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My parents are selling their house out in Suffolk (ToB), and it is taking forever and a day. Contract signed at the end of January, appraisal happened right away, the buyer submitted all their paperwork beginning of February and now they're stuck in underwriting.
My mother is getting antsy and keeps complaining to me, I told them to let me handle this for them but no, once a child always a child, even when I'm in my 30s
I keep hearing from the realtor, the underwriter needs more info from the buyer - buyer submits - and we wait again and again.
No idea which bank he is going through, except it is not in New York.
Is this normal? Dude is self-employed, so that complicates things from what I've been told.
My personal thinking is that because this guy owns a few houses already, he is telling the bank that he is gonna move in to this one, gets a better rate - but is gonna turn around and rent it out too. Underwriter sees this, all sorts of flags go up.
I know everything is a little swamped right now. Usually it’s 45-60 days. If she signed end of January then she’s right at that point. If not finalized by April 20 then I would be getting worried too.
What's the date in the contract? In NY you have to close within 30 days of the date in the contract. But it's not unusual for closings to take this long in NY....plus so many people are trying to buy right now....plus the other issues you mention. But the contract is your guide.
If your parents are not using a real estate attorney it will add to their misery.
Can't comment on the particulars of your circumstance but we went under contract between XMAS and New Year's and we just closed on April 1...almost 90 days. I was getting annoyed but thankfully the sale went through...so keep pushing everyone in the next 2 weeks because you are approaching that 90 day timeframe.
They're using an attorney, but there is little or no communication, most of it comes from their realtor.
Is it a must that they close within 30 days of the date in the contract? It is probably past that by now I would think!
Your parents need to get proactive and either read their contract or get their attorney to explain why the closing date has come and gone. If they don't want you involved they will have to pick up the phone or let their fingers do the walking across the keyboard and start pushing for answers. If they've let the time pass with no pushback they are kinda stuck. The buyers need to do something on THEIR end to push THEIR lender to get things done. Squeaky wheel gets the grease. And all that.
When we sold our house 10 years ago we signed the contract around the end of May, and closed at the end of July. So, again, the timing is not terribly unusual but the time is definitely coming to get answers.
My parents are selling their house out in Suffolk (ToB), and it is taking forever and a day. Contract signed at the end of January, appraisal happened right away, the buyer submitted all their paperwork beginning of February and now they're stuck in underwriting.
My mother is getting antsy and keeps complaining to me, I told them to let me handle this for them but no, once a child always a child, even when I'm in my 30s
I keep hearing from the realtor, the underwriter needs more info from the buyer - buyer submits - and we wait again and again.
No idea which bank he is going through, except it is not in New York.
Is this normal? Dude is self-employed, so that complicates things from what I've been told.
My personal thinking is that because this guy owns a few houses already, he is telling the bank that he is gonna move in to this one, gets a better rate - but is gonna turn around and rent it out too. Underwriter sees this, all sorts of flags go up.
Anyone go through anything similar?
'
Is ToB Babylon or Brookhaven?
If contract was signed at the end of January, and buyer is getting a mortgage, chances are that the proposed "on or about" closing date was 90 days from date of contract, so given that assumption, there's no delay as of yet, because that brings you to the end of April. And the common "rule" of 30 days beyond could bring a potential closing into May. Have you seen a copy of the contract and the proposed closing date?
Yes, closings can take less time, even when applying for a mortgage, but that depends on many things, including the lender.
If your parents have an attorney s/he or his/her paralegal should be able to provide some information IF there is a possible hold-up, but the timeline doesn't suggest it yet based on your limited information.
And yes, if the buyer is slow in submitting updated information to the lender/underwriter, that will hold up the process. Since the crash in 2008, lenders and their underwriters are more careful when it comes to checking financials and constantly request updates.
Another possible hold-up can be the title search, slower than in the past for the most part because of COVID. I've witnessed delays simply because the Counties aren't all working on-site as of yet, which causes everything to take longer.
Bottom line: IMHO no red flags yet (again, based on the limited information you provided).
Your parents need to get proactive and either read their contract or get their attorney to explain why the closing date has come and gone. If they don't want you involved they will have to pick up the phone or let their fingers do the walking across the keyboard and start pushing for answers. If they've let the time pass with no pushback they are kinda stuck. The buyers need to do something on THEIR end to push THEIR lender to get things done. Squeaky wheel gets the grease. And all that.
When we sold our house 10 years ago we signed the contract around the end of May, and closed at the end of July. So, again, the timing is not terribly unusual but the time is definitely coming to get answers.
You're 100% right. I spoke to them last night and they told me that there was an additional delay that I'd not been aware of, the buyer had issues with the first bank and the offer, they changed some terms or something so he had to go to a second, so that might explain some of the wasted time.
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