"Time is of the essence"...it's more than just an expression...a wish...a casual remark...it IS the way it IS...and it applies to every part of a real estate transaction. When you sign a contract....Listing or Purchasing...there are different things that you agree to do within specific timelines. It may be the response to an offer or an amendment. In Wisconsin if you are choosing not to accept either of the aforementioned documents and wish to change it through a counter offer...the timeline is discarded and you respond on your own timeline.
If you have an accepted offer, there are timelines for doing inspections and depositing earnest money ....You as the Buyer(s) set those timelines and the Seller(s) have agreed to them..your obligation is to honor those dates and times. IF for some legitimate reason, the timeline cannot be honored...all parties...Buyers and Sellers have to agree to amend the the timeline to a new date that works for everyone.
If you are the Seller(s) in a short sale there are more deadlines for the production of documents of various kinds...or updated documents....the Lender is forgiving ...or considering forgiving a part of the debt you owe and they call all the shots as to what is due when or reserve the right to close the file. The minute you stopped paying the mortgage, the right to decide anything is gone.
Your very conscientious and professional agent on whatever side of the transaction will remind you what is due when and where throughout the transaction. Honor those dates...you agreed to them...you had the other party agree to them....and wheels are in motion to close the transaction.
Time really IS of the essence...and in southeastern Wisconsin for timely, professional transactions, call the Hansons....we are honored to be of service.