If you think the slog of going out week after week to find a house, and then beat competitors, is a marathon, get ready for the sprint.

Once a seller accepts your offer, the clock starts ticking on all the things you must do to be ready for settlement. Failure to meet any of the deadlines outlined in the sales contract could result in not only losing the house, but possibly your deposit.

If your contract has a "time is of the essence" clause, it is a notice to both parties that failure to complete a required performance by a date set forth in the contract will constitute an incurable breach. And real estate contracts are full of timelines.

The numerous chores that lie ahead include applying for and securing financing, obtaining homeowners insurance, obtaining and reviewing homeowner or condominium association documents and scheduling an independent inspection. You may even be required to make a second deposit by a certain date.

Many agents give their clients a list of timeline contingencies that must be met, so you should begin setting up appoints right away.

Sometimes, though, agents drop the ball, leaving the seller's agent to pick up the baton. Most may gripe a bit that they have to do the other side's job, but they usually do so to preserve the deal and save their commissions.

That's what happened to broker Tammie White of Franklin (Tennessee) Homes Realty some years back. Beset with title issues, the seller twice asked for extensions. But during both add-ons, not a word was heard from the seller's agent, White posted on ActiveRain back then. So her client found another house.

Only the day after the broker notified the seller's agent that her client wanted his deposit back did the agent tell White his client was ready to close. Too late. The deal was dashed. Later in the same week, it happened again, only this time White was working on behalf of the seller, and the buyer had missed the deadline for signing a repair amendment.

Completion dates are not suggestions, nor are they "guidelines" that can be bent or broken. "They are designed to protect buyers and sellers," White advised. "They shouldn't be neglected or left to expire. All parties must be aware of the dates and make sure the corresponding documents have been properly signed. When they have not, you may wake up to realize that the contract is null and void."

All contracts are different, and none of this should be taken as legal advice. But as an example of how this can work, the standard contract in Pennsylvania allows a seller five days from the end of the inspection clause to respond. So if a buyer submits an addendum with their demands on the ninth day of a 10-day deadline, the seller has six days to reply.

Most states contain at least one milestone. But at least one, Massachusetts, has two key deadlines. Here, according to broker Matt Dolan of Sagan Harborside Sotheby's International Realty in Marblehead, the two-step process involves an accepted offer, followed by an inspection and then a purchase and sales contract that's a more detailed version of the offer.

One of the most troublesome deadlines has to do with the inspection contingency. Although any number of days can be written into the contract, buyers typically have seven to 10 days to find an inspector, receive the report and notify the seller of what repairs, if any, are being requested. (Unless stated otherwise, "days" usually means calendar days, not business days.)

If the buyers miss the deadline, they likely would be required to proceed with the transaction, even if the inspection reveals major issues that the buyers really do not want to contend. Either that or, if they decide not to proceed with the sale, they could lose their entire earnest money deposit.

Now let's say you've had the inspection and handed over a list of items you want the seller to repair, all within the allotted time frame. At this point, the seller has however many days written into the contract to respond. The work doesn't have to be performed within that period; rather, the reply is about whether the seller agrees to have the repairs done by the closing date.

Perhaps the seller will agree to do all the work the buyers request, or maybe just some of it. Maybe they'll agree to set aside a certain amount at closing to cover the costs so the buyers can get the work done at their leisure. Or perhaps they'll say no to everything. Then it's back to the buyers to decide how they want to proceed, again within the contract specified time limit. It all makes for a rather hectic couple of weeks.

Applying for financing is another key deadline. Applications must be submitted within the time stated in the contract, and a lender's approval must be received within so many days afterward. Realize, though, that the lender won't order an appraisal until the inspection back-and-forth is resolved.

But if you miss the mortgage application deadline, the seller could accept an offer from someone else. And they could keep your deposit as compensation for taking their place off the market while waiting for you to fulfill your end of the bargain.

Although obtaining homeowners insurance is typically not part of the sales contract, it is a lender requirement that must be met prior to closing or the closing will be delayed. You should be reminded of this by your agent or loan officer. But don't drop the ball, even if they do: Call your insurer as soon as you can to get things rolling.

The seller is responsible for providing HOA documents within a certain time -- again, as outlined in the contract. And then the buyers have so many days to review the papers. If the buyers find something objectionable, they can back out. But if they missed their deadline, they could be forced to move the sale along.

Finally, there's the closing date, the day everyone should be shooting for to sign all the necessary papers and transfer the keys to the new owners. That date is subject to negotiation, but once agreed upon and written into the contract, it should be your target.

Closing can always be pushed back a few days by mutual consent. But if you haven't dotted all your I's and crossed all your T's, you could be stuck with a truck full of furniture and a car full of kids with nowhere to go.

The housing market is not likely to implode like it did in 2008, when it ushered in what's now known as the Great Recession. But could a price correction be coming?

"The cure for high prices is high prices," noted economist Austan Goolsbee at the recent Urban Land Institute conference in Chicago -- meaning that at some point, people will stop buying houses until prices become more reasonable.

To hear Laura Cole of Lakewood Ranch Communities in Sarasota, Florida, tell it, prices have been slipping for the last three months as "consumer fatigue" sets in.

Todd Mansfield of Crescent Communities in Charlotte, North Carolina, agrees. "At some point," he said at the ULI meeting, "enough is enough." He added that the market is "on the verge" of self-correction: "I can't imagine it will keep going as it has."

While Cole wonders how much demand has been "pulled forward" by people rushing to buy during the pandemic -- and paying record prices to do so -- she is convinced the current slowdown is "only temporary."

In that regard, consider the recent research note from Goldman Sachs, which says the housing supply/demand imbalance could last longer than any other shortage issue affecting the economy. Consequently, the firm says the price boom, which has already exceeded "even our lofty expectations," will grow by an additional 16% by the end of next year.

Your credit score is likely to take a hit when you sign up for a mortgage, but not for long.

A study by LendingTree found that new borrowers' all-important scores will slide by roughly 20 points for four to six months before starting to climb back up. In about a year, your score should return to where it was when you first applied for financing.

More precisely, the company found that scores took an average of 165 days after closing to reach their lowest points. Then they took an average of 174 more days to rebound to pre-loan levels.

The key to recovery is to hold off on applying for additional credit right after buying a house. That means waiting to make big-ticket purchases like furniture for your new digs, or a new car for that longer commute. If you continue to apply for new forms of credit after getting a mortgage, your credit score may fall further and take longer to rebound.

Also, make your monthly house payments on time. Paying late will affect your score negatively. And don't neglect your other debts, either: Being tardy on your credit card payments will also have a negative impact.

In another study, LendingTree found that the majority of people who take on a new credit card see their scores slip right away. The average is small, but some lose as many as 25 points.

Here, both your outstanding balance and your utilization rates matter. The scores of those who upped their balances right away fell an average of 14 more points. If your balance is more than 30% of your available credit, figure on knocking 19 more points off your score.

More signs of the apocalypse: A 6,000-square-foot property in San Francisco has sold for -- wait for it -- $2.1 million over its asking price. Listed at $3.5 million, it went for $5.6 million in just 11 days on the market. But then, it has a great view of the skyline.

Meanwhile, in Surfside, Florida, just north of Miami Beach, a 6,800-square-foot waterfront house built on spec recently sold off-market for $8.5 million. But here's the real kicker: Just six months earlier, it had sold for $6.9 million, reports agent Sharon Beck of Luxuri International Realty.

It took more than 13 years, but every one of the 100 largest metro areas in the country has finally recovered from the 2008 housing debacle.

The last place to get housing prices back to their pre-2008 levels was Bakersfield, California, according to HSH, a New Jersey-based real estate information service. Prices there are now 1.5% above where they were in 2008.

While prices have risen everywhere, some markets have done much better than others, HSH's Keith Gumbinger reports. Austin has fared the best, followed by Denver, Boise, Dallas and Fort Worth.

By HSH's count, housing costs in Austin are now 162% above their previous peak. In Denver, they are 139% higher.

Could this happen here? Dunno, but in Berlin, citizens have voted to take some 240,000 privately held apartment units into the public domain to gain control over super-high rents.

Average salaries in Berlin are among the lowest in Germany, yet the city has some of the highest rental prices. Of 19 neighborhoods, 17 are considered to be unaffordable to the average earner. In one section, a typical tenant needs to spend 62% of their net income to cover rent.

In Berlin, a rental burden of more than 40% of a household's income is defined as financial overload. In the United States, anything over 30% is considered unaffordable.

The latest evidence indicates the market is tightening again -- not loosening, as had been expected. At this writing, the number of new listings has declined for the seventh straight week. So it's time for serious buyers to start knocking on doors.

That's what my cousin and her husband did, years ago, when they decided they wanted to buy their own place in Florida. And it worked!

They wanted to buy something in a small enclave in Bonita Springs, where they had been renting for several years. The first house they tried was occupied by a seasonal renter, who directed them to the owner's house up the street. My cousin's husband wasted no time: He knocked on the owner's door and asked, "Would you be interested in selling your rental?"

They chatted for a few minutes, and the owner said he'd think about it. A few days later, he said he'd sell. They struck a deal, and to this day, the seller, my cousin and their spouses are fast friends.

It doesn't always work out that way, of course. In this day and age, you are just as likely to have the door slammed in your face as receive a polite response. And if you pick the wrong day or time, you might even have a pistol -- or worse, an AK-47 -- brandished in your kisser.

Even without going to those extremes, you do have to be ready for a lot of rejection. Most people don't even try this method, and even realty agents tend to dislike going door-to-door on behalf of clients who have identified where they want to live.

Some years ago, Lesley Lambert, then of Park Square Realty in Westfield, Massachusetts, swallowed her anxiety and started knocking on doors. Her first stop was answered by a woman who hugged her and started crying. At the second stop, the owner slammed the door, though he soon came out and apologized.

In her post on real estate site ActiveRain, Lambert didn't say she acquired any listings, but she did come to realize that door-knocking wasn't all that terrible.

As an alternative, some people write letters to owners in their prospective neighborhoods. I spoke to two agents who have tried that tactic on behalf of clients -- one wrote letters and the other mailed fliers, each to no avail. But it worked splendidly for Northern Virginia broker David Rathgeber. Twice!

When Rathgeber, owner of Your Friend in Real Estate, wanted to move closer to his daughter and granddaughter, he sent letters to the owners of the 45 one-level houses that met his specifications. He received a response from three and bought from one. On another occasion, he targeted about 150 houses on behalf of a client; he only received "a few responses," but that was enough.

"It was what my buyers wanted, never went on the market, and we paid a fair price with no competition," Rathgeber told me.

The key, he says, is to be as precise about what you want as possible. Not just the location and style of house -- say, modern or ranch -- but also the number of bedrooms, baths, square footage, lot size and anything else that sets your heart aflutter.

"If a buyer can be very specific," says Rathgeber, "this whole idea can work like a charm."

Your agent should be able to help you identify places that meet your requirements. But you can do your own research before -- or even instead of -- calling in a pro.

Once you've identified a couple properties that seem to fit your needs, you can find out some basic info at your local tax assessor's. With an address, you should be able to find the owner's name and how much they pay in property taxes, wrote agent Bill Gassett on ActiveRain. (Just remember that your taxes would not necessarily be the same if you bought the place.) Gassett, of RE/MAX Executive in Hopkinton, Massachusetts, adds that "quite a lot of (other) useful information" is available from the county clerk's office. You also can search online databases or visit your local library.

Be aware, though, that these sources are not infallible. Tax assessors' records may be inaccurate, for example, because few owners let them in to look around. And Zillow's popular Zestimate feature is widely panned by agents when it comes to ascribing values to properties. (On my own house, the only thing Zillow has right is the number of bathrooms.)

Whether knocking on doors or sending letters, it is best to identify yourself right away as a serious buyer -- not an agent looking for listings or an investor who only wants to flip houses and pocket the profits. Tell them why you are interested in their place, that you are willing to make a fair offer and that they won't have to pay a sales commission. Another bonus: They won't have to allow potential buyers to schlep through their homes day and night. You can also offer to close the deal at their pleasure, even if it's months off.

If they are not ready to move, ask if they know of anyone in the neighborhood who might be. Above all, be sincere and courteous -- even if they are not.