In any situation, things come up and delays happen. Sometimes lending, appraisal and title work can get done in 2 weeks sometimes you need 3 months. Every transaction is unique. I hope your situation has resolved and you are now settled.
REALTOR | GREEN Certified
Here's the reality of it....I lived in NY (suffolk & Nassau Counties) most of my adult life and have purchased and sold many homes there. I have currently reside in the Dallas/Ft. Worth area of TX for the last 11 yrs. Well my first closing here left me dumfounded....it was quick & basically painless....no attorney involved! I do believe the attorney on both sides are very busy with their power struggle that they forget what their purpose is. Second, it seemed that financial institutions back East couldn't put one foot in front of the other without tripping (I know this sound harsh but true). Now this being said....our financial institutions in TX are a mess to a degree, but it is still a quicker close that NY.
All the best,
Another reason is just the number of real estate deals which take place on a regular basis, particularly in New York City. And if you need to involve local goverment offices in cities such as New York City, Mt. Vernon, or Yonkers, please expect delays.
Things just take longer here, another example: foreclosed homeowners can actually continue to live in their homes for 18-24 months mortgage free because the process takes that long.
I would suggest that "5 days" to a Lawyer is like "10 minutes" to a teenager. Both are okay expressions once you understand them and accept that they do not actually resemble the period of time to which they refer. I would suggest, as others have, that the question to ask is, "have all of the principals agreed to a closing date? and time?" Once a closing date is set on the attorney's calendar, your confidence level can increase, but prior to that juncture the transaction is in limbo.
Are you likely to close within 10 days? Well, the crucial question is, do they have a closing date yet on that place in New York?
Until they have a closing date, they are still working it out, and that could take who-knows-how-long. Sometimes the buyer's lender will create last minute delays as well.
Charles Rutenberg Realty
Certified Buyer Representative (CBR)
Senior Real Estate Specialist (SRES)
Century 21 Princeton Properties
Top 2% of Century 21 Agents Nationwide
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
914 406 9023
I wish you well and I hope you have a successful transaction.
Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
Legends Realty Group
914 406 9023
It's really hard to give or get guarantees on closing dates these days. The conditions above sound about right but there are numerous other things that can slow a closing. The best thing you can do is have your attorney speak with your purchasers attorney. The purchasers attorney should be able to explain what the holdup is to your attorneys satisfaction. I WILL say though, there are no easy closings anymore! Lenders are scrutinizing everyone regardless of how much they have to put down, how long they have been employed, how much money they make etc. There are a lot of guide lines that where ALWAYS on the books at these lenders, but in years past, have been disregarded and/or over looked by the loan officers or the underwriting departments. Now the underwriters are enforcing EVERYTHING and, I think we all can agree, it is necessary in these times. (Annoyingâ€¦but necessary!)
The best way to make sure everything goes as smoothly as possible (even if it really isn't smooth at all) is to choose a Realtor, lender and real estate attorney that has a proven track record and plenty of experience. (Unfortunately, if the other side doesn't do the same, you will feel like you are doing all the work!)
Best of luck to you!
Keller Williams Realty Group