100 % Minimum Required

Yes, that means it's an all-cash building.

damn that is disappointing, they are usually really nice properties. Why is that? and are they ever negotiable, or do they change?

But I've also seen that little warning posted on some private house sales, so there are cases when it's a fluke.

Or the seller simply doesn't want the added complication of a lender taking its time with approval, or an apprasiser putting the kibbosh on the deal. Offer, acceptance, contract, closing, fin.

appraiser

You can't negotiate that as it is a building policy, unfortunately.

I've heard of buildings in Queens where you MUST finance a certain minimum percentage. Presumably the assumption is that if you have 100% cash, it must have been obtained illegally.

What buildings require 100% minimum?

Most likely a seller want all cash deal. It is a much easier transaction, lending being the way it is now. And the buyer can count on some discount.

"wants"

"I've heard of buildings in Queens where you MUST finance a certain minimum percentage. Presumably the assumption is that if you have 100% cash, it must have been obtained illegally."

Well, in Queens, yeah.

"What buildings require 100% minimum?"

Quite a few Fifth Avenue and Park Avenue co-ops.

This is quite simple. In the high end apartments it is to keep out the rif-raf (i.e. those who would actually need to borrow (gasp!) money to buy.

In the aforementioned Queens scenario, it is a checks & balances measure, ensuring that the money is legit by having the bank's due diligence that would be required to obtain a mortgage.

Additionally, if you find yourself looking at a listing that does not allow financing, there is a very good likelihood that the building will want to see the entire purchase price (if not a multiple of it) in liquid assets AFTER closing. For example, if the listing is $5m you should probably have $10m in the bank after you have closed.

Also such units (50% or 100% required) are usually lower than market cost, due to the fact that it limits the number of buyers and it becomes harder to sell in the future.

Thanks everyone