"In Contract" status, what's the normal lenght of this?
Started by notadmin
about 17 years ago
Posts: 3835
Member since: Jul 2008
Discussion about
i'm found a listing i like but shows as "In Contract" since 9/9. is this normal? or is it taking too long to close? does the realty keep the listing available in case it doesn't close or they get a higher offer?
Completely normal. That said, it can never hurt to make an inquiry - anything can happen, especially in this economic climate.
One thing to note - it's not uncommon for listings to remain up on RE sites like this one with 'in contract' status long after they've actually closed. Often just a case of bad housekeeping on the RE agency's part.
thanks bramstar!
9/9 of this year? That's nothing, especially if it's a co-op.
talljaystreet, yes, this year. i'm obviously clueless about what's normal in this regard. is 3 months excessive? what is the range (condo & coop) that might signal troubles at closing? guess troubles arise mostly from financing and buyers remorse at this juncture.
A co-op generally takes between 60 and 90 days from contract signing to closing; a condo or sponsor unit in a co-op takes a bit less time because there's no need for board approval (which can draw out the process as boards typically meet only once a month).
thanks again bramstar
60-90 days.
I got calls back on 3 units that were "in contract" when I first noticed them online so definitely submit an inquiry. Lots of people who were preapproved when they initially started looking no longer qualify for financing under the new guidelines. I'm also guessing the coop boards are getting tougher.