It can be a cheap & easy way to work in the right instance. 

For instance, he texted me and said "Do you want single or double-hung Windows?  

In fact I would say in most instances if it is a lowball, you have a better chance of something happening verbally than by putting it into writing.

Yes, I need to crunch the numbers to see how much a 50 k refi for instance would set me back a month....

For instance he has to have a contract that says "We will sell you the house for XYZ dollars".

Both the mechanical and plumbing seem to have less left on the contract than what would be required to finish the work (for instance the HVAC guy has done everything but put in the new package unit outside which is about a 5k job, but only 3.5k is left on the contract) but I, nor the owner who has been very cooperative, have been able to get in touch with the electrician, and there is a good bit of work yet to do.When you say $ held in escrow post closing to cover leins, do you mean $ out of the seller's pocket/sales proceeds, or out of my pocket?

The contractor reports to me that there's cats everywhere, the place SMELLS like ammonia..... he even refused the job because he got a terrible allergic reaction and the place smelled too bad.....Other than annoying instances of having to wait for him to get us cheks a couple days late, he hasn't been a problem.....But I fear the place will have a permenant smell, and who knows what other pet damage there is.....Should I threaten eviction?

So there are instances where it might make sense.As for "reasonable", I think 60 days is probably not reasonable unless you are talking one open house a week or similar.

I will contact them in the first instance the next time I need finance for anything and refer any friends or family that need the same.

@Brian Naumann  that is the proper course of action.. .I funded a lot of deals in Kokomo for instance you can build a very nice cottage investment business there and not put up with the risk you are encountering in Memphis is simply sounds like you got with the wrong company..