[quote permabear]Anyone have input on whether I should relist the house and get back-up offers, or even go so far as to cancel their offer and start over?
[/quote]Do the ‘failure to perform’ route. It makes sure that the ‘T’s are crossed and ‘i’s are dotted. The purchase was a contract that they failed to perform on. If you back out, it could be said that you failed to perform.
Once that is done, relist. If they are able to clear up the funding before anyone else gives you a solid offer, then they can buy it, otherwise go with the next buyer. – treat it as a business deal (which is what it really is). Time is also money in this case, and you are rolling into the RE ‘dead months'(relatively speaking).
[quote permabear]I should mention my home is very desirable, ocean views, highly-upgraded, and it literally had offers on day one.
[/quote]Shouldn’t be too hard to get another buyer. Allow some flexibility on price. You may not get what the original purchaser was offering, but you also have a time/money issue and probably a carrying cost.
Did you keep a record of other people who offered? You might want to check if they have funding/can complete their offer.
