When you sign a purchase and sale agreement, both you and the seller implement various penalties and deadlines for certain parts of the purchase. You may have two weeks to obtain financing before the financing contingency becomes null and void, or the sellers may have three weeks to resolve home inspection items or you can renegotiate or pull out of the deal. When you’re moving through the home purchase process, it’s not enough to be on time. You must also keep sellers informed every step of the way, and negotiate extensions quickly if you’re going to miss a deadline.
Inform the Seller as You Move Through the Purchase Process
When you complete a part of the purchase process, it’s not enough to be on time with the deadline; you must also notify the sellers using whatever method is specified in the purchase and sale agreement. Some deadlines may simply require an email or phone call to notify the seller, while others may require physical trips to the property, certified mail or other notification methods. Make sure you’re familiar with the notification processes specified in the contract, and adhere to them carefully. A deal could fall through, even if you’re on-time, because of improper notification.
Request Extensions ASAP if You Encounter Difficulties
If you’re going to have trouble meeting a deadline, request an extension from the seller, in writing, as soon as possible. In some cases, sellers may grant extensions without batting an eyelash. In other cases, sellers may use extensions as an excuse to negotiate more favorable terms for them, or other concessions in the purchase. If the seller does agree to an extension, get it in writing. Otherwise, the seller could use it as an excuse to pull out of the deal and put the home back on the market; even if he or she has verbally agreed to the extension.