need advice on the price point of a house in Littleton MA

[id77]

Originally Posted by porterhouse

Yes, the market is tough currently, but mortgage is a HUGE contingency (and easy out for a buyer). The mortgage market is flooded with refis currently and many new purchase mortgages aren’t getting clear to close until days before closing. The buyer has to sweat it out until that happens. Also, there are new Covid underwriting requirements which have added another layer of insanity to the already onerous (and silly at times) requirements. If they’re not waiving mortgage, they’re not really waiving contingencies.

Agreed. The sellers I dealt with cared little if I wanted an inspection; what mattered to them was that I could absolutely close on their schedule and that there was no financial out for me. Larger earnest/deposits (10%) seemed to help a bit, but at the end what got me over the finish line was waiving mortgage contingency and being able to close within 30 days. Buyers who aren't comfortable with waiving those will face headwinds in the current market.

[Shrewsburried]

Originally Posted by id77

Agreed. The sellers I dealt with cared little if I wanted an inspection; what mattered to them was that I could absolutely close on their schedule and that there was no financial out for me. Larger earnest/deposits (10%) seemed to help a bit, but at the end what got me over the finish line was waiving mortgage contingency and being able to close within 30 days. Buyers who aren't comfortable with waiving those will face headwinds in the current market.

But you still had financing? I don't really understand the logic of this as the purchase still relies on a lender to close. All you're assuring the seller of is that they can get your earnest money if you fail to satisfy the contract, but even that is short of guaranteed.

IMO, you're either financed or not and no amount of contingency waving changes that reality.