Offering to Purchase Real Estate- the Basics
It is absolutely essential that you include a closing date as part of your offer to purchase real estate. This is an important date in the contract and should not be considered lightly.
If you’re obtaining financing and a mortgage approval, allow as much time as possible. With today’s stringent mortgage qualifications, 45 days is the minimum time you should have from the effective date to the closing date on the contract.
Both you and the seller can make plans for moving, and the seller can make plans for buying his or her next home based on the closing date you have both agreed to in the contract.
Though most transactions actually do close on the right date, occasionally extensions are needed because of mortgage financing delays. Most times these delays are not the fault of the buyer.
There are also times when closing can be delayed due to acts of God, such as a hurricane or natural disaster. Have back-up plans prepared for such a contingency.