QUESTION
Mortgage contingency clause in Westchester Couny. NY
Asked on Sep 14th, 2016 on Real Estate - New York
More details to this question:
I am planning on buying a house in Westchester County in New York. The contract has a clause if for any reason the bank does not give us a loan we still have to purchase the house or loose our down payment. The owner is refuses to remove the clause. According to our lawyer the clause is usually removed however our real estate agent says its standard practice for Westchester County. Is that correct please advice?
1 ANSWER
1 Award
There is no rule. Sometimes people like an "all cash" deal where there is no contingency, and sometimes they will let you have one. The form for residential sales provides for both, and you strike the one you do not use. Thus, your real estate agent is wrong, but you cannot force a seller to take a contingency. Thus, move on. As a compromise, if you have a pre-approval now, you could show that and see if they will give the contingency.
Answered on Sep 14th, 2016 at 5:56 PM