How often do contracts fall through on condos

jalenyc: Do you actually like your dining table better than that condo apt?
Condo deal can fall through due to financing.

You can put in a back up offer but why not also keep looking, there's so much out there.

Good luck.

(That must be some kinda special dining table!)

jalenyc: If you can't give away your dining table to a friend or relative, you can donate it to charity for a tax deduction.

In the condo I owned, I had a basic dining table nothing special. I hardly ever eat at home anyway.
I donated it when I moved and bought a really nice dining table and chairs.
I don't have it in the dining area of my new apt because the view from my windows in the living room is so beautiful and the living room is so big, I put the dining table near the living room windows.
I put book cases in the dining area with a comfy reading chair.

Don't pass up a great apt if you love it for the sake of a dining table.

Contact Ali Rogers at DG Neary RE and she will help you find another apt.

Good luck.

A board turn-down is certainly possible if it is a co-op.

Problem is you may have to wait 2-3 months for an apartment to fall out of contract.

No harm in putting in a back-up offer or fishing for information about the acceptibility of a number if it goes back on the market.

Truth's advice is a good one - keep looking

Yes, crescent --there is so much out there.
jalenyc may find something better.
(The header for the discussion topic says "Condo" so maybe the question
was because jale wanted to know under what other circumstances could the deal for a condo fall through.)

If you have a broker representing you, you might ask your broker to find out if the prospective buyer is all cash in which case, I would guess that the sale of the condo unit will likely proceed.

I agree with Truth in that I would not sacrifice an apartment that I really wanted for a dining room table unless this table is a family heirloom or something of equal significance.

You have nothing to lose in making a backup offer, but I wouldn't stop my apartment search to wait to see if the accepted offer proceeds to an actual sale.

lobster: It sounds like maybe that is the case with the table: a family heirloom.
A relative will keep it in good loving hands.

Keep looking for something else and be creative with dining table placement.

Contracts are falling apart regularly due to lack of financing for condos. It's nasty, even with excellent credit and low debt ratios. What they are looking at now is LTV, with down payment levels which are historically high for at least the past 20 years, which would indicate to me that they think there is more room for declines in condo values. But the mortgage market right now is just freaking strange, and pretty much across the board.