Buyer in breech of contract

What is the name of your state? Maryland
Two hours before settlement I found out my buyers lender decided not to honor the 100% mortgage loan commitment letter. Now the buyer wont sign a release so I can proceed in accepting a new contract.Where do I go from here?

[HomeGuru]

[quote]Originally posted by jennifer pino
[b]What is the name of your state? Maryland
Two hours before settlement I found out my buyers lender decided not to honor the 100% mortgage loan commitment letter. Now the buyer wont sign a release so I can proceed in accepting a new contract.Where do I go from here?

**A: was there any Buyer deposit money that you are holding?
If not threaten to sue the Buyer since there is no valid reason for the Buyer to still be involved.
The deal would be subject to financing and if they could not get financed, there is no deal.

There is a deposit, however the buyer will not sign a release wether we give her the deposit back or not. It is my understanding that if she wont sign the release we cant accept another contract (which we have waiting).

[HomeGuru]

[quote]Originally posted by jennifer pino
[b]There is a deposit, however the buyer will not sign a release wether we give her the deposit back or not. It is my understanding that if she wont sign the release we cant accept another contract (which we have waiting)

**A: who told you that. You can indeed accepet and sign another contract. Just put in a clause "this is a back up offer and subject to termination of the first contract" or something similar.