Timing to Close Larger Apartments?

[Jonathan Johnson]

Hello BP,

I'm looking at a 100-unit apartment and I think it'll take me about 2-3 months to gather the finances together. For this large of an apartment, can I ask for a 90-day period to close? Is that normal?

[Salvatore Lentini]

90 days is a long time but as @Doug Johnson says... everything is negotiable.  You should be able to get it done fairly easily in half that time.  Keep in mind, every part of your offer..... is your offer.  Meaning, the offer price is not the only factor a seller considers when accepting or rejecting.  Price, financing, days to close, experience, deposit money, non-refundable amount and term, relationships, simplicity etc.  Someone else may offer less but agree to close in 45 days with no financing contingency and it could end up looking more attractive to the seller than a higher price with 90 days to close and a financing contingency.