What happens if my buyer can't close on my home sale?

Most of the time it's financing: the lender pulls back at the last minute, an appraisal comes in low, or a condition wasn't actually satisfied properly. Sometimes the buyer's own sale falls through, so the money they needed isn't there. Occasionally a buyer just changes their mind after conditions are waived, which is a breach, not a right they have.

Generally yes. Once a buyer defaults on a firm, unconditional agreement, the deposit is normally forfeited to you without you having to prove any actual loss, as long as it isn't so large a court would treat it as an unfair penalty rather than a genuine deposit. That's separate from whether you can claim more.

Yes, if your loss goes beyond it. If you resell for less than the original agreed price, you can generally claim the shortfall, plus carrying costs during the gap, like mortgage interest, property tax, and utilities while the home sits unsold. You're expected to make reasonable efforts to resell at a fair price, and your lawyer can advise on what counts as reasonable in your situation.

It's an option, and sometimes the practical one, especially if the buyer's financing is close but not quite ready. An extension needs a formal amendment to the agreement, often with a per diem interest charge for each day past the original date, and can include a larger deposit. There's no obligation to agree to one. Whether it makes sense depends on how close the buyer actually is and what relisting would cost you.

If financing is shaky, don't wait until closing week to raise it. Talk to your lawyer as soon as you know there's a risk, since walking away after conditions are waived puts your deposit and more at risk. See our page on changing the closing date if a short extension might solve the problem.