Diligence & Closing Periods?

What's market (i.e., what are buyers requesting and what is being agreed to) for diligence periods (e.g. 30, 45, 60 days) and closing on a multi-family property (greater than 20 units)? I'm particularly interested in the later given the condition of the lending markets. Any experienced thoughts would be appreciated.
In Buying Property - Asked by Andrew Y. - Sep 8, 2010
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Monica M.
Owner/Investor
Valencia, CA

Due diligence periods vary on acquisition type. On a straight acquisition (where a lender is involved), due diligence periods should extend out to 60 days or beyond. When dealing with a bank-owned foreclosure where there is no appraisal (since the property is sold "as is"), no building inspection (because no buyer's repair credit is available), and it's an all cash deal, there would be no due diligence period and you can waive contingencies for a 15-day close.

Sep 8, 2010
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