Closing time frame on vacant neglected property

[Keith Ransom]

Hello 

I was wondering what most investors use for the time frame of due diligence and closing when submitting offers.

I recently submitted an offer on a vacant and neglected 30 unit  property where the owner owed 145,000 in back taxes.

I put in my offer 30 days due diligence and 30 days after to close.

The owner countered with 

Due Diligence: 15 Business Days

Close date with 10 business days after due diligence period 

That seems like a short period for a property that has been vacant for 10 years... correct me if I am seeing this the wrong way so that I know how to structure my offers.

[Andrew Johnson]

Christopher Phillips I don’t disagree, I’m not saying that it’s a good idea, prudent, smart or that I would do it. But if the owner has had a previous offer that tied the property up for 2 months only to find that buyer couldn’t get financing, well, it might make sense. And, let’s face it, we are all making assumptions about a deal we don’t know. Maybe it was a below market offer so this is a counter in terms, ie: “Pay me less money but derisk the deal with a quick close.” So there have be 1,000 real reasons for the timeframe. Not that it would matter to me (if I were the buyer) but people negotiate diligence and closing periods all the time. I’ve done a 45 day close on a commerical multifamily 🤷🏻‍♂️ The again the property wasn’t a dumpster fire!