Home Buying in Glens Falls>Question Details

jon, Home Buyer in Glens Falls, NY

How much notice can I expect before an "official" closing date and time will be set? One week, two weeks, three days?

Asked by jon, Glens Falls, NY Mon Feb 4, 2013

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Good afternoon jon,

There's no "typical" time for providing notice to the parties in the transaction. Sometimes the notice is a couple of days, sometimes considerably longer. There are several parties to the transaction, and, depending on the timelines established in the contract of sale, your Lender's ability to clear your approved loan for closing, your Attorney's efforts to review and resolve any title report issues, you might get several weeks notice or only a few days.

In a New York home purchase, the timeline goes like this:

1. HomeBuyer and Seller negotiate the Offer. Offer is best presented in writing. After much hand-wringing and back and forth negotiation, both parties agree on a price and terms of the sale.

2. Offer accepted

3. Contract of sale is prepared by Seller's Attorney and forwarded to Purchaser's attorney for review

4. Purchaser hires a Licensed Home Inspector (As per NYS regulations, ALL Home Inspectors must be Licensed). The Home Inspection is conducted PRIOR to signing contracts. If inspection reveals a problem with Foundation, Roof, Plumbing, Heating or Electrical, Purchaser's Attorney discusses with Seller's attorney to obtain satisfactory remedy PRIOR to contract signing. The remedy can be either a Seller repair or Seller credit to Purchaser at closing.

Since Home Inspection is done before contract is signed, the Purchaser has the opportunity to negotiate or walk away with no obligation to the Seller.

5. Contract Signing. Once all issues and concerns and terms of the Contract of Sale have been satisfactorily worked out by Purchaser's and Seller's attorneys---including any Home Inspection issues---the Purchaser meets with Attorney to sign the Contract and present an "Earnest Money Deposit." This is often misconstrued as the Down Payment.

In fact, this is money presented by the Purchaser for the Seller's attorney to hold in an escrow account until closing. This is often referred to as the "Good Faith Deposit" because it's the Purchaser's way of telling a Seller "I'm serious about buying your home and obtaining the mortgage financing to complete this purchase! Here's my money as a show of Good Faith."

6. Mortgage Application. Purchaser applies for and receives approval for the mortgage loan

7. Title Report. Purchaser's attorney orders a title inspection of public records to verify the Deed can be transferred from Seller to Purchaser with no liens, violations, or other encumbrances. Purchaser's Lender's attorney reviews the title inspection, or title report, to verify there are no objections on the Lender's behalf that would affect the closing of the mortgage loan.

8. Closing! Purchaser completes Down Payment, Mortgage Lender ponies up the rest of the cash, and Seller hands over the Deed and the Keys to the House!

9. Purchaser buys steaks for first Barbecue in their own backyard of their own home.

10. 30 years of Fixed Rate bliss because you own a Piece of the Rock!

Trevor Curran
NMLS #40140

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4 votes Thank Flag Link Mon Feb 4, 2013
Hi Jon,

Once the bank issues a clear to close, it could take a matter of days, sometimes a week. It depends mostly on the schedules of the attorneys and the others involved. I'd say in the majority of cases, it only takes about 4-7 days unless the closing needs to be by a specific date to accommodate another closing for the seller or a rate lock for the buyer.

Best,
~Tori Romeo
NYS Licensed Real Estate Salesperson
Certified Buyer Representative
Bliss Properties of NY
tori@blisspropertiesofny.com
518-788-8865
2 votes Thank Flag Link Mon Feb 4, 2013
a lot depends on the bank. Lately banks have taken some time getting a mortgage funded. This delay can be as much as 1-2 weeks. Other than that it should be closed within a week if everyone is ready
0 votes Thank Flag Link Mon Feb 4, 2013
Less than a week sounds about right. Usually what happens is that the on or about closing date is passed, and all parties are freaking out trying to get a closing date. Closings get delayed because the bank is looking for more papers, or someone goes on vacation, or gets sick. Maybe a repair needs to be made. Maybe a hurricane slams into the east coast making roads impassible and now the house has to be reappraised (yes, that happened to many people after hurricane Sandy).

So usually everyone is on edge waiting for a closing date and will leap at the next available time.

Stressful? Yes. Normal? Yes. Just breathe and all will feel better after you've spent a few weeks in your new home!

Best wishes!
0 votes Thank Flag Link Mon Feb 4, 2013
From the day you write a contract, it is typically six weeks after when you close. The attorney approves the contract with the first three days. Inspections normally are completed within 2 weeks. Mortgage commitment within 4-5 weeks. If everything goes smoothly your closing should be approximately 6 weeks.
Teri Cranston
Realty USA
Associate Broker
376-8532
http://www.tcranston.com
0 votes Thank Flag Link Mon Feb 4, 2013
Jon,

Almost any of the above...but more likely less than a week.

gail@GladstoneGroupRealty.com
0 votes Thank Flag Link Mon Feb 4, 2013
Ask your agent, or your loan officer, or your attorney the question....generally,if all the parties involved are ready, one could expect to close within a week or so.
0 votes Thank Flag Link Mon Feb 4, 2013
In NY your lawyer is contacted. Usually it is less then a week since your lawyer needs to coordinate the time with the bank's lawyer and the sellers' lawyer.
0 votes Thank Flag Link Mon Feb 4, 2013
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