There are plenty of deadlines in our business, at least from a contractual basis.
- Deadline to provide buyer's proof of funds
- Deadline to apply for the loan
- Deadline to complete the due diligence
- Deadline for the loan commitment
- Deadline for close of escrow
The list goes on.
It seems that most deadlines are there for a reason...and folks need to pay attention to them. After all, failure to do so can put your contract, and your deposit, at risk, depending on the situation and the conditions outlined in your particular contract. And there could be other legal complications if one does not adhere to the dates and the other party chooses to make an issue of it.
It's all part of paying attention to the due dates to keep the transaction moving along and meet your contractual obligations as buyer or seller as outlined in the agreed-upon contract.
Sometimes it seems that certain dates or deadlines are more of a suggestion since some folks just do not pay attention or ignore them, and do not suffer consequences unless enforced by the other party...a particular issue with short sales and REOs, with acceptance of offers and approval date of the short sale being just a couple of examples.
Certainly there can be monetary consequences with some missed dates - often lenders in short sale or REO transactions impose per diem penalties (e.g., $50 to $150) if close of escrow does not occur due to the fault of the buyers and /or the buyer's lender.
We have the option, which I suspect is true in most, if not all, offer to purchase contracts, to include an Expiration of Offer deadline by which a response to the offer is due from the seller. Here in California if no date is included the expiration of the offer defaults to 3 days. The "offer shall be deemed revoked and the deposit shall be returned unless the offer is Signed by the Seller and a Copy of the Signed Offer is personally received by the Buyer or..."
Not responding in a timely manner to an offer seems rude, and it does, if the buyer wants, mean the seller loses the offer. But in these crazy times, in some markets the sellers have the upper hand. And buyers don't want to miss out on a property just because of a missed expiration deadline.
Some agents are good about respecting deadlines, while others, or perhaps it is their clients, ignore them or at least don't seem to worry about meeting them.
It is our job to make sure our clients know about, and are adhering to the specified dates so they are not put at risk. It's all about knowing the contract and being sure everyone knows the deadlines and due dates, and committed to keeping them, or requesting extensions in writing if needed.
Do we have an agreement?
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