is supposed to be accepting backup offers but haven't heard of any being received.  

We are coming up on our 6th or 7th extension.  Can't keep count because it has been too many. But I have to make a decision soon as to whether to extend again or just call it quits.

The buyer is having trouble coming up with financing for the entire project ($9-10M).  I feel like I have been strung along with promises of approved financing, the banks want more equity to the banks questioning the price per sq ft.  The road that it is on varies from $17sq ft to $38sq ft in asking price, including flood plain property (of which mine is not).  My property will be adjacent to a large box grocer, but they haven't broken ground to start yet. 

I have received differing opinions on whether I should ask for additional earnest money,  how long should I continue extending the sale date. etc.  I feel like there are probably other buyers but that the realtor hasn't told us about them because she wants the commission from both pieces of property.  

Any suggestions would be appreciated.

[Jaysen Medhurst]

@Aurelia Weems, your broker has a conflict of interest. I think you call it quits, keep that earnest money, and find a new agent who will represent your best interests. Who is representing other landowners that would potentially be involved?

If the developer really wants to make this happen and your land is crucial, they'll be back. Otherwise, I don't see the point in keeping yourself locked in.