Board Approval Question

Probably not. Ask if you can lock in the rate and get an extension.

No.

"Is 30 days sufficient time for the board to review the package, conduct the interview, and close? Thanks."

You've never done this before, have you?

All things going smoothly, don't expect to close before Easter.

are you sure sellers want to close so fast?

Very little chance of you closing within 30 days. 60 days would be more realistic.

We were in the same situation back in october and as hard as we tried with a very small board (only 7 units including us), we were not able to wrap it up in 30 days. If you can prove to your mortgage agent that you are trying everything possible on your end and that the process is under way to be completed +- 7 days, and if they are determined to win you as a customer, they should be able to bend that deadline a little. Not sure if the rates are changing that much these days, but back in Oct they weren't, so it was in the agents favor to be a little flexible and keep our business.

we were also given the option to pay the extension fee to lock in the rate in case it changed, which we declined, and got the same rate that we were offered initially

Some coop boards offer expedited meetings if you pay a small fee. Did you check if this is the case?

rates have only one way to go...

http://www.bloomberg.com/apps/cbuilder?ticker1=NMCMFUS%3AIND

30 days not realistic

not unless your seller is on the board, and even then, it's 50/50.

However, it might be worth it to you to lock *realizing* that you'll extend.

ali r.
DG Neary Realty

It is entirely possible. However, it is not entirely realistic to expect it to happen. However, the concept that one should have to wait 3 months I find unreasonable.

I just went through the buying process and there is no chance you can close in 30 days.

Even with my board package which was considered "perfect" by the board panel that interviewed me and the fact that it was an all cash deal, 30 days was still impossible. 60 days was closer to my experience.

Just a question - we're not talking 30 days from accepted offer to closing (ie: contract negotiations, mortgage, board package and meeting all still outstanding) are we? I understood the situtaion to be offer accpeted, constract signed, mortgage obtained, board pack submitted and only meeting pending. Our board meets once a month (unless you pay to expedite), if you submit your docs within 10 days to two weeks before, you should be able to make the meeting and will know within a day whether you were approved or not. Technically you can close right after that so it is doable unless of course you just missed the cut off.

lo888, the problem is not just the boards, it's the banks. We are not seeing banks clear files to close with anything resembling speed these days. It might take two weeks after your board acceptance for the lender to CTC your file...

ali r.
DG Neary Realty

Would they not have to honor the rate if the delay is on their end?

it would depend on the way the commitment was worded, but sadly, the lender could probably get out of it.

ali

In addition (correct me if I'm wrong), contracts usually give the seller an automatic right to a 30-day extension once the closing date is established. It's my impression that many sellers find the need to move the closing date out. I know I did.

Who's your lender? BoA extended my rate 30 days at a time 5x due to delays on their end. Agree that 30 days is not enough to get board approval and close.