No, actually it is not OK. As a matter of fact, not getting to it could cost you a bunch of money.
Once a buyer is under contract to buy a home, the clock starts ticking on several important time lines. For instance, the lender will start asking for lots of different paperwork. The Buyer will need to get this paperwork delivered to the lender in a timely manner.
I have a current client who has dragged their feet getting paperwork back to his lender. As a consequence, we will not be able to close on their new home as we expected. I have managed to delay the closing by 5 days in hopes that the lender gets what they need. This delay was possible because we have a good agent on the listing side.
What happens if the seller decided not to delay? Well, with one exception, an 8 day unilateral delay, the Buyer could possibly lose their $1,700 earnest money deposit and the house. Really? Yep.
So, when you go under contract to buy that dream home, don't let it become a nightmare by not following your lender's instructions.
Comments(16)