What Happens If Buyer Missed Closing Date. In most cases, if the buyer is not ready to close by that date, the seller can cancel the sale. But here, if the buyer is unable to close due to the loan not being clear to close by the closing date, the buyer's agent can submit a unilateral extension for 8 days, to provide the buyer more time to get their loan finalized.
If the closing date is missed, at a minimum, the purchase contract will expire. Terminating the contract is a radical move that doesn’t always benefit the seller. If the closing date is missed, then at a minimum, the contract is in jeopardy;
📅 Home Buyer Missed the Closing Date. Now What?
For example, cash buyers typically close a lot more quickly than. If the purchase contract expires, the parties are no longer engaged in an active contract with each other. Missing the closing date can jeopardize a deal. Some alternatives to canceling the contract can benefit both the buyer and the seller.
