One of the most dangerous assumptions a homeowner can make is believing a buyer’s loan is “basically approved.”
In my 15+ years working with homeowners across Rochester, NY, I’ve seen countless deals fall apart—not because the buyer didn’t want the house, but because the loan process failed late in the game.
When a buyer says, “I’m getting a mortgage,” what they’re really saying is:
“This deal depends on a bank, an appraiser, an underwriter, and perfect timing.”
If you’re under any kind of time pressure, that uncertainty can cost you far more than a lower cash offer ever would.
What Homeowners Need to Understand About Loan-Based Sales
A financed purchase is not just between you and the buyer. It involves:
- A lender
- An underwriter
- An appraiser
- A title company
- Two attorneys (New York requirement)
Every additional party introduces delay and risk.
Once you accept a loan-based offer, you stop controlling the timeline.
Why Financing Delays Are So Common in Rochester, NY
Rochester closings already take longer because New York is an attorney state. Add a loan, and delays become routine.
Common causes include:
- Appraisals coming in low
- Underwriters requesting additional documents
- Lenders changing requirements mid-process
- Title or survey issues discovered late
- Buyers changing jobs, income, or credit usage
These are not rare events—they are normal.
The Hidden Financial Cost of “Waiting It Out”
Every extra month a deal drags on costs sellers real money:
- Mortgage payments
- Property taxes
- Insurance
- Utilities
- Maintenance
- Opportunity cost from missed backup offers
For sellers already behind financially, waiting doesn’t pause the problem—it amplifies it.
Appraisals: The Quiet Deal Killer
Appraisals exist to protect the lender, not the seller.
If an appraisal comes in low:
- The bank will not fund the loan
- The buyer must bring cash (most cannot)
- The seller must reduce the price or renegotiate
- Or the deal collapses entirely
Cash buyers eliminate this risk altogether.
Why Time-Constrained Sellers Lose the Most
If you’re facing:
- Foreclosure
- Tax lien deadlines
- Estate or probate timelines
- Job relocation
- Financial hardship
A failed loan doesn’t just delay your sale—it can remove your remaining options.
We regularly speak with sellers who waited “just a little longer” and lost leverage, equity, or even the home itself.
Why Local Cash Buyers Create Certainty
A reputable local cash buyer:
- Does not rely on bank approvals
- Buys the home as-is
- Understands NY attorney timelines
- Anticipates title and legal issues
- Closes with funds already secured
At Brett Buys Roc Houses LLC, when we say we can close, it’s because the decision has already been made—not outsourced to a lender.
FAQs – Financing Delays & Seller Risk
How long do loan-based sales really take in Rochester NY?
Most take 60–90 days. Some exceed 120 days when issues arise.
Can a loan be denied after conditional approval?
Yes. This happens frequently during final underwriting.
What if the appraisal comes in low?
The bank will not lend the agreed amount. The deal must be renegotiated or canceled.
Can I accept a loan offer and still protect myself?
Only if you have a strong backup plan and clear deadlines written into the contract.
Is cash always safer than financing?
Yes, in terms of certainty and timing. There are fewer failure points.
Do cash buyers still use attorneys in NY?
Yes. The difference is speed and predictability—not legal shortcuts.
Call to Action
If your timeline matters—even slightly—certainty matters more than promises.
Visit brettbuysrochouses.com
We’ll walk you through your options honestly, whether you sell to us or not.