Buyers looking to close need just a little patience: I’ve been walking the streets at night, just trying to time it right, ‘hard to see with no credit around, you know I don’t like sittin’ renting around … Indeed, it’s taking longer and longer for lenders to get to the closing table these days.
Even after board approval, it can take up to 4 weeks for condos and even longer than 2 months for some co-ops to close on the property. Make sure that your rental situation is flexible enough to accommodate for an expanded time-line. In addition, build in a longer time cushion for the entire closing process and set own expectations accordingly.
