co-op closing

45-60 days would be resonable

90 days. I would consider 45 days to be an extreme rush.

ali r.
DG Neary Realty

ali, after submitting the board package it would take 90 days???? that's from signing the contract to closing...

I just closed for a buyer client in mid-February after submitting a package the last week in December -- and that's because everybody, including the managing agent, hauled a** to make the deal happen so quickly because seller liked their interest rate.

More typically:

Day 1: package to managing agent

Managing agent takes three weeks to go through package, make sure components and checks are there, run credit report, pass package on to board. They probably say in the application that they have the right to take four to six weeks to do all this, but most managing agents, contrary to their rep, actually want to move packages along.

Day 22: package to board

Board members want to take a look at the package, read through it, and possibly discuss it together. If they like you, they want to interview you. Many boards meet monthly; some want to discuss the package at the meeting, some want to interview you at the meeting. If you're lucky, you've just missed a board meeting, so you get the next one in four weeks. If you're unlucky, there's a board meeting in a week and a half, and the board can't deal with your package by then, so you have to wait nearly six. But all told, let's give you six weeks for the board -- unpaid volunteers all -- to read through your package, which could be a few hundred pages, interview you, and say yes.

Day 64: Board approval

The managing agent is notified that you have board approval, and they begin to move to close. But wait! Your lender wants one more thing before they'll clear your file to close -- maybe some kind of fidelity bond your board doesn't have. Or maybe your mortgage commitment expired, because your bank wrote too short a commitment, so you have to submit updated financials. So let's bounce you around your lenders underwriting department for, oh, nine days.

Day 73: Cleared to close

Yay, your lender says you're cleared to close! Now you have to get yourself, your counterparty, your attorney, your counterparty's attorney, and the bank attorney all in one room. This can be done in three days, unless someone has another deal where they want to stall -- maybe seller hasn't found a rental they like yet, and wants to make you wait till they do...they can probably stall for thirty days while your lawyer stomps and shouts.

Close: Day 73-Day 103

So roughly, you should close by Day 90. But it could take longer, so I'd say 90 days would be "average."

ali r.
DG Neary Realty

^^ sorry, should be Day 76 - Day 106. But you get the point.

ali