Contingencies in a contract (sale, apartment, co-op)

[drumfreak]

We recently bid on a home and got our offer accepted. We will be conducting an inspection shortly and hopefully, shortly after, will be going to contract.
Included in our binder offer was a contingency on the closing of our current apartment. We are in full contract with a buyer that is paying 100% cash. We are awaiting the buyer's board approval and are aiming for a july 15 board meeting. To me, the buyer is a slam dunk for approval. he has worked for our co-op company for 30 years, has reference letters from board members, and is paying in cash. My lawyer advised us to include the contingency just in case something gets held up. I am not sure if the seller of the home that we want to buy will go for it but we don't want to lose the home to another bidder and we don't want to lose our 10% in the event that the board holds things up. Obviously, we need the money from the sale of our place for the purchase of the new place. Our credit scores are impeccable, we have zero debt...so we are a slam dunk for mortgage approval. We plan on putting 60% down and financing 40%. What can i do to make the deal more appealing? Opinions....?

[iluvmycuties]

Why do you need to make the offer more appealing if you've already presented the offer with a contingency and it was accepted?

[drumfreak]

Originally Posted by iluvmycuties

Why do you need to make the offer more appealing if you've already presented the offer with a contingency and it was accepted?

Because theoretically, I am nowhere until we are in contract...right??

[iluvmycuties]

Very true. I would just ride it out and wait until contracts are signed. If they're accepting with a contingency, then they need to sell, and obviously think you're a good buyer. It also shows wht is happening to this market, b/c contingencies were laughed at 3 years ago. I know when we were looking in NC, contingencies were being accepted everywhere. But the back-up for the seller was decent: if they received another offer, and they wished to accept it, it had them give the buyers 24 hours to come up with funding before they could break the contingency contract. You could add that in your offer. I wouldn't, personally. I think you're solid if, early summer, they are taking a contingency. Don't stress.

[Kbinspections]

Let sleeping dogs........unless the seller is fussing, do not worry. Good luck!

[TomMoser]

Not to be the damp towel, but I think the seller is crazy to accept an offer with that contingency. Co-op boards can be very arbitrary.