[quote=jpinpb]I don’t mean to criticize anyone. My question regarding 5 calendar days is this: What if the 5th day falls on a Saturday or Sunday? Some business are not open then. How could it possibly close? Say the clock starts running on Wednesday. Then you, in effect, have 3 days to close? I guess it’s possible, but sure does put pressure. You better have all your ducks in a row and everything aligned in the universe ready to go.[/quote]
If this is a transaction where the a bank is involved, then it is unlikely (but not unheard of) that they will close (or require closing) on a non-business day. Your calculation of time is correct. It really might work out to only 3 days. However, again, you really need to be clear on how they are treating the time frame. You need to get email addresses and numbers for all the other people in the transaction and get their read on this BEFORE handing in a check for the deposit (if, at all, possible). EG: If the offer was accepted verbally on 8.1.08 but no reo addendum or contract appeared until 8.5.08 (and the addendum states time periods start on date of verbal acceptance), then one needs to contact the escrow and listing agent and find out exactly what the schedule looks like from their point of view. One could explain that schedule is necessary for moving forward. If you are already in process, you could potentially extend time by saying you need an extension or you may have to drop the escrow (and take your deposit back). That is a sure way to get the listing agents attention and (unless they are super busy) they may try to be more accommodating. They do not want to try to market it again.
