Condo buying without mortgage contingency

Sometimes the developer has a preferred bank for new buildings. Otherwise, you can call mortgage companies directly and find out whether they give mortgages on that building. A mortgage broker can help. Otherwise, look up the past sales in the building on streeteasy and check ACRIS for the bank issuing the mortgage.

The risk to you is that if you sign a contract without the contingency clause, and you cannot obtain financing, you may be forced to pay cash for the purchase or be in breach of contract, resulting in loss of your deposit, and liability for other damages. Less worse case: you are forced to take financing at an undesirable rate and/or from an undesirable lender.

New development, jelj- there is no history of part mortgages

I would never sign a no mortgage contract if I didn't have the cash to back it up. Anything can happen. Financial markets are tanking due to China currency problems. This could be big. Bottom line don't sign a no contingency contract. As a seasoned mortgage broker this is my advice.