Non-Contingency Offer

In this credit environment? IMO, unless you can afford to pay cash, don't even think about it. And make sure the contract includes fairly specific terms of the financing needed to satisfy the contingency.

I wouldn't go with a non-contingency manhattanbuyer, I would walk first. Things are just to shaky to take that kind of risk. If you lose becuase of it, screw em. No apartment is worth that type of risk.

By the way, how do you know you're in a bidding war? Another pearl of wisdom from the seller's broker?

Ha West81st.The first showing gotten 20 + walk ins, and after our offer (above asking), the agent did another open house with similar number of walk in, and explained to everyone in the 2nd open house that there are multiple bids in places already.

So no, not sure if there is really a bidding war going on, but thinking there realistically the agent would not scare off potential buyers by announcing the bidding situation unless it's somewhat sustained.

this sounds like a fake post...broker anyone?

The broker for this listing told me back in March that if we wanted to put in an offer we should do it immediately because the seller already had offers close to asking on the table. 3 months and 3 price reductions later. . . Moral - don't be so sure about what the broker would and would not do.

http://www.streeteasy.com/nyc/sale/189888-coop-340-east-80th-st-8c-yorkville-manhattan

joepa, I think I remember you posting this at the time. Glad you stayed away, are you still interested?

I hope you email the broker constantly reminding her of her "mistake"

Nope - we closed on a different place. I don't care about rubbing the broker's nose in it - I just wish I could contact the seller directly and let them know. (Assuming they weren't aware of her tactics), it's a shame that they have to feel the repurcussions from a shady broker.

This article from The Real Deal from January might prove helpful:

http://ny.therealdeal.com/articles/mortgage-contingency-not-buying-without-a-net

I'm no lawyer -- and nothing I write should be construed as legal advice -- but if you make a non-contingent offer and are bound by it you have two risks -- one is the cost of whatever you would have to do to come up with the money -- sell stock at a disadvantageous time, take terrible mortgage terms, etc. The second is that you simply *can't* come up with the money, so you lose your escrowed down payment -- typically ten percent of the purchase price.

ali r.
{downtown broker}

If you loose your job (high possibility if you're working in finance/wall street) between now and closing... you probably won't get the mortgage + loose your deposit

Waiving a mortgage contingency should only be done if (1) you can afford to complete the deal without financing if there is a problem securing a loan, or (2) if you are willing to lose your 10% escrow should financing not be available. In the volitile credit market today, financing can be tricky. There are variables that you may not have considered: for example, even if you believe you will qualify, your lender will also have to approve the building itself and rules have tightened. For some, waiving the contingency is a throw-away bargaining chip that can be used to seal the deal. But for most people, this is not an option that should be considered. If you present stable finances with a terrific credit score and good reserves, then that alone should be enough to give the seller confidence the deal will close.

BTW, where is your lawyer on all this? You should be getting these answers from your attorney.

Don't do a non-contingency. Even in 2006 I would have said the same thing. There are too many weird things that can go wrong. To kylewest's point: some folks can use this as a bargaining chip and others (most) can't. If you can't absorb the risk don't do it.

Read the listing: Motivated Seller. That means there is no reason for the buyer to be weak in negotiations.