60-days escrow may turn off some sellers who want to close a deal sooner. If they're in a hurry to close escrow and move on, they may even prefer 30 days or less.
If you're competing with another buyer, a longer escrow period weakens your offer.
it also raises questions about your ability to close (lack of funds? borrowing from friends and relatives, and needing time to "season" the money in your account?)
But as stated below, you must be able to have your ducks in a row and actually be prepared to close in the time period you choose.
As several professionals below have stated, a 60 day rate lock costs more than a 30 day rate lock in most cases. However, note that you do not have to lock your rate the day you go into escrow. In other words, you can have a 60 escrow, and then 30 days into it, you can choose to lock your rate with your lender. Of course, you run the risk that rates could go higher during that time frame, but by that logic they could also stay the same or go lower.
So, the point here is that rate locks and close of escrow do not need to share an equivalent time period.
Let me know if you have any questions.
@SS - go 45 days. The only reason I can think of as an advantage to go 60 is if you could not vacate your premises until then. My experience has been that the longer an escrow is open the more chance it all falls apart due to lending guideline changes, interest rate changes, etc.
So keep all of that in mind. Be prepared to follow through on whatever you promised, and make sure that you do everything that you can so that you're not the hold up. That's the best one can do.
From a buyer's perspective it is the cost of the loan. A lock in rate for 30 days is "normal". The longer you request a lock on the rate, the higher the potential cost of the loan. Now there is the potential that your loan lock expires and rates are lower but check with your loan officer to see the exact cost they would project for your specific situation.