A standard 60-day rate lock often expires before a co-op board completes its review, which typically takes 10-12 weeks. If the lock expires, the buyer must requalify at current rates - and if rates have risen, their DTI may no longer work. This can kill a deal that was otherwise clean. Require buyers to secure 90-day locks or confirm their lender offers free extensions before accepting a financed offer.
From the seller playbook: Soft Pre-Approval vs. Fully Underwritten Commitments
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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