The delay in financing could be due to the fact that the lender hasn't received a forthcoming document. Or, it could be due to a bad credit report. The first is nothing to worry about; the second could mean big trouble.

Suppose your agent decides not to bother you with the request for an extension. Instead, your agent tells the buyers' agent that it's OK to take the extra time. The agent has now stepped in to the role of decision-maker.

A few days turns into a week and you still don't know that anything might be amiss with your sale. If the buyers aren't successful in obtaining the financing they need to close, you could have wasted precious marketing time by not staying involved.

Some agents think they're doing their clients a favor by insulating them from bad news. They hope to solve the problem so that the buyer or seller isn't bothered. Although the agent's intentions might be good, they are ill conceived.

HOUSE HUNTING TIP: To ensure that you have a successful home purchase or sale, resolve to stay involved in the process from beginning to end. This may seem impossible to buyers and sellers who are extremely busy. There's usually a lot at stake, so it's worthwhile to make time to stay involved in the outcome of your real estate transaction.

One reason buyers and sellers shrink into the woodwork as soon as the contract is signed is they feel they're out of their element. They have little or no real estate experience and think it's best to leave the heavy lifting to people who know what they're doing.

A good way to stay on top of your transaction -- regardless of your level of expertise -- is to ask your agent to provide you with a summary of the critical details of your purchase contract as soon as possible after the final contract is signed.

The summary should include key contract dates for such things as the date the buyer's deposit is due, contingency deadlines (for financing, inspections, the sale of another property, etc.), a final walk through of the property and the closing date.

It should also include the names and contact information of the people involved in the transactions, such as the buyers and sellers, their real estate agents, the closing agent, inspectors and the buyer's mortgage broker or loan agent. A synopsis of who pays for what (transfer taxes, mortgage fees, etc.) is also useful.

THE CLOSING: Enter the key contracts dates on your calendar and follow up with your agent on the critical deadlines as they come due.

Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.

Copyright 2007 Dian Hymer