The guy that was buying our current house decided that he wanted to lengthen the garage, install a pool, and refloor it. This would be expensive and has withdrawn the purchase. So the mortgage must now be resurrected while waiting for a buyer who actually performs. "Cash buyer" does not really mean much.
I think it means, "Take it off the market so I have no competition while i make up my mind."
Our loan officer called me back this morning (First Tech Federal Credit Union, when service matters) and we may still fund by original closing date. Loan rates have fallen as well.
What about 'ernest money'?
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