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Closing before mid Oct?

Started by Slay
about 9 years ago
Posts: 29
Member since: Aug 2016
Discussion about
I am about ready to submit board package later this week. I understand it goes to the seller broker and then the management company. How long do they have it before the board gets it? Based on the past minutes of the board, it looks like their Sept. meeting is random in the 20s (23, 29, 24 last 3 years). Is there any chance that my application gets to them for their September meeting so that I can close in October? I ask because I start a new job in mid-October and it would be worlds easier to do all this before that begins.
Response by rentingbrooklyn
about 9 years ago
Posts: 13
Member since: Mar 2009

That sounds tough. Most cases once mgmt reviews, determines a complete package it will go to the board - pending building the approval process could be a few weeks. I know many buildings will do interviews aside from their meeting nights. From approval to closing could be 1-2 weeks pending all the paperwork that gets drafted, all parties coordinated etc.

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Response by CCL3
about 9 years ago
Posts: 430
Member since: Jul 2014

Plus, if you are financing this purchase, the bank will need its own time to finalize all paperwork. Banks are often a source of closing delays.

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Response by front_porch
about 9 years ago
Posts: 5312
Member since: Mar 2008

from now to mid-October is tight. Is there any chance that your broker (or you, if you're representing yourself) can sit down with the seller's broker today to review the package, even if it's not-quite-complete? Most agents on the seller's side are happy to do that if it's only missing one or two items, and then they can review pdfs of the last bits by email.

If you do that, and actually get the complete package to the managing agent on Friday, and ask them to please fast-track it to make the September board meeting, it's possible.

Separately, warn your mortgage broker and your attorney that you will only have ten days between board approval and close -- three of those days are holidays for many people, so the more notice you can give your team, the better they can plan.

ali r.
{downtown broker}

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Response by truthskr10
about 9 years ago
Posts: 4088
Member since: Jul 2009

If you have a good broker, they should find out from the management company what day this month's board meeting is. By those dates, it doesnt seem random at all. It's probably the 4th tuesday of every month, with occasional years when everyone cant meet, they find another day in the week to have the meeting.

Your bigger problem is getting the package in all hands with sufficient time for the members to review the package to discuss it at the next meeting. Even if you sent out the copies of the package today it would be tight.
I doubt there is any way you'd be able to schedule your interview by the next board meeting, but as rentingbklyn says, many buildings do accommodate a separate night for it.

What you really want to do is get that package in the members hands before the next meeting with sufficient time to look it over and discuss it at their next meeting. Here the manager is your best friend. You have to find out what is the best way you can get your package in their hands before next meeting.

And yes, the bank will be a big obstacle for speed.
But Ive seen banks get their act together in as little as 3 weeks. Depends on the individual bank and the relationship you have there.

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Response by FireDragon
about 9 years ago
Posts: 110
Member since: May 2009

That is quite tough. To give you a reference point, it's a little over 3 months between our submission to buyer's broker, and the closing. We did everything we can to speed things up but complications always happen. On average it'll be more like 2 months.

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Response by 30yrs_RE_20_in_REO
about 9 years ago
Posts: 9876
Member since: Mar 2009

Don't forget eh Jewish "High Holidays" fall in the first 2 weeks of October this year.

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Response by Matthew80NYC
about 9 years ago
Posts: 15
Member since: Apr 2014

My board package was submitted a week ago, and I have my interview today. I purchased in a small building though. I am advised that it could be difficult to schedule closing immediately given you need a lot of people on board, buyer and seller's lawyer, managing agent, bank, etc, and schedules have to work.

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