Time to counter sign a purchase contract for real estate in NYC

[aslan]

From my experience, it can range from same day to weeks if the seller is on vacation or some other reason. I usually tell folks that sellers should professionally counter-sign the purchase contract within one or two business days of receiving a signed contract from the buyer. Does anyone else have a perspective on this? Is there a norm for how many days a seller should take to counter-sign a contract?

Obviously the buyer is in a very vulnerable state when he has an outstanding contract with his contract deposit. Meanwhile the seller can shop his signed contract and still sell to someone else. Quite a tough situation for the buyer so obviously buyers will want to minimize this time period.

Does anyone have any color on when the buyer can demand his signed contract and good faith deposit returned if the seller takes too long to counter-sign?

[lower_nyc]

From my experience, it can range from same day to weeks if the seller is on vacation or some other reason. I usually tell folks that sellers should professionally counter-sign the purchase contract within one or two business days of receiving a signed contract from the buyer. Does anyone else have a perspective on this? Is there a norm for how many days a seller should take to counter-sign a contract?

Obviously the buyer is in a very vulnerable state when he has an outstanding contract with his contract deposit. Meanwhile the seller can shop his signed contract and still sell to someone else. Quite a tough situation for the buyer so obviously buyers will want to minimize this time period.

Does anyone have any color on when the buyer can demand his signed contract and good faith deposit returned if the seller takes too long to counter-sign?

I certainly think this is one of the more negative elements of real estate in NYC. Buyers take a fair bit of risk when they have an accepted offer by spending money on a lawyer, becoming emotionally invested in the apartment and perhaps slowing down the rest of their search. For a seller to change buyers at the last minute (without giving first buyer a chance to improve) or stall/delay the contract signing is totally unfair.

If you are in love with the apartment and you aren't prepared to walk, then you have to play by the seller's rules!

[aslan]

Yea I agree it's one of the worse aspects of NYC real estate transactions. It's typically worse off for the buyer as they usually fall in love and become super invested in a place, even though there isn't a fully executed contract yet. Always potential for heartbreak. That's why a good buyer's agent will always coach the buyer to keep their options open, put offers in on multiple places and not get too emotionally invested in any single place.

[lower_nyc]

Yea I agree it's one of the worse aspects of NYC real estate transactions. It's typically worse off for the buyer as they usually fall in love and become super invested in a place, even though there isn't a fully executed contract yet. Always potential for heartbreak. That's why a good buyer's agent will always coach the buyer to keep their options open, put offers in on multiple places and not get too emotionally invested in any single place.

I agree that it's the buyer who gets burned the most, not financially but emotionally. There's not much that can be done to mitigate risk aside from considering other apartments.

Try not to fall in love with any apartment until AFTER you have a fully executed contract =P