Real Estate Law
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I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your situation.
The buyers are in breach of the contract for not giving you a written loan commitment. However, they have a right under the law to cure their breach before the contract is cancelled, especially if the contract does not say "Time is of the essence." It's unfortunately very common for deadlines in real estate sales to get pushed back. But what you can do is point out that they're in violation of the contract by not providing the loan commitment and let them know that they're in breach. Give them a deadline - the actual deadline is up to you. You could give until the end of the month, or two weeks. Anything less than a week might not be enough time if they're still applying for loans in good faith. See what their response is and go from there. If they don't respond, or if they don't have a loan commitment, then you'd be more within your rights to tell them you're canceling the deal.
If the realtors are trying to blame you for the deal falling through, you want to be able to show that you did everything you were required to do. Giving the buyers more time to produce the loan commmitment will help with that.
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