Once your contract is signed it is important to stick to the deadlines that have been established. Any missed deadline constitutes a breach of contract, regardless of the reason the deadline was missed. It could lead to the other party voiding the contract… which could lead to the forfeiture of part or all of your deposit.
In most instances, when an extension is needed, the Seller will agree to do so… but not always. sometimes they will request a concession in order to do so.You cannot assume the Seller(s) will agree to an extension request… or that they will agree to the length of the extension you may require. So stay on task!
As was stated earlier: this is a business transaction… possibly the biggest one you will ever have. Treat it as such. The schedule is critical: in real estate terms, it is said that “time is of the essence”.
Immediately upon coming to an Agreement with the Seller(s), you will have several benchmarks that need to be achieved during the ensuing days. The deadlines are set forth in the contract and are negotiable (the time lines referenced are typical of the vast majority of real estate contracts, but certainly not all). But, remember, once they have been negotiated and agreed upon, they are firm.