Question on Holding Costs?

[James Devoe]

Hello Everyone,

I have an offer accepted by an off market seller.

The problem is, they want a $10,000 holding cost on the property.

Is this too much to be asking for an off-market house going for $320k?

Is there a way to get that money back if the deal doesn't work out?

Any advice would be deeply appreciated

[JD Martin]

Originally posted by @James Devoe:

@David Krulac, but isn't it a little extreme for such a tight schedule to get an inspection and closing on a house in a little more than a week? It seems to me like they're hiding something like a lean on the house...

The fastest I have ever closed on a house, which was an all cash deal with no inspection (I had already walked it) was just under 3 weeks. This is here in TN where we don't need attorneys to close on properties. So that time frame you are talking about sounds awful tight to me even if you are using cash. It really depends on how fast the title company can work.