There is not always communication between buyers and sellers agent about the commitment. If the date passes and nothing is said the assumption is commitment was received but a follow up call should be made to the buyers agent. I typically do not go looking for mortgage commitment until after the date has passed.
If there is a problem you would most likely be asked for an extension or a withdrawal would be sent over. Typically a buyer has a sizable deposit on the home that they do not want to lose over a missed date.
While it is common for a buyers agent to share a commitment letter, the standard state contract does not say it has to be shared and the buyer's are under no obligation to share it.
Often times, the financing commitment date is very close to the actual closing date. Moving trucks and a subsequent closing are often hinging on the actual closing of one particular property. Any adjustment of dates may disrupt a line of "dominoes" that are in order.
I ask for an actual copy of the commitment letter, so that it can be reviewed for any last minute conditions that the bank has attached to it.
The I will contact the buyers agent and find out where we are at, constantly keeping my seller in the loop.
The seller is always the one to make the final determination based upon information provide by the list agent.
This depends on your contract wording.
It could be either way, really.
However, you can have your agent being in touch with the selling agent on ongoing basis - to see that you are on track.
It's not fun being in the dark, and if you are buying something else at the same time - this can be pretty stressful...
Hope this helps,
Beachfront Realty, Inc.
Your agent should be in communication with you. If mortgage commitment goes buy with no notification the buyers deposit money could be at risk.
Hope that helps,