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contract contingency

Started by hurting
almost 14 years ago
Posts: 109
Member since: Mar 2009
Discussion about
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.
Response by renterjoey
almost 14 years ago
Posts: 351
Member since: Oct 2011

No, That type of contract is basically worthless.

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Response by huntersburg
almost 14 years ago
Posts: 11329
Member since: Nov 2010

hurting, a seller has to be hurting to agree to that.

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Response by Truth
almost 14 years ago
Posts: 5641
Member since: Dec 2009

and there are sellers out there who are hurting. So when you do sell, go find something.

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Response by Truth
almost 14 years ago
Posts: 5641
Member since: Dec 2009

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.

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Response by Consigliere
almost 14 years ago
Posts: 390
Member since: Jul 2011

Common, no. Does it occur, yes.

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Response by angeloz
almost 14 years ago
Posts: 209
Member since: Apr 2009

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.

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Response by dylan621
almost 14 years ago
Posts: 30
Member since: Feb 2011

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.

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