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hi - is it common in NY sales to have a contract be contingent upon the sale of another property? just wondering how it is handled when one is selling a property and buying another (both are primary residences). thanks.
No, That type of contract is basically worthless.
hurting, a seller has to be hurting to agree to that.
and there are sellers out there who are hurting. So when you do sell, go find something.
huntersburg: I'm leaving tomorrow and the grey zone VIP lounge and roof deck are well stocked.
Take care of things until I get back please.
I will be checking in only because ph41 still owes se readers photos of her apartment.
Common, no. Does it occur, yes.
if it occurs, there will be a time limit on the contingency. It is not always a bad sign either, i have seen it happen in new development where they dont even have a c.o yet, so they give the buyer a 3-6 months window to sell, if they havent sold yet, then they move onto the next buyer. It all will depend on the sellers time frame and motivation.
New development is about the only context in which a seller would agree to it with a time limit. Otherwise, unless the property is really undesirable it just doesn't make sense for a seller. You need to get your sale in contract and have your buyer agree to lease it back to you for a short period of time then you can start seriously looking to buy. Went through it last year - wasn't easy but not impossible.