The world is a big place, and buyers who promise it could doom the sale of real estate.
That’s why sellers need to scrutinize the details of any offer that they may be tempted to accept if it is devoid of contingencies.
What can happen? Answer: Plenty.
So sellers, their brokers and their attorneys should ascertain the following:
- Will there be sufficient liquid assets to close should the economy and stock market convulse?
- If the buyer is depending on financing even without a financing contingency, what are the odds that it won’t come through?
- In the event a lender’s appraisal falls short, does the purchaser have sufficient cash to make up any difference?
- Is there a chance that the buyer will reduce an anticipated big downpayment, change his/her mind and thereby jeopardize any financing?
- Should a home inspection be performed to be sure that there are no surprises that could cause discord and lead to a fight in court?
While a contingency-free offer always is something to celebrate, it also is a reason to ask hard questions. Sometimes, another offer will be the better choice.
Tomorrow: Pinball anyone?
To take your own bite out of the Big Apple, you have the option to search all available properties privately.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022