If a buyer decides to request additional time for contingencies, what action should they take?

When a buyer decides to request additional time for contingencies, the appropriate action is to formally request an extension. This involves communicating with the seller or the seller’s agent to ask for more time to fulfill contractual obligations or conditions that must be satisfied before closing.

Contingencies typically relate to important aspects of the transaction, such as financing, inspections, or appraisals. By formally requesting an extension, the buyer is taking a proactive step to ensure that they have adequate time to address these contingencies properly, thereby protecting their interests in the transaction.

This approach maintains the integrity of the agreement and allows for open communication, which could lead to a mutually beneficial resolution. Unlike canceling the purchase, increasing the down payment, or accepting the original terms despite needing more time, requesting an extension actively engages the seller in the process and seeks to find a workable solution for all parties involved.