Is 10 days Enough Time to Close?

[BJ Henderson]

I received a counter to an offer I gave a lawyer and his client a couple of weeks ago. They are looking for a 10 day close. I initially wanted 30. Is 10 days enough time to do my due diligence? 

Also my initial offer was 128,500 and they countered with 140000. While the numbers still work at that number the lawyer won't disclose how much they owe on the property. How important is that piece of information? The only thing I do know is they bought it in 1996. 

I don't want to get burned, just need to know what the next step should be with so little time. Thx

[JD Martin]

Pretty tough but it can be done. I've closed in just a little over that, but an all-cash deal with no inspection contingency. Title work is going to be the biggest hang-up to closing that fast if you are doing cash. If you are doing a loan, no way. 

Finding out how much they owe(d) on the property is pretty simple - go to the courthouse and look at the property deed. Any notes should be recorded against it. You're not going to know how much they owe now unless they tell you.