Joel Lobb (NMLS#57916)
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
New York is a different market in many ways, and how long it takes to get from contract to closing is only 1 of them.
Martin - the average length from signing contract to closing is between 30-90 day based on many circumstances, like (already mentioned below) title search, certificate of occupancy, survey etc.
When purchasing a co-op, it might even take more than 90 days due to the fact of waiting for the interview with the board of directors and more paperwork.
CASH BUYERS can get better deals since they do not have to worry about putting a mortgage package together for a bank, and they can often close in 30 days or less . Mortgage seekers have to SHOW the bank that they can afford the loan and the LESSER amount they put down , the MORE they have to show the bank , and the longer it takes , anywhere these days up to 5 or 6 months is not uncommon .So putting it all together , the average is about 3 t0 4 months after a seller goes to contract until closing.
See if you can get a date that isn't so open ended- most states don't fool around with "on or about."
The buyer's attorney typically does not call for title until after receiving the commitment. If the title has clouds or other issues or a new survey needs to be taken or there are certificate of occupany issues on improvements to the house, literally months can be added to that time. There are a lot of factors involved, but certainly 60-90 days would not be considered unusual.