Home Buying in Park Slope>Question Details

Nancy Kipling, Home Buyer in Park Slope, Brooklyn,...

Typically, how long does it take to close when your bid is accepted and there's immediate occupancy? We're

Asked by Nancy Kipling, Park Slope, Brooklyn, NY Sat Jul 26, 2008

still shopping around for the best mortgage loan, but once we secure one then how long will it take to close?

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Even though you bid has been accepted there are many more steps to go through. First it is advised that you get an engineer inspection on the property to check the heating, plumbing, electrical system, roof, general functioning in the home and the structure. After the inspection if all goes well the sellers lawyer will send your lawyer a contract for you to sign and then for the seller to sign. Then you will begin looking for your mortgage and usually you have at least 45+ days to do so. As your getting your mortgage other inspections and appraisals will be done along with other things that will take time.

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.
Web Reference: http://www.kandhhomes.com/
1 vote Thank Flag Link Mon Aug 11, 2008
The Slope is fabulous! I live and sell here. It depends if it is a house, co-op or condo. If it is a co-op, the board application and interview process slows things down considerably. Have you found your property yet, or are you pre-qualifying in anticipation of buying? Are you working with an agent? If not and would like advice on home buying in the neighborhood, I'd be happy to help you.
1 vote Thank Flag Link Tue Aug 5, 2008
Once your bid is accepted, you should have an inspection immediately so that you can go to contract. Sellers are still hearing offers until you are fully in contract.

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!
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Sat Jul 26, 2008
Nancy

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.

Lucy
0 votes Thank Flag Link Sat Jul 26, 2008
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