Buyer cannot close on agreed closing date – MN
Hi. Buyer signed purchase agreement back on 9/16. Closing date is supposed to be tomorrow, 11/30. We received a call from our agent last night that they want to push out the closing date because they have not been able to sell their house yet. They need a bridge loan, which they needed to have their parents co-sign. The delay is due to getting the underwriting in place for the bridge loan. They have asked us to sign an amendment to push out the closing date by one week, and have the co-signers added to the PA. However, due to circumstances that I won’t go into and are not really relevant, we are leaning towards letting the buyers know we intend to cancel the deal. Are we obligated or can we be compelled to accept the amendment and consummate the deal? I don’t think the buyers are in a position to go through a legal battle. Are we at risk of being sued by either agent?