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Both buyer and seller should be aware of all of the deadlines in their purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing.
If you are a careless buyer, you could lose your right to ask a seller to pay for needed repairs. There may be a limit on the time the seller has to respond to the buyer's request to complete repairs that are not required by the contract. Failure to apply for your mortgage on time may place your deposit at risk if the loan is denied. In many cases, the agreement can be declared null and void by the seller if financing is not approved within the time frame set forth in the contract. A delayed closing can cost the sellers money, and they may ask the buyer to reimburse these expenses.
Work closely with your real estate agent to ensure that all of your transaction deadlines are met.
I LOVE MY JOB! Plain and simple. I don't have a team, I work alone with excellent systems in place and a great company support staff. I love the one-on-one contact with my buyers and sellers. I've been licensed in Missouri since 1987. I've had 7 corporate moves, living on both the East Coast, the West Coast and places in between. I personally know the challenges and stress involved in moving. My goal is to give my clients the kind of service I would want to receive -- and have fun while doing it!
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Janice Freeman NUMBER1EXPERT™ in real estate for
Chesterfield, Wildwood and West St. Louis, Missouri
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