Stalled Closing

[spectrum]

I have a signed contract from a buyer to buy my apartment. The buyer supposedly was able to secure mortgage commitment from a bank about a month ago. So far the buyer has not been able to go through with the closing for various reasons. The latest issue being there might be a problem with the mortgage. Is it possible that the bank may void a previously committed mortgage agreement? As the seller, I have no way to check with the bank. What would be my options? Thanks.

 

[presutin]

The only option you have for now is to write the buyer a letter or an email asking him for an update. Financial institutions can always cancel mortgages if there isn't enough evidence that the borrower will be able to pay them back for the funds borrowed. Hope this helps!