It's another installment of Ask Curbed, the feature in which you both ask?and, in the comments, answer!?each other's questions. Got a question of your own? Send it along to firstname.lastname@example.org.
A Williamsburg buyer itching for a closing writes in to the Curbed tipline wondering how long it's reasonable to spend in contract on a place. Take it away, 'Burg hopeful:
How long is the longest you've heard of someone being in contract? My wife and I have been in contract to buy a place on the south side of Williamsburg for 8 months now. We keep bugging our attorneys to hassle the agent or the sponsor's attorney but it seems like there's not much they can do for us besides send nasty emails. The sponsor keeps coming back with missed deadlines of when appraisals and walk-throughs will be. I don't think it helps much that the agent on the deal is working as a dual-agent for both us and the sponsor.
Lately they've been saying that the sponsor needs to file amendments to the offering plan and apply to the City for block and lots so that it can be taxed and the condo can get insurance. I went online to the City's Finance Department and it seems that the block and lot has been assigned. The Attorney General's website also seems to show that amendments have been filed. Not sure what else we can do at this point since we like the place and don't want to walk away from a good deal. All the while our down-payment money is sitting in the sponsor's escrow account not earning much of anything.
Our Ask Curbed questioner was also originally told that the closing would be in May. Any insight or experience to offer, Curbediverse?
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