Are contingent offers accepted in a westchester? (sales, real estate market)
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Does anyone know if sellers usually accept contingent offers In Westchester? Contingent on financing. Issue is that I need to sell my current home in order to make a purchase. I need that money for the down payment. Plus I won’t get a mortgage without selling. So any offer I make is contingent on financing. Someone told me that such an offer would never be accepted. Is that true? Then how do I sell my current home and buy at the same time?? Any help or insight is appreciated.
Cash rules baby. Gotta have do rei me to live in the 914. My neighbors sold their house and the buyer just had daddy write a check. No mortgage. Gangam style.
Seriously, there will be 3 other offers with benjamins on hand at desireable houses Maybe on something that's been sitting a while, there's more of a willingness to deal.
While not everyone pays cash, it really is unlikely that sellers will jump on a contingent offer. The biggest problem with contingent offers for sellers is that - unless you're willing to let them continue to market the house - your offer makes them wait as long as it takes for you to sell yours. If you are willing to let them continue, then the house can be sold out from under you before you sell yours. It is not a particularly great for either party.
Contingency on financing (with pre-approval) is pretty common, a majority of westchester properties are self-owned and financed across the places we looked and recent transactions we've watched (and I would be very surprised if not the majority of single family purchases county-wide). Among other issues financing contingency protects against assessment disputes and putting $50-200K on the line in escrow that's a very reasonable protection.
However, continency on sale of your own property post-offer is quite a bigger ask, doubly so if you don't have cash for the escrow accessible to you. Our experience was good properties well priced in lower westchester required a strong, competitive bid with minimal road blocks (not cash, but reputable bank ready to go), but a realtor or buyer's agent can probably give you a better sense for the particular market and type of bid you'd like to make. I know for many of the serious contenders we had that would be a non-starter, but I'd bet some others would have considered/accepted at the right price.
Does anyone know if sellers usually accept contingent offers In Westchester? Contingent on financing. Issue is that I need to sell my current home in order to make a purchase. I need that money for the down payment. Plus I won’t get a mortgage without selling. So any offer I make is contingent on financing. Someone told me that such an offer would never be accepted. Is that true? Then how do I sell my current home and buy at the same time?? Any help or insight is appreciated.
Sellers usually only take a contingent offer if you give them a significant non-refundable deposit to give them some value for their time of holding a house off the market for you to sell your. Usually, its sell yours, rent an apartment and buy your new home. No tax issue unless you sit on the money. Good luck.
You will be hiring a lawyer to handle the contract/closing, so identify who this is (must be experienced in Westchester residential transactions) and pose your question to him or her. The lawyer will give you a good idea of what can and can not be done. As already indicated on this thread, a mortgage contingency clause is much more doable than a I-need-to-close-on-my-current-house clause. What some people may do in this scenario is make sure they are protected on their sale, such that if that goes belly up, than they have a healthy down payment to pocket, which can be used to even out the down payment they will lose when their purchase goes belly up. The seller last in line may feel more conformable knowing that the buyer on the other side of the linked sales will lose a lot if they don't close.
Also keep in mind that its rare for a sale to just go belly up. More likely, closings just get delayed for one reason or another. Again, no one wants to lose a down payment. So the type of arrangement you are looking for works best if your seller is flexible as to when they can close. But if your seller needs to have a strict closing date because of something they are buying, than they will have much less interest in the potential for delays coming from someone else's closing.
Another option that helps with these types of situations are post-possession agreements. But these come with their own problems. These agreements allow you to sell your house on a slightly earlier time table, and then have a quick closing on the one you are buying, with your seller agreeing to physically get out on a date that makes sense for where they are going. Your seller may like this because if your sale blows up they still have time to pivot to another buyer and/or they can whether some delays in your closing because they have time before they have to get out themselves. But some people just don't like post-possession agreements, so they many not be viable in some situations.
had a mortgage contingency on a house in prime part of scarsdale and it was accepted. in early 2018.
Totally agree that pure mortgage contingencies are quite common all throughout WC. Many realtors don't really even consider an offer with a mortgage contingency a "contingent offer." However, what the OP called a "financing contingency" is not really that at all. A contingency that requires the sale of the buyers' house is a "home sale contingency." It is how I interpreted the question, since the OP specifically indicates that the home sale is critical to both the financing and the ultimate purchase.
"Financing contingency" as far as I know means the purchase is contingent upon the buyer getting mortgage. With a pre-approval letter, this is not a big deal and very common. OP is talking about something entirely different, and most sellers would not want to wait for the buyer to sell his own house. Only God knows how long this would take.
On the other hand, WC real estate market is really, really slow now. The days of hordes of buyers showing up with cahs to buy WC homes are long gone, and probably won't return for a while. Maybe the OP can find a seller desperate enough to jump on such a contingency.
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