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We have recently gone into contract for a co-op in NY. The contract has no mortgage contingency, though we require board approval. We met the board who have tentatively approved our application based on a mortgage commitment letter. Since meeting the board my wife's job is in jeopardy and if she is unable to find another job we will be unable to afford the apt. The managing agent said that technically until they receive the commitment letter then we're not approved. Based on this technicality (though taking into account the no mortgage contingency) is there a way to get out of the contract without loosing the deposit.
Your help would be much appreciated.
you could call the coop board, tell them about the job loss and then tell them that the first thing you are going to start not paying is your monthly maintenance!! then ask them not to approve you.
You should be speaking with an attorney familiar with real estate.
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