The period from the moment that a seller accepts an offer for the sale of real estate and a contract is signed and delivered can stretch for weeks in New York.
Factor in the time that can pass before the transaction is completed and months can pass. The variables include the approval process by a co-op board as well as the diligence that lenders require for clearing the release of funds before the deal can close.
Anything can happen until settlement, so sellers and brokers are constantly on edge.
If the transaction doesn’t close for any reason, Continue reading