Home Buying in New York>Question Details

Allen, Home Buyer in New York, NY

My Mom wants to buy an apartment near Battery park New Yok, yet the broker told my Mom the lead time will be at least 2 month...Is that true??

Asked by Allen, New York, NY Mon Aug 29, 2011

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It will depend on how quick all parties will work to make the deal happen. Is your mom a cash buyer or is she going to finance the purchase? If financing, has she already sought the help of a mortgage broker or bank? It takes time to get these things done because of the amount of paperwork involved. She needs an attorney to do his due diligence even if she is a cash buyer to ensure there are no building or title issues, etc. Also, is it a coop or a condo? A coop would have to go to board approval process. She needs to submit a board package to prove that she is financially qualified by meeting the debt:income ratios and liquidity after the purchase the coop board is looking for. A condo will still require a board package without a board interview. For her to close, condo board will sign the waiver of right of first refusal.

Note that once your mom has a fully executed contract, all the preparations to close are happening simultaneously. It is therefore essential to use a diligent broker to orchestrate what needs to go on behind the scene. So, yes, it may take 2 at the minimum, but 3 to be safe. Best of luck on your mom's journey to her next home!

Zita Alvarez Lo
Licensed Associate Real Estate Broker
Bus 212-350-2825
zlo@elliman.com

PRUDENTIAL DOUGLAS ELLIMAN
205 East 42nd Street, 6th floor
New York, NY 10017
1 vote Thank Flag Link Tue Aug 30, 2011
Hi Allen,

The typical time frame is 60-90 days. Apartments in BPC are condos they usually close in less time than coops. If your mom pays cash it will be much quicker as the lending process is the longest part of the transaction.

BPC has land leases that tend to make the transaction a little more complicated than non-land leased condos. It is important when purchasing in BPC that you use a lender familiar with BPC and land leases as well as an experienced real estate attorney and Broker.

Best of Luck! If you or your Mom needs any help, feel free to contact me.

http://nycblogestate.com/2007/05/bpc.html

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
917-312-0924
1 vote Thank Flag Link Sun Sep 4, 2011
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
There are condo buildings near Battery Park which would be easier to get into than a coop. Does your mother have any special considerations to her circumstances which maybe are slowing things down (money to pay tied up in investment acct, etc...)? I have closed on a Co-op in a month before.

FYI, I have no idea who your mother is or what her budget is, but if she crossed the West Side Highway and checked out 20 West Street, she could save literally a thousand dollars a month in common charges. There is also 200 Chambers in Tribeca, obviously north of battery park, but right on the west side highway and superbly nice.
Your real estate taxes are abated in those buildings. Actually you could by far get the most square footage for your money in Tribeca/BPC in 200 Chambers if you purchase 2 adjacent units and combine them.

Just a little outside the box commentary for you to take or leave :) I work the downtown area extensively if you guys want to give someone different a try.
1 vote Thank Flag Link Tue Aug 30, 2011
Zita is right it would take 3 months if a coop. Its longer for a coop because you cannot apply to the Board until you have your mortgage commitment. The Board usually meets once a month and you need to give them time to review your financials. It took me 9 months to close on a coop. That was due to my seller. If your mother wants to move in 4 months, she should start now.
1 vote Thank Flag Link Tue Aug 30, 2011
That is probably about right. 1-2 weeks to get into contract, 1 month for title search, 1 week to prepare docs and that is assuming that this is a cash deal and not a co-op. Mortgage deals will take a couple weeks longer, and if a co-op there is a 2-4 week period for package delivery and board interview.

Kelly Killian
954-675-9915
Bond New York
1 vote Thank Flag Link Tue Aug 30, 2011
Depends--is your Mom purchasing in cash or with a mortgage; is the property a co-op...generally yes, lead time will be two months, or slightly more....
1 vote Thank Flag Link Tue Aug 30, 2011
Hi Allen,
Yes, it can take that long-but it doesnt have to. If your mom is an all cash buyer, it can be faster. Also, if she is in a hurry, and she is pre-approvaed for a mortgage, it can also happen faster. You need a broker who is experienced in expediting deals at a faster pace if your mom is in a hurry. Also, there are a number of new Development projects in Battery Park that could probebly move faster as well. Check out my site to learn more. http://www.LuxuryNewYorkCondominium.com
0 votes Thank Flag Link Tue Sep 6, 2011
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