How long after a board meeting and approval can one close?
Started by lostintransit
over 17 years ago
Posts: 90
Member since: Dec 2008
Discussion about
We are finally in contract and have our package almost all together (just waiting on the appraisal for our mortgage letter), the board is willing to meet us about a week after receiving our package, which is much nicer for us than having to wait for a regularly scheduled board meeting. My question is, how long should it take to close after the board approval, just a week or so? We need to be out... [more]
We are finally in contract and have our package almost all together (just waiting on the appraisal for our mortgage letter), the board is willing to meet us about a week after receiving our package, which is much nicer for us than having to wait for a regularly scheduled board meeting. My question is, how long should it take to close after the board approval, just a week or so? We need to be out of our current place by the end of July and I want to be sure we are going to make it.
The timeline I sort of have in my head is this:
Receive mortgage approval letter in next two weeks (by June 24th)
Have board package reviewed (June 26th)
Submit board package (June 29th)
Meeting scheduled (week of July 6th)
Board approval July 19th-ish, schedule closing the week of the 27th.
Everything else for the package is done (aside from the appraisal and actual letter) so this is doable, right?
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Response by anonymous
over 17 years ago
UCC filing usually done after board approval and can take 1-2 weeks.
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Response by craberry
over 17 years ago
Posts: 104
Member since: Feb 2009
Anything is possible, but here are problems you might run into and it might run you an extra 2 weeks:
1. Seller hasn't moved yet and needs more time.
2. Bank delays in getting cash for your loan.
3. Lawyers for building, sellers attorney and your attorney have scheduling conflicts.
If you are renting just stay a little longer.
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Response by lostintransit
over 17 years ago
Posts: 90
Member since: Dec 2008
Thanks all. Now I know how to prepare for the worst.
We are not renting and our buyers wanted in to our apt in early July (ain't going to happen), but they are a little flexible. I don't want to push their closing date too far out and squander any goodwill, OTOH we can only close so fast on our buy end. It's all a bit tricky. The sellers of our new apt are who I'm most worried about. They seem deeply attached to this place and I'm not sure how they are going to pry themselves out of there.
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Response by craberry
over 17 years ago
Posts: 104
Member since: Feb 2009
Yes Aug would probably be best. I'm guessing you want to paint the apt before you move in too. That will take a few days also.
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Response by nycpsu
over 17 years ago
Posts: 2
Member since: Feb 2009
I just went through this (moved in June 1 and had to be out of my apartment by June 1). My board approval came on May 19th and I was able to swing it to close/move in on June 1. I got very lucky in that the seller was looking to move out ASAP and I had a lot of help from my attorney to push the management company to make it happen.
Judging from your dates I think beginning of August may be a safer bet. Things never move as quickly as you hope.
Good luck!
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Response by 30yrs_RE_20_in_REO
over 17 years ago
Posts: 9913
Member since: Mar 2009
"UCC filing usually done after board approval and can take 1-2 weeks."
lots of banks historically have not waited till after approval to file UUC-1's. Take a look on ACRIS of UCC-1 filings and closing dates and see the date differential.
UCC filing usually done after board approval and can take 1-2 weeks.
Anything is possible, but here are problems you might run into and it might run you an extra 2 weeks:
1. Seller hasn't moved yet and needs more time.
2. Bank delays in getting cash for your loan.
3. Lawyers for building, sellers attorney and your attorney have scheduling conflicts.
If you are renting just stay a little longer.
Thanks all. Now I know how to prepare for the worst.
We are not renting and our buyers wanted in to our apt in early July (ain't going to happen), but they are a little flexible. I don't want to push their closing date too far out and squander any goodwill, OTOH we can only close so fast on our buy end. It's all a bit tricky. The sellers of our new apt are who I'm most worried about. They seem deeply attached to this place and I'm not sure how they are going to pry themselves out of there.
Yes Aug would probably be best. I'm guessing you want to paint the apt before you move in too. That will take a few days also.
I just went through this (moved in June 1 and had to be out of my apartment by June 1). My board approval came on May 19th and I was able to swing it to close/move in on June 1. I got very lucky in that the seller was looking to move out ASAP and I had a lot of help from my attorney to push the management company to make it happen.
Judging from your dates I think beginning of August may be a safer bet. Things never move as quickly as you hope.
Good luck!
"UCC filing usually done after board approval and can take 1-2 weeks."
lots of banks historically have not waited till after approval to file UUC-1's. Take a look on ACRIS of UCC-1 filings and closing dates and see the date differential.