September 22 2022
We have purchased a coop apartment in New York City in July 2022. It was a long process, which took exactly 4 months from beginning to the end (120 days). Before purchasing this unit, we have seen 20 or so different places, apartments, condos, coops, townhomes, and single family homes. We have made four official offers did not go thru.
When we started looking at the properties at the end of 2021, our mortgage rate was 3%. When we have purchased the place, our rate was 5%.
See our COOP purchase timeline below.
March 5 2022 – We see the unit and make an official offer, full asking price
March 6 2022 – Our offer is accepted
March 14 2022 – The sellers agent says there is another offer $10,000 more
March 15 2022 – We offer $10,000 more
March 17 2022 – Contract signed, 10% deposited, closing date on the contract: May 30 2022
2 – CO-OP BOARD PROCESS (67 days)
April 3 2022 – We email the co-op application form and financial documents to our realtor
April 8 2022 – We email the landlord, bank and other supporting documents to our realtor
April 15 2022 – Finally we email the recommendation letters to our realtor, now all documents sent.
May 16 2022 – Our realtor looks at the documents, asks some questions and invites us to sign some of the documents at the office
May 18 2022 – I meet our realtor, sign some documents, give the coop application checks
May 18 2022 – Our realtor delivers the application and the paperwork and checks to the management company
May 25 2022 – We call the management company to ask about our application
May 26 2022 – Management company forwards the application and paperwork to the board
June 9 2022 – We have the board interview
June 10 2022 – We receive the board approval letter
3 – HOME APPRAISAL / BANK LOAN APPROVAL PROCESS (105 days)
March 1 2022 – We upload all documents to the bank’s portal
March 25 2022 – The bank orders the appraisal in the unit
April 4 2022 – Appraisal is done in the unit
April 13 2022 – We lock the interest rate for 60 days, lock expires on June 13th.
April 15 2022 – Bank appraisal comes $74,000 shorter than the purchase price, sellers agent does not negotiate, our agent believes the appraisal is not correct either
April 18 2022 – The bank orders the second appraisal
April 26 2022 – Second appraisal comes, meets the exact purchase price
June 13 2022 – the bank is not ready to close the loan, asks additional documents, we pay $1,186.20 for one week extension
June 15 2022 – Two days later, the bank is ready to close the loan, We’re CTC.
June 20 2022 – However, the attorney and the board are not ready to close, we pay another $1,1,713.40 to the bank totaling about $2,899.60 in penalties
4 – CONTRACT TO CLOSING PROCESS (105 days)
March 17 2022 – Contract signed, official closing date on the contract is May 30 2022
May 30 2022 – 74 days passed, the bank, the coop, the attorney, no one is ready to close
June 12 2022 – We see the unit, and learn that the sellers still have their furniture in the unit and will not move until they close a different home on June 30th and and will move their furniture after they close
June 13 2022 – Our 60 day mortgage lock expires, no one is ready to close, we pay the 1,1,713.40 penalty
June 15 2022 – The bank is ready to close but the attorney and the coop is not ready to close
June 20 2022 – We pay the second penalty $1,1,713.40
June 28 2022 – The attorney emails an official closing date for July 5 2022
July 5 2022 – Official closing date
We purchased another unit (commercial) a year later, and that also took 5 months.
Serdar Acar 