Question: We are selling our home in a couple weeks. Initially, the buyer said they will have no problem getting a loan. Now, they are asking for extensions. Should I worry?

Answer: These are unique times. Many lenders need more time to process their loans. Difficulty with underwriting tasks, employment verification and appraisal processing, are contributing factors.

New sellers should be wary of aggressive deadlines and unreal expectations. Relying on tight timelines can lead to disappointment, if an extension is needed. Go into each deal with your eyes open, understanding the effect of this pandemic on the lending industry.

All this is meant to explain why you shouldn’t worry about an extension request. It is commonplace. Of course, if a second or third extension request comes, you can begin to worry more. Either way, confirm the reasons for the delay, and identify the outstanding tasks involved for the lender.

This article was originally published in the Lowell Sun and is for informational purposes only and not to be relied on as legal advice, in any manner.