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What happens if the buyer's loan is not approved by the deadline in the contract?
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The question really is was the loan denied or does the buyer need more time to get approved. If the loan was denied the buyer will most likely terminated the contract before the loan commitment deadline. If the buyer just needs more time he will ask to extend the loan commitment deadline. He will present you with an Amend/Extend to the contract to buy real estate.
You do not have to accept this extension, but if you want to salvage the deal you will have to agree to it. If the buyer asks for an extension you are also assured that he is a serious buyer, why else would he go through the trouble of extending his due diligence period or loan commitment deadline? |
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