Closing in 5 days and buyer still does not have a mortgage

[ellekayw]

What is the name of your state? Florida.

We are the sellers and we have a closing date of Nov 22. As of yesterday, the buyer still hadn't gotten his loan finalized - they are waiting for an appraisal, but the appraiser said he can't finish his appraisal until a comparable house closes. It was supposed to close yesterday, but didn't.
We are supposed to start a lease on another apartment today, but are afraid to b/c we are not confident we'll be able to close on our house on Friday. How much notice does the mortgage company have to give us, the sellers, before we can cancel the agreement? I think telling us 4 or less days before closing is ridiculous! We're thinking of letting our new apartment go and re-listing our house b/c we either take this apartment, or we have to wait until Jan 1st for another. (all other apt. are too small and too expensive and we've already put down a deposit, etc.). I hope this makes sense!

[HomeGuru]

[quote]Originally posted by ellekayw
[b]What is the name of your state? Florida.

We are the sellers and we have a closing date of Nov 22. As of yesterday, the buyer still hadn't gotten his loan finalized - they are waiting for an appraisal, but the appraiser said he can't finish his appraisal until a comparable house closes.

**A: It appear sthat they ar waiting for "higher" comps to subtantiate the sales price. This is common if the price is on the high end of the market and the comps are of a lower value.
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It was supposed to close yesterday, but didn't.
We are supposed to start a lease on another apartment today, but are afraid to b/c we are not confident we'll be able to close on our house on Friday. How much notice does the mortgage company have to give us, the sellers, before we can cancel the agreement?

**A: the mortgage company is not a party to the contract. Read your contract for closing and clause for damages if closing does not occuer by the contracted date.
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I think telling us 4 or less days before closing is ridiculous! We're thinking of letting our new apartment go and re-listing our house b/c we either take this apartment, or we have to wait until Jan 1st for another. (all other apt. are too small and too expensive and we've already put down a deposit, etc.). I hope this makes sense!

**A: where is your real estate agent and/or real estate attorney?

What did your contract state about having your buyer approved? Is he approved subject to the appraisal??