If the place is going to take up to 6 months to close be aware of what you are doing. When prices drop in 6 months will you be able to change your offer based on the then current lower values? If not you are risking equity with no reward.

I would try to ( if still interested) put in a re-evaluation contingency. And when the contract comes up in 6 months if the price has gone down that you automatically get the lower appraised price.

Cash is a horrible thing to waste.

I would also try to say that until they (and you) close you have the ability to withdraw your offer with no damage to you. Then look at other places and buy something that is available at the time and price you want.

If you do not enter into formal contract either party has a right to back out without penalty.Is the apartment you are buying a co-op? If so they usually have a board which has to approve you. This can take a few months depending on how often they meet. Keep looking but push for a contract with a time limitation.

The seller and the buyer become locked into each other when they both fully execute a contract of sale. Up to a fully executed contract, either side can change their mind. I would suggest that your attorney write a letter to the seller's attorney giving the seller a specific time period to fully execute the contract. If that time period expires, more on to the next property. Once a contract is fully executed on both sides, there is a specific time period stated leading up to a closing date. If either side tries to get out of the deal, they face being sued and a good chance of losing substantial money.

In New York State, an oral agreement to buy or sell real estate is not worth the paper it is not written on!

As a buyer-investor I once received a contract from a seller, already signed by the seller, but by then I had changed my mind and found something better so I didn't sign and that was that. (That seller still made me a contact on LinkedIn, though! Nice guy.)

Your best bet is to keep looking while you wait. I personally believe prices are heading downward anyway, so I am not worried about you.

As far as the benefits of offering all cash--I have not found, personally, as an investor, that it makes much difference to sellers. They get cash at closing regardless. Where it helps is when it's a co-op, which have standards for financial solvency that all-cash buyers tend to meet or exceed easily.

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
kharby@rutenbergrealtyny.com
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888

Dear Byer in The City,

You have no deal if you do not have a contract.

Contact your broker and he/she can speak to the seller's broker to find out what's delaying them in having their attorney get a contract to your attorney. If you do not have a broker, speak with your attorney. In NYC, it is critical to have an experienced real estate attorney in the city.

I am not an attorney but I do know that without a signed contract you really cannot protect yourselves.

Feel free to contact me if you have any questions.

Ross Ellis
Licensed Real Estate Agent
Halstead Property, LLC
O: 212-317-7828
rellis@halstead.com

This is a legal issue that must be spoken with your attorney. Speak to him/her about this matter and they will tell you the neccessary steps to take to solve this issue. If you have any questions at all, feel free to call me and we'll speak.

Anthony Marra- E-Pro, SFR
Lisenced Realtor/Notary
Blue Key Real Estate Brokerage, Inc.
546 Third Avenue, Second Floor
Brooklyn, NY 11215
mobile: 917-478-2368
office: 718-788-2954
fax: 718-788-2564
anthonymarra718@gmail.com
anthonymarra.listingbook.com
anthonymarra1.point2agent.com http://www.BlueKeyRealEstate.com

Hi again,

Lynn is right BUT not in NEW YORK CITY. It's so different how real estate works here. No contract is signed at the initial offer. It's all verbal and attorney names are exchanged to get the contract out. It can take one and a half weeks to get a contact signed by both parties. In New York City a property can be shown again and again and except as many offers as possible until that contact is signed by the seller. This is why when a buyer works with an agent that buyer is for sure to know that his/her agent will push hard to get that contact sent and signed.

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

First, you did not mention any type of written contract to purchase the home, just that wanted something more official. I hope you have a Realtor that can assist you in getting a proper contract signed if you do not already have one. A proper contract will specify the terms of the purchase and spell out any grounds to void a contract. Once you have in place a bonafide contract, the seller is bound to sell you the home under the terms of the agreement and cannot accept another offer, other than a back-up offer, at any price from someone else. Protect yourself and hire a Realtor that uses standardized contracts with all the terms of a purchase-you will be glad you did

Lynne White
Exit Realty Partners
Manchester, TN

If you or the seller has not signed a contract then the deal is not solid at all. In NYC, Brooklyn, ,Queens, a property can be shown up until the apartment is fully executed by BOTH parties. Cash or not, the seller is getting cash at the end of the day. It is VERY possible the seller is looking for someone to come in higher. To secure the deal, get the contract signed NOW. If you are buying a coop, it will take some time to fill out the coop board application and get it through the coop board. Expect it to take roughly 60 days. If you have not signed anything, you can definately walk away from the deal. Howevver, always talk to your real estate attorney about your rights as a buyer. Be sure to always speak to your real estate attorney about all matters. Never leave them out of any situation. That goes for your real estate agent as well.

Do you have a fully Executed Signed Contract, if you do, the Seller can not just get out of it without a good reason that would pass NYS Laws regarding such matters.