[ursaitaliano70]

...if buyer did not obtain the mortgage? ? We are in contract to sell our home ( New York State). Our buyers had a 30 day commitment clause in the contract to obtain a certain amount of money within 30 days with a specific lender. We called inquiring about what the delay was about 3 and a half weeks after contract signing. No one knew what was going on. Our lawyers had no info nor did our agent..Our agent finally called us and told us that the buyers were having difficulty with the bank they had a applied to for a mortgage. The bank now wanted a larger down payment and had, therefore, now agreed to a lesser amount to lend them. They then went on to change lenders and use one of their realtor's lenders. They were 1. suppose to notify our lawyers in writing that theyeither had a mortgage commitment or did not secure a mortgage. 2 suppose to notify our lawyer that they changed banks.Our lawyer says they were never notified. The 30 days have come and gone. Our house is not being shown and we have another possible buyer who we may lose. The contract stated closing would be on or about Nov. 15th. Can we consider the Buyers in default and keep their down payment? We would much rather close this deal! However we don't want to find out that after waiting 2 months and paying 2 mortgages, insurances, fueloil, electric, all the other expenses of keeping a second home in good condition,and possibly losing other buyers that these people still could not buy our home! Can we cancel the deal now and get their deposit at this point? We are 2 weeks away from being in contract 2 months and wasting time! To "Laughter" This is a Law and Ethics Section. If you are not qualified you shouldn't bother answering! The question is written with the hope that a lawyer or some other legal professional would respond!

[Mumsey]

30 days are up with so called buyer #1, they couldn't qualify for the mortgage.You are done with buyer #1, if you have someone that is interested go with them.Hey show me the money, no money, no contract.Next time have a lot shorter qualifying time say a week, subject to mortgage approval within a week.