Buyer Unemployed Any Recourse

[Abena Cannady]

Hey BP,

My flip went under contract on Feb 22. Original closing date was March 31th. The buyer was using a small bank and doing an FHA loan and things were moving slowly. Granted an extension to close on Apr 23. Had to get a second appraisal due to the FHA guidelines, which wasn't back so last week granted another extension to close on May 7th. All the while frustrated that this lender seemed to be dragging their feet with doing their part.

April 23rd lender does employment verification and finds out buyer is unemployed as of March. So today we have to terminate contract and get back on the market. Frustrated is no longer the word. Broker wants to get damages from buyer. This is new to me. Beyond getting to keep the emd could damages be sought from the buyer?

Thanks

Abena