Reasonable seller terms?

[Matt Engle]

Hey Everyone, My team and I are in the negotiation stages of a 126 unit apartment deal and the seller is asking for the following conditions: 1. The purchase price is to be firm as the seller is not interested in re-trading the deal in the future. 2. The seller would like to add a 21-day financing contingency in the LOI. 3. Closing on or ‪before December 14, 2018‬. 4. The buyer is responsible for any title insurance. Are these reasonable requests and can they be met for a property of this size? Any and all advice is greatly appreciated. Thanks!

[Sam Grooms]

Yes, these terms are reasonable, but only if your'e prepared. 

A lot of markets don't even have a financing contingency right now. Even with a 21 day contingency, you likely won't have a commitment to close from the lender in time. I recommend having your financing lined up before the PSA. If you don't already have a relationship with a lender, start working with a mortgage broker. They'll be able to tell you which lenders they know will close. Think of their fee as extra insurance that the deal will close. 

It's a seller's market and they can dictate terms right now. Title insurance by the buyer isn't that surprising. 

60+ days to close is nice. I would try to get an optional 15 day extension with additional EMD, if possible.