New York real estate closings take forever compared to other areas. There are too many attorneys and too much red tape, but you can't control the weather. What you can control is how you approach your purchase and expedite the transaction. Is a 30 day closing possible? Yes, but you have to have all your oars in the water:
- Have all your mortgage documentation complete. Everything. If your loan processor says they want all bank statement pages, front and back, including advertisements, give it to them. This is perhaps the most imprtant thing you can do.
- Be reachable. If I need an answer, answer your email or call me back at lunch so we don't lose a day.
- Reach out to your attorney! Hint: If the attorney can't come to the phone, handle it with the paralegal. That's their job. The biggest legal hangup is title. Have it ordered fast. Some lawyers wait for the comitment to come in, which sets us back 2-3 weeks. Chew gum and breath.
- Reach out to your Loan officer. Ask questions. Was the appraisal submitted? Were there issues to handle? Make sure they have all they asked for. Ask what the next step is what what has to happen to get there.
- Settle disputes fast. You can either live with the drapes or you get your own. Talk it over and make a choice. Don't hold up a half million dollar deal for 3 days while you agonize over a few hundred dolalrs in window treatments.
- Get your homeowner insurance! You'd be surprised how many Friday closings become "next Wednesday" closings because you don't have the binder.
If you have your act together and we work as a team, we can get you into underwriting and have mortgage commitment in hand within a few weeks. When you show the seller the money, the onus is now on them to move forward and close. Assuming they are as on point as you are, a fast closing can be achieved.
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