Please I would like some one to help me with full explanation of the case below!

Nell and Edward agreed that Nell would purchase Edward's house and lot. Because both parties wanted to avoid the expense of having a formal contract drafted, they signed their names below the following handwrit- ten statement: "Nell hereby agrees to buy from Edward the house at 1023 Washington Avenue for $65,000. Closing to be within 60 days from today: September 13, 2007. Nell had planned to borrow 90% of the purchase price but failed to qualify for this loan. Does Nell's inability to obtain a loan excuse her from performance of the agreement as written?