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KartveliT
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Member since 1/08 8363 total posts
Name:
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I have a Q about bank and closing (especially for coop owners)
We got approved by a coop board (NEVER want to go through it again) I called the lawyer to set up a closing date, she said it's up to the bank and they have to "approve our file" . I emailed the mortgage broker and she said the same thing "need to wait for the bank to approve and clear the file"  .
Did anyone have to deal with this? and how long did it take to finally set up the closing? (especially for coop owners) Our REA says it takes a while, but not sure how long "a while" is.
Thanks
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Posted 7/23/09 4:50 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: I have a Q about bank and closing (especially for coop owners)
you are waiting on what's called the "clear to close"
you haven't been approved for the mortgage yet
how long it takes varies on the bank
being approved by the co-op board and being approved by the bank are 2 different things
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| Posted 7/23/09 5:19 PM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: I have a Q about bank and closing (especially for coop owners)
When we bought our co-op a few years ago, I think we signed our contract in March/April, but did not close until July. Our closing was delayed in part because we got married in June and were on our honeymoon. It also was delayed because it was tough getting a date that was good for everyone.
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| Posted 7/23/09 5:45 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: I have a Q about bank and closing (especially for coop owners)
Posted by Beth
you are waiting on what's called the "clear to close"
you haven't been approved for the mortgage yet
how long it takes varies on the bank
being approved by the co-op board and being approved by the bank are 2 different things
yes I know it's different. I just wasn't sure what exactly they meant by clearing the file.
Thank you
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| Posted 7/23/09 6:42 PM |
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shoegal68
LIF Toddler
Member since 6/08 422 total posts
Name:
Sandy
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Re: I have a Q about bank and closing (especially for coop owners)
i think this applies to all home buyers. we just bought a house & we got the commitment but had to wait a bit for the sellers. then we had to wait for "clear to close". we literally didn't get this until about 2 days before
Also, we just sold our co-op. the buyer was just approved by the board. i called my lawyer today to find out whats going on since i'm tired of paying 2 mortgages. he said the buyer is still waiting "on the clear to close" AND his rate expires August 1..so again goind down to the wire! ugh..
one thing i learned through this whole process is that you are literally at the bank's mercy. its VERY frustrating & stressfull
Hang in there
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| Posted 7/23/09 6:59 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
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Re: I have a Q about bank and closing (especially for coop owners)
It's just a waiting game on the bank at this point. Unfortunately, times have changed since last year when we closed, and with the credit markets being so tight, it might be a little while (few days or weeks, not months).
Just hang in there, it will all work out in the end. You are over the biggest hurdles! Good luck and hang in there 
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| Posted 7/23/09 8:50 PM |
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jennandrob
mom of two!
Member since 5/05 4368 total posts
Name:
Jenn
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Re: I have a Q about bank and closing (especially for coop owners)
our offer was accepted in April, and we didn't close until September. There's so many layers when you buy a co-op.
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| Posted 7/23/09 9:57 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: I have a Q about bank and closing (especially for coop owners)
Posted by jennandrob
our offer was accepted in April, and we didn't close until September. There's so many layers when you buy a co-op.
OMG its craazyyyyy Our offer was also accepted in April and it doesn't look like we'll be done any time soon. I swear, I almost wish we hadn't started this whole process . This has been one of THE most stressful and frustrating things I have ever had to deal with. I (we) had no idea it was going to take this long  At this point I don't even feel any excitement or happiness over buying a coop, I just feel tired and drained and want it to be over
Sorry for this silly vent
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| Posted 7/23/09 11:18 PM |
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