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October 27, 2009
Sales Contingency?
I'm selling my apartment and want to buy a new one, but need the money from my sale to go through to be able to pay for it. I know people are now doing mortgage contingencies but what about sales contingencies?
Comments
If you don't sell your place and you need proceeds for the downpayment on the purchase, then you won't get approved for the mortgage, so the mortgage contingency will cover you on the purchase contract. Speak to your attorney.
Did this with buying selling houses & worked out the 2 closings on the same day.
Posted by: Bklnite at October 27, 2009 1:26 PM
I'm no expert, but having gone through both purchasing and refinancing in the past two years, I don't think this is a good idea at all. Focus on selling your property first before making any offers. Your deal to sell could fall through or take much longer than you think. Also, it's very doubtful you could get a mortgage approval without the cash funds (pre-approval--yes.) Any seller of the property you want to buy from would be crazy to sign a contract with a sales contingency. Much too risky.
Posted by: hoffster at October 27, 2009 1:30 PM
yes you can do a sale contingency. I actually did three closings in one day!
Posted by: denton at October 27, 2009 6:45 PM
We could not find any sellers who would do a contingency contract with us in 2008. I am assuming the same is true now.
Posted by: Brooklyn11218 at October 27, 2009 8:12 PM
A sales contingency would be nice, you would be hard-pressed to find an owner in NYC to accept one in a contract however.
Posted by: Crownlfc at October 28, 2009 12:59 AM
what about if you have a contract to sell your apartment already signed, does that work? I also am in the same situation. ie I put mine on the market find a buyer who signs etc and then I find something I want..
Posted by: justpassing at October 28, 2009 10:58 AM
what about if you have a contract to sell your apartment already signed, does that work? I also am in the same situation. ie I put mine on the market find a buyer who signs etc and then I find something I want..
Posted by: justpassing at October 28, 2009 10:58 AM
what about if you have a contract to sell your apartment already signed, does that work? I also am in the same situation. ie I put mine on the market find a buyer who signs etc and then I find something I want..
Posted by: justpassing at October 28, 2009 10:58 AM
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