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

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

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.

Re: I have a Q about bank and closing (especially for coop owners)

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

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

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.

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.