Hey there… this is Jacob Wood, your New York City real estate broker. Let’s talk about what timeline you should expect from beginning your search in earnest to closing and moving in, and how to streamline that process so that it’s low stress, with no surprises.
First off, there’s no ‘right’ number of homes to view before making an offer. I’ve had a buyer fly in from Asia for the weekend, view five homes in two days and buy one, and my record is 80 homes shown over four years before the buyer made a purchase. I’m equally appreciative of both. On average, buyers view about 15 homes over two months before having an offer accepted.
Once we negotiate an accepted offer, we should assume a due diligence period of about two weeks, during which time our attorney will negotiate terms of the purchase contract, and do their due diligence on the building. Once we sign the purchase contract and render the deposit, then the home is taken off the market and we begin to prep our purchase application.
How Financing or Cash Changes Your Timeline
If we’re financing, we should expect mortgage commitment about three weeks after signed contract, with application submission immediately thereafter, and if we’re all-cash we should expect to submit an application ten days after contract signing. Cash purchases typically move faster and involve fewer contingencies, which can make a big difference in timeline.
Board approval of the application usually occurs three weeks after submission, and closing a few weeks later. In co-op buildings, this may include an interview with the board—here’s a helpful overview from Brick Underground of what that process can look like.
Tips to Keep the Process Moving
Buyers should budget above five months from meeting me to moving into their new home, and you can cut at least a month off of that if you’re making a cash purchase.
Now… here are some things we can do to streamline that process: Choose your real estate agent, attorney, and mortgage banker as soon as you begin your search in earnest. I’ve had buyers call me and say “We’ve found the home we want to buy and we’d like you to represent us,” and I’m deeply appreciative of those calls. But if you’ve already viewed the home a couple times without an agent, odds are you’ve inadvertently said something to the listing agent that it wasn’t in your interest to say.
If you haven’t chosen your buyer’s agent yet, this post explains why it should be your first step.
This is Jacob Wood, your New York City real estate broker. Feel free to reach out if you’re ready to talk about your own purchase timeline.
