Waiving financial contingencies the norm?
Started by johnnyjai
over 18 years ago
Posts: 65
Member since: Feb 2007
Discussion about
From what my broker is telling me, one of the ways to seal a deal is to waive the financial contingency (seller know's you're serious). With the way the market is in Manhattan, would you recommend doing so? (keep in mind I've already gotten a loan committment from a lender)
There's a bunch of other discussions on this too....I wouldn't do it. Do you have a loan committment for a particular apartment in a specific building?
Check out additional discussion:
http://www.streeteasy.com/nyc/talk/discussion/1453-Opinions_or_Mortgage_contingencies_needed
The safest thing (obviously)is not to do it. However, you will probably not get the deal if you don't so you need to figure out the risks and if they are palatable. Can you afford to cough up some extra cash should the appraissal come in lower? Are you sufficiantly financially stable that you could compensate for an unexpected change in your circumstance?Is the building financially sound?If answers are yes, then go ahead. most do these days for desirable properties.