Unlike many parts of the country, home sellers in Westchester and the surrounding counties (all of Metropolitan New York, really) are actually a long way from signing contracts. When I sold in upstate Rochester, we'd go to contract the same day in some cases, with broker prepared templates written and approved by the local Bar Association. There were attorney approval and inspection contingencies, but 24-72 hours was the norm. Once the attorney approval and inspections were done, all contingencies were met except for the mortgage, which is normal anywhere.
Not so in Westchester County. Once you get an offer here, there are still mountains to climb before buyer and seller sign contracts.
- Meeting of the minds. Obviously, an offer often has to be negotiated, especially in a buyer's market.
- Home Inspection.
- Memos or binders.
- Attorneys prepare the contracts. Not as simple as it sounds.
- Once "contracts are out," then the rain dance between attorneys often (not always) begins. Buyer attorney marks it up and send revision back to the seller attorney, who has to clear the changes with the seller. This has taken weeks in the past. Sellers have to tell their lawyer to get on the phone with the other lawyer and iron out the issues expediently.
- Once verbiage is agreed upon, the buyer signs and makes their deposit with the seller's attorney holding the down payment in their escrow account.
Then and only then can the seller sign the contract and consider the home "under contract." Westchester and the New York area is different from just about every other place I know of. Good or bad, that is the way it is, and sellers should know this going in.
- We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
- J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
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Philip, that sounds tough. We are lucky that we are a Titile state and lawyers don't get involved unless one of the parties wants one involved.
I have been involved in the sale of property in NY and in MA and I hated it each time. My sympathies to you because it is so difficult to get to the end of the transaction - I am a lawyer and I still think lawyers add virtually nothing to the deal and just take time and cost money - sorry that you have to go through it!
Phil, Despite the difficulties, I know the clients I serve in Westchester love it there and never want to leave. I haven't lived there and real estate anywhere in New York is a challange but you serve a lovely area!
Phil, Being born raised and starting my Real Estate Career in Westchester, imagine my surprise when I expanded up state an into CT to find the contract as a vehicle to submit an offer to purchase.
Certainly a learning curve either way, but I am wondering on your take. I actually like the idea of both a buyer and seller being bound by terms and price before buyers start spending money on the house for inspections, radon and water tests.
Larry Jensen, Principal Broker ~ NY & CT
St. Lawrence Properties, LLC
www.SLPNYCT.com