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Old 10-05-2020, 03:40 PM
 
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What has your experience been with closing? I realize these are trying times, but 90+ days seems ridiculous.

If you accepted a VA loan (yes I know, I know), how long did it take for you to close?

If you had a conventional mortgage, how long did it take?
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Old 10-05-2020, 06:53 PM
 
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It really depends, when we closed it took about 2 months from the signing of the contract to closing with a conventional mortgage. We probably could have did it in under 30 days if necessary.

Granted this wasn't during COVID 19 so I don't know how much that is slowing things down.
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Old 10-05-2020, 09:11 PM
 
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Exactly 60 days from contract signing to closing with a regular mortgage this summer. Probably would've take longer if we weren't riding everyone to get it done. Almost impossible to imagine it taking any shorter (during COVID).
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Old 10-06-2020, 08:50 AM
 
Location: Westchester County, NY
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I closed last year on a sponsor unit co-op. Took just under 2 months from contract signing to closing - would have probably taken another month if I had had to go through the board approval process.
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Old 10-06-2020, 12:15 PM
 
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Quote:
Originally Posted by MartyandWendy View Post
Exactly 60 days from contract signing to closing with a regular mortgage this summer. Probably would've take longer if we weren't riding everyone to get it done. Almost impossible to imagine it taking any shorter (during COVID).
Normal is 60 days, but a closing without any issues is nearly unheard of and this can push things back. I would say a cash deal with no title issues should take under 30 days from contract to closing, anything else 60 to 90 days. I had one recently that was over 120 days due to some title issues.
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Old 10-06-2020, 05:29 PM
 
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It's not fair, to deny me
Of the cross I bear that you gave to me
You, you, you oughta know
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Old 10-06-2020, 07:58 PM
 
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Is this just a NYC thing?

My brother closed on a house in OH in less than 30 days in May. Another friend in Oregon had a closing take 32 days with a VA loan.
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Old 10-07-2020, 06:10 AM
 
107 posts, read 95,211 times
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Quote:
Originally Posted by JaggedLittlePill View Post
Is this just a NYC thing?

My brother closed on a house in OH in less than 30 days in May. Another friend in Oregon had a closing take 32 days with a VA loan.
Yes it's another dumb NY thing. When I bought my first house in Colorado it took under 30 days to close. When I bought my house here it took 3 months. Some of the delay was an issue with the seller having to get a waiver/adjustment to something that wasn't in the original permits on the house. But still, we spent weeks just waiting on stuff for no apparent reason. I used a VA loan and an out of state bank and this was pre-COVID just to give some context.
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Old 10-07-2020, 11:10 AM
 
8 posts, read 3,800 times
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Originally Posted by LeavingNYCfast View Post
Yes it's another dumb NY thing. When I bought my first house in Colorado it took under 30 days to close. When I bought my house here it took 3 months. Some of the delay was an issue with the seller having to get a waiver/adjustment to something that wasn't in the original permits on the house. But still, we spent weeks just waiting on stuff for no apparent reason. I used a VA loan and an out of state bank and this was pre-COVID just to give some context.
It’s maddening. Just get it done. All the rigamarole is frustrating and annoying!
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Old 10-07-2020, 07:09 PM
 
Location: New York
1,165 posts, read 688,823 times
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90 days in 2015; the title process took forever and then the sellers forgot about the mandatory Village inspection. Maybe it's just a Westchester thing, but I definitely recommend finding out if your town/village requires a pre-closing inspection as it can seriously delay the whole process while you wait for what is usually a single person at City Hall to be available. And then the Seller has to complete whatever repairs they require before you can close, which they may or may not be motivated to do, so that's fun.
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