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...Buyer 1 also has contingency of their current home closing...

If this contingency was not there and the sale of their house fell through then it would be very likely that their mortgage lender would not finance the mortgage on the purchase of your house because that would change all their loan ratios.

Wouldn't that let them out of the purchase of your house because of the financing contingency?

If so then does the sale contingency really make a lot of difference?

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