[Maryland]- Buyer Missed Extended Closing Date, What Are My Options?
I'm selling a house in Maryland. The buyer is apply for FHA loan and requested an extension of the original closing date, and I agreed. The appraisal came back fine, but the buyer has now missed the extended closing date by 7 days.
Since then, I've received very little information from the buyer's agent and lender, and I still don't know whether the buyer has final loan approval. My agent has a lot of difficulties to get an update from the buyer's lender.
The contract's default section states that if the buyer fails to settle or otherwise defaults under the contract, the seller may retain the earnest money deposit.
Has anyone dealt with a similar situation in MD?
Can a buyer be considered in default after missing an extended closing date?
What proof should I request regarding their financing status?
What steps are typically required before a seller can make a claim on the earnest money deposit?
I'm planning to discuss with my agent again and possibly an attorney, but I'd appreciate hearing from anyone with experience. Thank you.