What Happens If You Miss a Contingency Deadline When Buying a Home?
Posted by Judit Crace on
Most people assume real estate deals fall apart because of big dramatic problems.Bad inspections. Financing denials. Low appraisals. Cold feet.
And sometimes that's true.
But deals can also collapse over something far more preventable: a missed deadline.
I recently worked a transaction where the buyers' agent missed the inspection contingency deadline by two days. It nearly cost the buyers $15,000 and all of their negotiating power.
Here's exactly what happened.
What Happened When the Deadline Was Missed
The buyers' agent was gathering contractor bids for repair estimates. Contractors were slow. The deadline slipped. By the time she realized it, the inspection contingency had already expired.
That changed everything overnight.
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