Opinions or Mortgage contingencies needed

what does your lawyer say???!!!

lawyer has not heard of this before...he thinks if the overall goal is to sell the place, then this does not solve the problem of defaulting...also 1% is not enough in case I need to do a fire sale. My point is I won't need to sell if I don't get my price and at least I have some insurance...

I have done deals like that, but your attorney is right in that it doesnt change the real risk for you. Has your broker spoken to the buyer's mortgage broker or bank? Also why not make the mortgage contingency a shorter period like 21/2 weeks or something during which the buyer could--at the very least--attain a larger degree of comfort at getting the mortgage. Unless this buyer is paying a price unlikely to be easily matched I would either not do it at all or minimize the time period.

the thing is the offer is above asking $ I always belive your first 10 days are the best time to sell...but the shorter time period also makes sense...just dont want to get to mem day weekend and not have the place sold...

any other thoughts?

Does your broker feel it is a great offer?

yeah

Keep the financing contingency as part of the contract, but only make it valid for something like 10 business days. This may be a good middle ground for both the buyer and seller, at least as far as initial financing is concerned. Doesn't really do anything for unforeseeable events. The buyer can get the appraisal done within 10 days as well as a committment letter and if they can't then the seller can move on quickly to another buyer.

I posted on another thread about non-US buyers and financing problems. They must go through more hoops to get a loan from a US bank due to Homeland security regulations. It's not as straightforward as you would think. Government regulation = delay. In theory, your buyers could get a UK-based loan in US dollars, but it's harder for a UK bank to secure US property and the UK mortgage market isn't as developed as the US.

I agree with previous posts, keep a shorter contingency and keep the home on the market!

I posted on another thread about non-US buyers and financing problems. They must go through more hoops to get a loan from a US bank due to Homeland security regulations. It's not as straightforward as you would think. Government regulation = delay. In theory, your buyers could get a UK-based loan in US dollars, but it's harder for a UK bank to secure US property and the UK mortgage market isn't as developed as the US.

I agree with previous posts, keep a shorter contingency and keep the home on the market!

I did a mortgage contigency and the seller only gave me two days to get my mortgage application in and was on my mortgage broker like white on rice to make sure there were no issues.

2 days doesn't seem'fair'. 5-10 business days seems right forboth parties. Also, this is why you want a really good mortgage broker. You'll need to stay on them, but if they're good, it's worth it.