Home Buying in 10031>Question Details

SBNY94, Home Buyer in New York, NY

What is the longest closing you ever heard?

Asked by SBNY94, New York, NY Tue Jan 22, 2013

What is the longest closing you ever heard? I am a financed purchaser buying a Fannie Mae property in New York (foreclosure) and it is been 5 months (date to date) I am waiting for a closing date from Fannie Mae? They have a hard time "clearing" the flip tax they owe to the building. They keep sending us contract extensions without asking us anything.

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Answers

6
You've been posting similar questions regarding this foreclosure. I have read the many answers you have been given. I recall you wanted to know if you could sue Fannie Mae and I did read the most complete and cogent answer from Mitchell Hall. I suppose you didn't get the answer you wanted to hear. You seem to want to build some type of consensus from agents/brokers. So now you are experiencng the pleasures of purchasing a foreclosure. Nothing unusual here. Good luck.
0 votes Thank Flag Link Thu Jan 24, 2013
Hello SBNY,

I recently did a short sale transaction where I represented the seller and of course the bank and it took me 5 months from getting an accepted offer to the closing table.

I also did a New Development sale which was sold in the pre-construction phase and it took about 2 years for that to close.

I can understand your frustration. When funds are owed to a building, it can get a bit tricky. Hopefully you have a proficient lawyer to get you to the finished line!

Paul Macapagal
Representative Associate Broker

TOWN
110 Fifth Avenue, 6th FL
New York, NY 10011
O 646 545 5077
M 917 612 2746
F 646 545 5840
E paul.macapagal@townrealestate.com
W http://www.townrealestate.com
0 votes Thank Flag Link Wed Jan 23, 2013
Hi, mine was 7 months. It sounds like its a coop issue and they are looking for justification on the flip tax. Unfortunately it's out of your hands now.
0 votes Thank Flag Link Wed Jan 23, 2013
Thanks. They have all the justifications for 2 months now. They haven't asked for anything else since then and since then still... no closing date.
Flag Wed Jan 23, 2013
SBNY94,

The longest transaction I have had is 7 months on a shortsale to close. You should have your attorney follow up with the sellers attorney for more frequent updates.
0 votes Thank Flag Link Wed Jan 23, 2013
SVNY94, your not referring to a closing, your transaction is still a pending or under contract. Outside of a short sale, for me I would say five months under contract.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
0 votes Thank Flag Link Tue Jan 22, 2013
Correct I am under contract for 5 months day to day waiting for Fannie Mae to clear the payment of the flip tax they owe so we can have a closing date. But instead we are getting extensions one after the other...
Flag Tue Jan 22, 2013
2-3 years is my record. They discovered possible environmental problems and had to have some "proofs" before the bank would finish the closing. The buyer rented the place while this was going on.
0 votes Thank Flag Link Tue Jan 22, 2013
The buyer kept getting his/her mortgage renewed for that long??
Flag Tue Jan 22, 2013
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