That seems pretty clear which is why it's a common point in contracts, "applying for financing" is specifically measurable, if they can't prove to escrow they applied by a deadline specified in an offer then that should be a pretty clear breach and the EM should be collectable by the seller. 

@Shital Thakkar I specialize in the greater Boston market - specifically south Boston area. 

I don't know of any specific site that publishes REO's.Not sure if I answered your question.

Is there a specific thing you can point to which was a turning point?

I know this post is a little outdated and the property has been sold, but I wanted to add.I went to see a fourplex on that specific street a few years ago (I think it was for sale for around $120k-$150k), it seems like a VERY HIGH CRIME area.

If you have specific questions, you can post them here to benefit the forum.

As @Tom Gimer said, not unless the contract specifically stated the closing date would be extended, preferably for a set amount of time.

But, if you purchase one or two properties, you are going to have significant market exposure risk and specific property risk no matter where you choose.

In my research it seems that some states have newer protections that can be built into the condo in the form of specific bylaws following a certain date(s)...I'm not sure about AZ specifically, but it may be something to research.

Looking at Bakersfield specifically, we have a good historical growth rate that puts us in the top ranks for CA.