Mistake #5: Failing to Take the Deadlines in Your Purchase Offer Seriously
Once you’ve made an offer on a home and the seller has accepted it, the clock starts ticking on certain deadlines written into the purchase offer. Many buyers rely on their agents or loan officers to keep track of the important dates, but if they mess up, you’re the one who pays the price of a failed deal.
To prevent this, review your purchase agreement and make a list of all the items with deadlines. Then cross each item off the list as it’s completed. These deadlines, which need to be met, include:
Your final mortgage loan approval date. Your appraisal deadline. Various inspections such as home, mold, and radon, as well as any others needed based on your area. Property condition disclosures from the seller.
Sending a repair addendum to the sellers concerning problems the home inspector found. Remember to note the time the sellers have to respond to your addendum and fix the problems detailed. Your homeowners and title insurance.
Your settlement date, or the day you’re scheduled to close on your mortgage loan. Typically, you’ll have about thirty days to closing, and during this time you’ll need to arrange for the actions necessary to meet the deadlines indicated in your purchase agreement.
If you miss these deadlines, the sellers can cancel your agreement and you’re back to square one. Especially, meeting your deadlines can be critical if the sellers have a backup offer in the wings, particularly one that’s for more money.
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