contract and mortgage contingency 80 Met

Started by greenpeo

almost 15 years ago

Posts: 1

Member since: Feb 2011

Discussion about 80 Metropolitan Avenue in Williamsburg

Has anyone had success negotiating out of the contract provision that requires buyers to use 80 Mets preferred lender? Supposedly they won't sign the mortgage contingency unless you get a mortgage through the preferred lender. I was surprised to hear this... at least in some other new developments, the brokers tell you this up front. I'd love to know if anyone has convinced them out of this clause, or if anyone has signed it, but still been able to use a different bank. Thanks!

Response by checktest

almost 15 years ago

Posts: 15

Member since: Sep 2010

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Response by checktest

almost 15 years ago

Posts: 15

Member since: Sep 2010

i did, it's not a hard rule. northside and the edge dont do it, so they have little choice.

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Response by LookPied

almost 15 years ago

Posts: 256

Member since: Mar 2009

At NSP the mortgage contingency only protected if you couldn't get a mortgage through their preferred lender, TBI. If you didn't get approved by any other lender the mortgage contingency wouldn't protect you.

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Response by juuceman

almost 15 years ago

Posts: 84

Member since: Sep 2010

you might be able to open up the preferred lenders a bit, and give them the option of applying for a mortgage for you if you're unable to get one through one of these.

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Response by gettingreadytosign

almost 15 years ago

Posts: 23

Member since: Oct 2010

at the edge, you had to use them incase you could not get the mortgage. If you are confident that you can get a mortgage through someone else,then it does not matter. as long as they get their money, they dont care where it comes from!

contract and mortgage contingency 80 Met

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