For the few properties I bought when I took over for another buyer, an addendum had to be signed by all parties stating that my company would be buying the house now.
And, the shorted lender will have to issue a new approval letter, if one was issued, since the approval is buyer specific. They will have to process the approval agin. If you get lucky, it will be a 2 week delay.
Thank you Wayne. You're comment is matching that of my attorney. Unfortunately the Broker involved was giving bad advice and I lost confidence in the balance of the information and other negotiations that were part of the transaction and I pulled out. Searching now for more opportunities and a new Broker.