Quick Close Could Spell Quick Disaster

With the market heating up the tendency of many buyers is to offer a quick close as an enticement for the seller to accept the offer.   While this seems like a smart play, the buyer could actually be putting themselves in a terrible position of potentially defaulting on the contract.  Currently lenders, appraisers and title abstractors are overloaded and many are taking much longer than normal to complete loans, appraisals, and title searches.  Any delay caused by the increased volume could delay the buyer's ability to close by the closing date set forth in the contract and could place the buyer in default. If the buyer defaults, the seller could keep the earnest money and sale the house to someone else.