Is it possible to close in 10 days?

[Ava Nova]

Hi everyone,

I'm interested in a property from a wholesaler. He wants to do double closing on August 15 or earlier. It's a cash deal, in PA. Is it possible? Is it legit? EMD is $10000.

"Assignee must make Settlement of Property on or before 08/15/20. If assignee does not purchase/close by this date due to any type of Assignee default, Assignee shall be responsible to pay in full said Assignment consideration to Assignator. In addition, Tittle Company shall immediately release the full EMD to Assignator."

Thank you!

[Angie Shires]

@Ava Nova in Texas, it is possible, but that's a pretty big rush to get title work back if the title company is as busy as we are here in Texas. Also, the EM seems a bit high to me...what is the purchase price of the property? A good rule here is 1%...so if you are purchasing a $100,000 home, you would deposit $1,000. 

Sounds to me like the wholesaler hasn't been able to find a buyer and is about to be forced to close on this deal himself, if he can't get another buyer under contract. I'd do my homework before I commit...have you done inspections or gotten rehab estimates (and not the estimate that the wholesaler gave you).

Don't let emotions drive you, think it through and don't be rushed.