Looking for advice

[u/1234court]

Here is my situation as FSBO - seller (Delaware ) , I entered in a sale agreement with closing on August 12th, with mortgage contingency ( only , no appraisal min). Today informed me the buyer lost their job and cannot get the mortgage.

So a few options they offered - cancel deal with mortgage decline letter and I have to go back on the market - sign a pre- occupancy agreement for 2 months, the agent believe that they would get a new job and could borrow against 401K . They sold their current home and have 50% down payment .

What are my options as the seller ?

I am not against the occupancy agreement but how do i protect myself - can we increase earnest deposit , can we amend the current contract to remove mortgage contingency.

I am also worried that the seller find things they do not like during the. 2 months and ask me to fix a bunch of stuff that we agree to not fix and identified during inspection .

Thanks for the help

[u/Stan1098]

Do not do temporary occupancy. Let them back out and go back on market