Seller wants 5% escrow and 10 days to apply for financing?

[Tom Tran]

Hello,

Is it normal for seller to asked for 5% escrow down, and 10 days to get financing on the subject property? We have an agreed price for an 18 duplexes at $900k, we put in the agreement escrow of $20,000. My question is why the seller is asking for such a high escrow down? the contract is contingent on financing and inspection so we would get that money back anyway...can you guys help understand the reason behind the seller request?

thanks, Tom.