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Old 10-27-2007, 07:02 AM
 
2 posts, read 7,472 times
Reputation: 10

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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
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Old 10-27-2007, 09:32 AM
 
109 posts, read 372,014 times
Reputation: 33
Have you discussed this with them.
Perhaps they have someone waiting in the wings for the property
that could take your place. First of all, don't waste their time or
opportunity to sell to someone else.
If this is not an option, talk to an attorney.
Best wishes.
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Old 10-28-2007, 12:26 PM
 
Location: Southern New Hampshire
4,636 posts, read 13,101,932 times
Reputation: 4518
Where is your Buyer's Agent? Contact them IMMEDIATELY to let them know this turn of events. Hopefully you didn't jump into a high-dollar transaction with the Seller's Agent looking out for your best interest...
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Old 10-29-2007, 09:01 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,510,876 times
Reputation: 1006
How did you get in to a contract without a mortgage contingency if you need to get a mortgage? You signed a contract that you are paying cash? I would suggest that you consult with a real estate attorney right away.
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Old 11-01-2007, 08:50 PM
 
Location: Las Vegas, NV
403 posts, read 1,124,478 times
Reputation: 215
You best, cleanest, cheapest and surest way out is to have the board deny you.

You and you wife should dress as slobs, drink heavily and get into an EXTREMELY LOUD argument in the lobby. She should hit you a few times. Make a scene.

Of course, if it's an $8M co-op and you and your wife sit on the board of various charities, your reputation may be worth more to you than any potential financial losses you'd be risking by completing the purchase.
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