That isn’t quite true, since the mortgage happens after the sale agreement (exact wording and specifics vary by state law), and the sale typically has a cancell

That isn’t quite true, since the mortgage happens after the sale agreement (exact wording and specifics vary by state law), and the sale typically has a cancellation clause if the mortgage cannot be secured per the various terms and contingencies of purchase. That is why “in cash” offers are preferred, since then the sale and payment timing is less uncertain and risky to the seller.