In today’s fast-paced market, an all-cash buyer is very attractive to sellers of cooperative units. As banks are increasingly sluggish in giving out mortgages, they are creating undesirable delays in the process of buying and selling property. To avoid the inevitable setbacks associated with obtaining a mortgage to purchase a cooperative unit, if feasible, it may be advisable to purchase the unit with cash and obtain a mortgage after the closing. Continue reading »
Category: Funding Contingency
Funding Contingency: If you need a mortgage contingency chances are these days you will try and get a funding contingency. This will allow you to get out of the deal and get your downpayment back if the lender pulls out at the last minute, unless you did something wrong. For obvious reasons, this is not favored by Sellers but sometimes necessary.