How to buy a condomimium in New York City without mortgage contingency?

Hello everyone,

When purchasing a property in New York City, if we are taking out a loan, we generally try to include a clause called mortgage contingency in the contract. However, sometimes, because the property is highly sought after, as buyers relying on loans, we may need to compete with all-cash buyers. In this situation, we might say, although we are taking out a loan, we will enter the contract without mortgage contingency to better compete with all-cash buyers and secure the property.

If you have a loan but choose not to include a mortgage contingency clause in the contract, what should you pay attention to? First, you need to understand what it means to waive mortgage contingency. It means that if your loan does not go through, you either find a way to pay all cash to close the deal or default and do not proceed with the transaction because of funding issues. In that case, the 10% down payment is forfeited to the seller. This is the significance of this clause.

How can we minimize the risk? First, your attorney can communicate with the management company to investigate, for instance, if the specific unit has any lawsuits or if the building has any lawsuits. This helps assess whether lawsuits could prevent the loan from being approved.

Second, you can reach out to your loan officer and inquire. For example, has the bank previously approved loans for this building? Is this building problem-free? If my income meets the requirements, is it highly likely that the loan will be approved?

By taking these steps, we can minimize the risks associated with waiving mortgage contingency. We can ensure a successful closing without forfeiting our deposit.

That’s it for today. If you are interested in buying a property in New York, feel free to talk to us. Follow Attorney Zeng in New York to ensure you are never left without an option.

Bye-bye!

大家好

在纽约市买房的话，如果我们有贷款，一般我们都会争取一个条款叫贷款保护，放到合同里面。但是有些时候，因为房子比较抢手，我们作为贷款的买家，可能要跟全现金的买家竞争。那么这个时候，有可能我们会说，虽然我要贷款，但是我不要贷款保护，从而竞争过全现金的买家，拿到这个房产。

那如果是你有贷款，但是你不要贷款保护放到合同里面，你要注意什么问题？首先要明白，没有贷款保护的意思。就是说，如果你的贷款没有下来，你要么自己去筹钱全现金过户，要么你就违约，不要过户，因为你没有钱。那么你的定金10%就给到卖家了。这个就是条款的意义。

我们怎么减少风险？第一个，律师可以通过跟管理公司沟通，了解一下，比如说这个房子有没有诉讼？这个大楼有没有诉讼？进而判断一下会不会因为诉讼导致贷款下不来。

第二个事情，你可以跟你的贷款专员联系问一下。就是说，虽然我没有被贷款保护，但是咱们这个银行有没有批准过这个楼？这个楼是不是没有问题的？是不是只要我的收入满足条件，贷款大概率能申请下来？

那么通过这个方式，我们来尽量减少没有贷款保护带给我们的风险。我们成功过户，不要把定金给到对方。

今天就跟大家分享到这里了。如果你想在纽约买房，可以找我们聊聊。关注纽约曾晖律师，不再无计可施！

拜拜！

Email: info@zenglawgroup.com

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