Underwriting dilemma 1 day before closing

[tyche]

I recently sold my home in Idaho and the escrow is scheduled to close tomorrow. Today I am told that the buyers have not been approved for a loan yet and the real estate agent wants to extend the escrow period. Isn't this a breach of contract on the part of the buyer if they cant get finanacing in time to close escrow by the schedule date?

 

[justathought]

Is there a financing contingency?

 

[tyche]

I do not believe there is in the original contract.

 

[HomeGuru]

If the Buyer needs a loan then there should be a financing contingency. Read your contract and know for sure.