In today’s market in Manhattan sales have picked up but the closing time has become a waiting process that rattles all the parties’ nerves. Especially in the land of Co-op apartments. We all find ourselves asking why is no one ready and at times about to throw in the towel on the entire process.

The monumental task of meeting of the minds is no longer the biggest hurdle in the sales process, rather the coordination after the accepted offer seems insurmountable at times.

Usually the NEXT STEPS after a signed contract was easy as 123! The packages started, the appraisal scheduled, the documents collected, turned into the management company, the packaged processed and then reviewed by the board. This would take a maximum of three weeks and the closing was scheduled.

With the downturn of the market in the fall, the trickledown effect began and companies began to downsize. Banks cleared out groups that handled the many mortgages and refinancing and combined forces taking a team down to one or two people. This also occurred in the management companies, where people were let go and the extra work was piled on the desks of the senior employees making their desk and email accounts a mess of buildings, countless requests and distractions that halted this usually easy process.

So what can one expect now? Time, it all takes time and the 30-60 days of closing is a thing of the past and now more than ever 90 days is the norm.  The best advice is to have everything lined up, all your documents in order and be ready to jump when asked. The hurry up and wait mentality is back and all we can do as buyers sellers and brokers is be patient and work together to get the job done!

“That’s All!” - Miranda Priestly