A closing extension is when you and the seller agree that your closing date can be pushed back beyond a time specified in the contract. Sellers have a vested interest in this because, regardless of whether your escrow has closed, they don’t get the money from the sale until you’ve finalized your financing with the mortgage company and closed.Your closing could be postponed for any number of reasons, including delays on getting an appraisal or home inspection done as well as bigger concerns like natural disasters. Whatever the case, communication is key, and you or your real estate agent can work with the sellers and their real estate agent to amicably reschedule so you don’t lose your opportunity to buy the home.