Also, if the optionor files Ch 7 BK, can the Trustee reject the option as an unexecuted contract? 

Reject the candidate if the client selected the property.What were your primary selection criteria?

Did you ever get an approval from them on the seller financing portionWe ran into this in selling a home and had some seller carry and it was contingent upon full underwriting - buyer never completed app etc so we rejected the loan and they threatened to sue but it didn’t go far as they had no leg to stand on

Sellers of course have every right to reject any or all parts of your Offer.

Thankfully, I did well enough with my own design work my bankers was impressed with enough confidence to continue funding me, and I also rejected the notion I was going to willy-nilly my way into a business that will last.

I ran the Transunion SmartMove background check with credit report, criminal history, and eviction report and it came back clean, but had to reject two other applicants after their SmartMove scores came back low for low credit scores and numerous pre-eviction filings at local courts.  

The most common reason for rejection here in Las Vegas is the occupancy owner/renter ratio.

Their net worth are in the several millions, own several hotels and also sold many hotels yet they still got rejected.

They seemed like nice people but I ended up rejecting them.

You would have to pretty much get a property for free in order to qualify.I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.I paid $2,000 (one year's worth) in order to be able to receive funding.