Each transaction is different everytime and no one has a crystal ball as to how fast you can close because there's alot of people involved and everyone must cooperate and do their job on time to make it happen.
After contract, your bank will go through with the application process, and after all of your paperwork is verified, they will call for an appraisal. After the appraisal, and you receive your commitment from the bank and then your attorney will call for title on the property.
Once title is cleared, the bank will put their papers together for closing and then arrange the date.
The entire process, in New York, could take 60-90 days.
If you were doing this in any other state, you might be able to bid and close within 20-30 days. Go figure!
Typically once you have received your commitment letter from the lender securing the loan, your attorney will work with the sellers attorney and schedule a closing. All that can take place within two weeks time.