Dear All: I am a seller who have encountered some strange issues lately with the transaction of my unit here in midtown Manhattan. 1- the buyer's agent (a well known group from Douglas Elliman) submitted the condo board package 42 days after the contract is signed or 10 days before the expected closing date while knowing the turn around time is 20 business days. Is this normal? Because I was told... [more]
Dear All:
I am a seller who have encountered some strange issues lately with the transaction of my unit here in midtown Manhattan.
1- the buyer's agent (a well known group from Douglas Elliman) submitted the condo board package 42 days after the contract is signed or 10 days before the expected closing date while knowing the turn around time is 20 business days. Is this normal? Because I was told by them that it is.
2- this delay of the waiver have led the buyer's lender (Luxury Mortgage) to pull out this ridiculous guideline which require the building to have a umbrella insurance certificate valid for more than 30 days. Just my luck that the expiration of the existing certificate is on June 30th and the waiver was finally issued on June 13th. The bank refuse to be like every other bank out there with a letter of intent to renew from the management office and must see the actual certificate. I have contacted the insurance company and they said it is not possible to issue out a new certificate while the present one is still in effect.
My question is,
1-how long does it usually take to submit a board package to the management office after the contract is signed?
2- Have you ever heard of Luxury Mortgage and if so, what do you think about their policy that they have to see the certificate valid for more than 30 days in order to grant a closing. If that is the case, every building would have 1 month out of a year that transactions can not close, am I right?
Thanks!
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