Real estate is time line specific. The closing date is a drop dead date. The seller doesn’t have to extend if the underwriter is still working on the buyer’s loan. With the market flattening out, if not heading up, sellers may not be as motivated to follow through on an offer that was at their threshold of acceptability a month ago. The extension could become a negotiation itself.
Changes in lending, primarily underwriting (scrutiny) and appraisal, have slowed the process down. We had a transaction where the third party that hires the appraisal rejected it twice from the appraiser before it was sent to the underwriter. We don’t know why.
Contingencies like the inspection period, are to the buyer’s benefit and expire without inaction. If it gets to midnight on the last day of the inspection period, the buyer’s options are to accept the property as agreed to or terminate the transaction.
Thinking forward helps but it also seems like the thirty day close is becoming a challenge in many transactions. Forty-five days is probably a more realistic time to close a real estate transaction around Portland theses day.s