I will get to it, OK?

By
Real Estate Agent with Atlanta Communities 303302

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.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

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Topic:
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Out Of The Box!
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Rainmaker
3,828,061
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Peter. What a horror story. Your clients have tried your patience I am sure but all clients are not what we would have. Good luck.

Dec 28, 2019 05:31 AM #1
Rainmaker
3,643,588
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Peter - Motivation? That can be an in-depth conversation, can't it?  

Dec 28, 2019 05:41 AM #2
Rainmaker
330,315
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

Great comments.  Buyer procrastination is difficult to understand.  I have one like that now.  Dealing with a new build and she is still debating on the purchase.  I have advised repeatedly she will lose her earnest money.  Funny how buyers want you to drop what you are doing to show a house....then they get the house and it is a different story!!

 

Dec 28, 2019 07:03 AM #3
Rainmaker
4,855,908
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Peter,

What a story!  Luckily, we rarely dealt with that type of an issue.  Wishing you that the final close is smooth.  A

Dec 28, 2019 08:03 AM #4
Rainmaker
1,607,392
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I just had a buyer like this myself. Every other day I was finding out what he didn't do or didn't bring in. Very frustrating.

Dec 28, 2019 08:08 AM #5
Rainmaker
2,160,928
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Peter den Boer - that is really a very big problem.  I don't know how people get like that.

Dec 28, 2019 08:12 AM #6
Rainmaker
2,550,732
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

In Real Estate deals: He who ignores the clocks has within their head...rocks

Dec 28, 2019 08:16 AM #7
Rainmaker
718,196
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

You are correct Sir, the seller does not have to extend the close date. The buyer risks losing the earnest money. The clock is ticking, tick-tock right on it goes. 

Dec 28, 2019 01:20 PM #8
Ambassador
4,198,726
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Peter- quite a story and nice shout out for the other agent. 

Dec 28, 2019 04:28 PM #9
Ambassador
3,185,456
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

What about Time is of the essence that they don't understand?

Dec 28, 2019 06:00 PM #10
Rainer
238,741
John Henry, Florida Architect
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Dragging one's feet in the world of real estate can have unpleasant consequences!

Dec 29, 2019 04:20 AM #11
Rainmaker
581,030
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Happens far too often in our business if you take your eyes off the transaction! You need to stay in touch with lender and buyers to make things are happening in a timely manner

Dec 29, 2019 04:31 AM #12
Rainmaker
1,572,403
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Ugh. Procrastination has no place in the home buying process.

Dec 29, 2019 06:55 AM #13
Rainmaker
803,744
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

What part of 'time is of the essence' do people NOT understand? 
I have ZERO sympathy for those who lose because they don't think the rules apply to them. Oh really, you are losing your deal and EM? Sucks to be you!

Dec 29, 2019 09:41 AM #14
Rainmaker
3,412,563
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope 2020 is a great year for you.

Dec 30, 2019 02:35 AM #15
Rainmaker
2,188,199
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

There is a lot at stake when buyers and sellers go under contract. Procrastination can be costly, legally and otherwise. Paying the consequences are no fun. 

Congratulations on the FEATURE! 

Jan 01, 2020 10:55 AM #16
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Peter den Boer

MBA,GRI, Associate Broker, Realtor
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