Hopefully we’ve been able to successfully negotiate any inspection repairs or credits. And we will soon be past the Due Diligence Deadline. Typically, buyers ask for 14 days to conduct their inspections. During this period, it is usually the case that the buyers can walk from the deal for any reason and receive their earnest money back, unless we have negotiated differently during the offer and negotiation.
Once we are past the Due Diligence Period, it is more difficult for the buyer to back out of the contract. If the buyer does back out for any reason other than not being able to get approval for the mortgage, the buyer will most likely lose his/her earnest money back and instead you’ll get to keep it. Now we patiently wait for the buyer’s loan to get approved and focus on the last remaining items to get you prepared for closing!