. Life does sometimes "get in the way"....there are accidents, family members become ill...a leg breaks, the flu strikes....for the other half of 
the transaction ....there is an agent, buyer or seller who does not know what curve might have been thrown to you. What they DO know is that all things real estate are time sensitive.
In Wisconsin, as we suspect in most if not all other states, when a deadline is missed, it can be cause for a contract to be canceled.. null.. void..
finito. Or it can mean that changes can't be made to modify the conditions.
Some examples in Wisconsin contracts are:
- Deadline for acceptance of an offer
If a Seller is countering the offer, the Seller can determine their
own deadline...and the Buyer can choose not to wait.
- Time frame for Earnest Money Deposit
In southeastern Wisconsin, typically earnest money is deposited 3-5
days after the offer is accepted and not submitted with the offer.
- Home Inspection
Typically this is 10-15 days from the acceptance of the offer. If it
isn't completed within that time frame or extended by a mutually
agreed upon amendment, the Buyer loses their right to do one.
- Appraisal
Has the lender completed this in the timeline established by the
contract or has it been done for a cash purchase by the date specified.
- Loan Comittment
The bank has given their official approval - the house has appraised
for an amount at or greater than the offer and the due dili
gence has
been completed for the Buyer to be financially qualified.
- Closing Date - Have all conditions been met by both parties for
possible repairs, financing, review of loan documents to insure that
the closing date will be met.
Have that team member, another agent...dependable professional...prepared to meet all the conditions of the contract or that "misstep" may find your contract no longer exists.
This has been a professional best practices post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty, honored to be serving Sellers and Buyers for all things real estate in southeastern Wisconsin.
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