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?
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022