Is two-week closing feasible?

Question

We received a counteroffer from a REO seller saying that we "MUST agree to non-refundable EMD held by seller’s title and a 2 week closing. Do NOT accept in REOC, Only counter with the same terms."

Is it a two-week feasible in Maine?  If yes, which title and closing company would you recommend?

P.S. The EMD is 10% of the purchase prices.  Our offer has no contingencies but we do need title insurance.

Matthew McGuire · Answer

We've done very short cash closings with Treworgy & Baldacci before. I highly recommend them

Ed Emmons · Answer

I would put in writing that if closing delay is out of your control then EMD still valid to close deal because there are always things that could come up that is no fault of yours to not meet deadline. If seller isn’t willing to do that then there may be a hidden problem that you don’t know about. If you need an appraisal then 2 weeks will be an issue.

Alex G. · Answer

We have cash on hand.   I am concerned that a title & closing company may be unable to close in two weeks and we forfeit the EMD.   We are considering selecting a closing and title company from Seller's "preferred list".  I know that this is not a good idea but do not see any other way to mitigate the risk.

A closing & title company's non-performance aside, is there anything else that may delay a closing?

Sam Shueh · Answer

With cash it is doable. With a mortgage it is up to the lender.

The last transaction 80% down small mortgage(820 fico) the new home national builder's own bank took 7 weeks and still forgot to wire funds after funding it expired had to be extended.

Cody DeLong · Answer

Yes I’ve done a week. Market Street Settlement in Portland is great. I only use them and have closed in one week before.