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Bob Borger
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My specialty is relatively unique here in New York City – I represent the buyer rather than the seller. Oddly, it’s the one big hole in NYC real estate
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Bob Borger answered:
Hi, Byer in The City. If what you mean by "we now want to enter into a more official agreement" is that you do not have a signed contract. Then you may be out of luck.
If on the other hand you do have a signed contract (not just an accepted offer), I've heard of buyers in similar circumstances suing for "specific performance" -- to force the sale. Check this link (you may have to scroll down a couple of posts)
http://www.nyrealestatelawblog.com/specific_performance/index.html
The fact that you are paying cash and are this flexible is certainly a plus that the seller should appreciate. I just wrote a blog post ( "It’s a Buyer’s Market – Manhattan Prices are Down and Cash Is King"). By adding flexibility to a cash offer (I call it FLASH), which you seem to have already done, you may be able to negotiate a lower contract price!
http://realestategeezer.com/2009/11/06/it%E2%80%99s-a-buyer%…
I hasten to add that I am not attorney and would advise you to consult with her/him. I'm confident that between your attorney and the seller's attorney (and you and the sellers or your agents too!) that there can be a way to work this out so that you can feel comfortable moving forward.
Good luck!
Bob
If on the other hand you do have a signed contract (not just an accepted offer), I've heard of buyers in similar circumstances suing for "specific performance" -- to force the sale. Check this link (you may have to scroll down a couple of posts)
http://www.nyrealestatelawblog.com/specific_performance/index.html
The fact that you are paying cash and are this flexible is certainly a plus that the seller should appreciate. I just wrote a blog post ( "It’s a Buyer’s Market – Manhattan Prices are Down and Cash Is King"). By adding flexibility to a cash offer (I call it FLASH), which you seem to have already done, you may be able to negotiate a lower contract price!
http://realestategeezer.com/2009/11/06/it%E2%80%99s-a-buyer%…
I hasten to add that I am not attorney and would advise you to consult with her/him. I'm confident that between your attorney and the seller's attorney (and you and the sellers or your agents too!) that there can be a way to work this out so that you can feel comfortable moving forward.
Good luck!
Bob
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