Put my house up for sale in Austin, TX almost a month ago. I took an offer of $103k over asking on my listing of $599k. They put an appraisal addendum in that covers any appraisal gap. They put 30 days to close on the application. They are putting 25% down, too.
My agent just told me nobody has picked up the appraisal for the buyer yet and it’s still just sitting in a queue. He’s been in touch with their lender. I’m really frustrated because it means we likely can’t close on the date they specified which gives me a chance to walk if I want.
If I choose to walk due to them failing to close on time, do I get to keep their EMD?
Is it in bad taste to cancel the contract if they are going to be a week or so late on closing? My realtor is advising me to stick with this buyer, but I feel like if I put it back on the market I can pocket their 2% EMD, option money and get more money for the place. He also advised me that I can’t sell the house until the EMD is fully released one way or another. Is this true? Do buyers usually play hardball when this situation comes up and stonewall the seller over their EMD?