Hello! We have bought a home but are waiting for approval for our loan. Our close date is March 1 for the home we will move into.
A couple has purchased our home and their close date is this Friday, the 26th.
The problem is I am having a baby (such bad timing) some time this week, and I have a worry we will not get our loan approved in time or at all, and I don’t want to be left homeless if that happens.
If we are not approved by Thursday evening (might before close on our current house) I want to back out of all things.
I cannot risk losing our current home with a 1.5 year old and newborn, during a pandemic.
I understand that we would need to cover all monies buyers of our home have spent.
What are our rights as sellers to back out. (Very aware of his inconvenient this is and unprofessional, but I need to take care of my family)