How long does it take to go to contract?

[scottzilla]

You wouldn't find a lawyer that would advise going to contract with a contingent upon sale clause (This is possible with a short sale though. The banks are pretty desperate these days).

[totallyfrazzled]

Add me to the list of sellers who would never agree to a contract that was contingent on the buyer selling their home before or by the closing. Especially if the buyer's home is a condo rather than a house; LI has never been much of a "condo country" and from what I've heard they are tough to sell because there are so many of them on the market and relatively little interest (as compared to people looking for houses).

To the OP: Would you be able to sublet your condo if you weren't able to sell it before closing on the house you want to buy, or do you need the cash from the condo sale in order to make any kind of home purchase? Just thinking that if the amount you could sublet it for would cover most of your mortgage payment on the home you want to buy, at least until you could unload the condo for good? (If condo owners are even allowed to sublet, which I have no idea)

[AndreaII]

Sell your co-op first and then start looking around at other properties. You don't want to land in financial trouble because you jumped the gun.

[LIgirl74]

Originally Posted by twingles

Me neither. No way would I wait for someone to sell a co-op so they could buy my house.

Honestly, we were going to do this in December while selling our condo and thank goodness we did not b/c today, we are still on the market trying to sell our condo. That house is long gone by this time but seeing how long it's taking to sell, in today's market there's no way I woudl do that contingency to sell and buy. I'd try to sell the co-op first. Good luck.

[SBirn100]

Originally Posted by twingles

To answer the question I think you are asking, most sellers are going to want the contract signed as soon as possible, and most will keep showing the house (if there is interest) until the contract is signed. I mean, if you make an offer on this house, but don't want to sign a contract, you're asking the seller to put themselves in a terrible position if you want to delay signing the contract.

Great statement and I wholeheartedly agree. We got an offer on our house, the inspection occurred, now we're waiting for a contract (one week later). We were told by our agent that once the inspection occurs, few agents want to show the house because it's potentially a waste of their time. If the house doesn't go to contract, we're screwed. There's an incentive for first-time buyers that expires soon. If we lose that window, we're probably not going to be able to move.

[Mlitzner]

A contract can be put together and signed extremely quickly, even faster than the customary 7 to 10 days which is the norm on Long Island. The problem is getting the attorney's to lead, follow and/or get out of the way. Deals contingent upon anothers house or property selling are not happening in todays' market.

[ambralita]

Also depends on final approvals from your bank. Even after inspection, initial contracts co-signed, it took forever for our bank and the bank's insurance to finally get on board. It was months and months from contract to closing to move in.

Also, don't get too attached to ONE house, as it's a cold, cold world out there in RE. They're a mile a minute, a flash in the pan, and often due to circumstances out of your control. It sounds like you've really got your hands tied w/ the pending sale of yer condo, but if the sellers would be willing to wait (and make it contractual), that'd be great (likely?).

Good luck!