{ "media_type": "text", "post_content": "No contingencies offer- The property we are looking at is expecting a lot of offers, my broker suggested me to place a offer asking no contingencies, what’s the risk we are looking at? Anyone had trouble/ success with it before?", "post_id": "607717655a0e6a0020163f46", "reply_count": 16, "vote_count": 1, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }

No contingencies offer- The property we are looking at is expecting a lot of offers, my broker suggested me to place a offer asking no contingencies, what’s the risk we are looking at? Anyone had trouble/ success with it before?

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Main risk is inspection. If there is a lot of work needed on the house (that may not be obvious without inspection) you can’t back out and are looking at a major expense on top of down out and closing. Financing is also a risk (you’re still on the hook to buy even if you’re loan falls through), but this one you should be able to gauge pretty accurately.

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Agree with the above, waiving a financing contingency would be a big risk IMO!

Where?

I see. Another thing is your financing is dependent upon not only your finances but also the condo building’s finances/conditions... I personally wouldnt feel comfirtable with non contingent but brooklyn market is indeed hot..

Removing the appraisal and loan contingency is becoming very normal unfortunately. By removing the appraisal contingency, there is the potential that is under appraises and you have to make up the difference in cash. For the loan contingency, you’ll end up losing the deposit which is usually 3.5%. By doing away with the inspection contingency you can’t get any reductions from what is found during the inspection. Did the apartment offer disclosures? If they are already disclosing a lot then maybe it does make sense to do away with the inspection contingency to make a more competitive offer.

Thanks, that’s so good to know, I am a first time buyer. I will ask my broker to get the offer disclosures now. 💜

Bay Area is similar. Here the sellers do appraisal and inspection and share as part of the doc packet. They expect buyers to come in with zero contingencies (agent said contingency offers just get thrown away by buyers) and offers well over asking ($200-500k currently June 2020 - March 2021 for single family homes).

Fishes, thanks to all these information you shared with me, talked to my mortgage broker, realtor, and architect, kept the financing contingency and waived others. Now 🤞

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