How Changes in the Mission Viejo Real Estate Market Impact Contract Deadlines
It is always a challenge to add the myriad tasks associated with every Mission Viejo real estate sale or purchase to your already busy life. Your job, grocery shopping, cooking, cleaning, laundry, kids’ homework and sports, parents’ care and support, Bible study, book club, girls night out, men’s basketball, and bingo at the local Elks Club already demand your total time and attention. That’s why there are a reasonable number of days given in the purchase contract for buyers and sellers to get their part of the deal done to meet the closing date. Most people need a reasonable amount of time to fit in all the extra work it takes to buy or sell a house. The fact that there are consequences for not finding the time to meet the deadlines in a Mission Viejo real estate transaction shifts a little bit depending on which way the Mission Viejo real estate market is leaning. Here’s a look at how meeting the contract deadlines is impacted when it’s a buyer’s market versus when it is a seller’s market in Mission Viejo.
When it’s a buyer’s market, meeting the contract deadlines become something of a suggestion. Since most of the deadlines are up to the buyers to meet, when you’ve had your house on the market for 124 days and you’ve finally found a qualified buyer who offered you a price you can live with, you’re very unlikely to exercise your right to cancel the contract just because the buyers are tardy in removing their loan approval contingency. You’re more likely to grant the buyers an extension in time to remove their contingencies, understanding that their attendance at their daughters dance competition and participation in the book club meeting to select next year’s reading list are of the utmost importance. You may even grant them an extension in the close of escrow to hold the deal together so you can get your house sold and move on to the next chapter in your life.
When it’s a seller’s market, you can rest assured that the contract deadlines for your performance as the buyer will not only be taken seriously, those deadlines will be watched like a ticking alarm clock. Don’t be surprised when the seller servers you with a official California Association of Realtors Notice to Perform form two days before your loan approval contingency is due to be removed, explicitly letting you know that they have the right to cancel the contact should you miss your deadline. The purchase contract allows them to do that. Do you think for a single minute that the seller won’t exercise her right to cancel your contract if you miss even one deadline you agreed to, knowing that there were seven other well-qualified buyers ready to step in behind your inability to find the time to fit in the activities to meet your deadlines? This might be the time to skip out on book club or bridge to avoid losing the home of your dreams and get your part done. On time.
The purchase contract signed between Southern California buyers and sellers has all kinds of built in deadlines. It depends on the current market conditions as to how strictly those deadlines are enforced.
I’m Leslie Eskildsen, Realtor.
Call me. Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
Helping you make the right move in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Irvine, Laguna Niguel, Laguna Hills, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Dana Point, Corona Del Mar, and other Orange County communities.