I don't know the circumstance in Bay area. But here

in NYC, it is difficult to get mortgage. Income may be too low to qualify (bonus are not always accounted for income), appraisal may not be high enough to come up with the maximun debt/value ratio, etc.

I know some young couples just lost their deposit (around $100K - $150K) because they couldn't get financing.

NYC's market is cooling, even the high end market started showing sign of crack.