Under a specific performance contract, the stakes are higher. It also avoids arguments about whether the failure to fund was the fault of the buyer. However, some buyers will lose bets they did not realize they had made. Even informed buyers will look to blame their lenders, the brokers who recommended those lenders, and the same brokers who will be accused of not informing buyers of the workings of 5b. Brokers working with buyers need to give those buyers an opportunity to make an informed choice about the bet.
Sellers have little leverage to dismiss a foolishly brave buyer.
Some buyers will make an informed decision to bet their earnest money even though they do not have a loan commitment. Seller will seek to obtain sufficient earnest money and early closing dates to protect against these buyers. In most situations, under prior versions of the contract, the risk that the buyer's loan was denied was borne by the seller. Now, in many situations, such risk will be borne by the buyer. Sellers can also be hurt by the new language as sellers have no means to force an early termination of a contract against buyers who do not obtain loan commitments by the loan commitment deadline.