Common Time Length from Contract to Close?
Hi All!
I have my first commercial property under contract, and we are getting closer to a close date, however things still keep "popping" up last minute on the bank end. More Forms, Environmental Inspections, etc. Right now, I have been under contract with this property since May of 2018.
My questions are as follows:
1 - Is 3-6 Months a typical timeline to get financing in place/closing date for a commercial property from a bank, or am I working with a not-so-great lender?
2 - Is it common for the RE agent representing the buyer/seller to be anxious and annoying during this process when continuing to request extensions?
3 - Is there a process involved if money has been spent and seller does not want to renew purchase contract?
Trying to find the lay of the land here and know who to cut out of the picture for the next purchase.
Chris