We love 125 Sutton Manor Rd and called to make an offer, but were told it has gone to contract. How often do contracts fall thru? Thanks!

Asked by Suzy Allman, Rye, NY Sun Mar 3, 2013

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8
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Sun Mar 3, 2013
Contracts typically only falls through if the buyer fails to obtain financing, in which you would have the opportunity to place an offer and get into contract if it is accepted. I would contact the listing agent and make them aware that you would like to be considered if the current buyer falls through.
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0 votes
Frank Capasso, Agent, New Rochelle, NY
Sun Mar 3, 2013
Not very often. We, as realtors, have to make sure that the purchaser is qualified to carry the cost of the home. I only had one case of a contract falling, and that was when the buyer lost his job.
You should put in your offer, if possible. If the selling's agent hss the bid, they will most likely call you if the current deal falls apart.
0 votes
Melanie Will…, Agent, New Rochelle, NY
Sun Mar 3, 2013
Very seldom do contracts fall thru. However, if a buyer goes out and purchases new furniture and puts it on a credit card, the bank will probably deny the mortgage. There are also other reasons a bank will deny a mortgage. The house you inquired on was on the market for over a year. If you have just started looking for a property, I will advise you to get buyers' representation through your own real estate agent. He or she will make sure you see properties that meet your criteria quickly so you won't miss out on the house you really "love". The Spring market in New Rochelle is really heating up and properties are receiving several offers the first week they go on the market. Be ready to make an offer on that house you love by having your mortgage pre-approval in hand. Please contact me at 914-772-7034 for additional information or help in getting a mortgage pre-approval. Good luck with your home search and I hope I hear from you.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Mar 3, 2013
Most contracts don't fall through, however each situation is unique. You can speak to your agent about a back up offer; such offers can only be considered if, and when, the current deal should fall apart...
0 votes
Denise Capua…, Agent, New Rochelle, NY
Sun Mar 3, 2013
Hi Suzy -

I emailed you privately so look in your emails.

See you later!

Denise
0 votes
Susan Cleven…, Agent, Tarrytown, NY
Sun Mar 3, 2013
Dear Suzy,

I haven't had any fall through, but I've had several sellers who have been in a position where the buyer's lender's appraiser value came in below the agreed upon purchase price. In this case, the seller has (unfortunately for them) negotiated down to the appraised value of the home.

Another reason for the increase in sometimes the buyer's have changes to their financial situation, and [their] lender denies the loan.

Please also know that while a property is in contract, a prospective buyer can still submit an offer. While it may only be considered "for back up", it might not hurt to have it "on the table" should something go aray with the current deal. Sellers have the right to show the property, should they choose, until closing day. And the sellers agent (should there be one) is required to present all offers.

Please feel free to contact me if I can assist you further.

Best, Susan

ROYAL GRAND REALTY, LLC
Suzanne T "Susan" Clevenberg
Licensed Real Estate Broker/Owner
520 White Plains Road - Suite 500
Tarrytown, NY 10591
Office Phone/Fax: (914) 467-7833 / 7801
Home Office Phn/Fax : (914) 432-5030 / 8525
Cell for Txt'ing or Calls: (914) 714-0680
Susan@RoyalGrandRealty.com
http://www.RoyalGrandRealty.com

Royal Grand Realty - Because ... Your Home is Your Castle!
Testimonials: http://www.realestateratingz.com/ratings/160059/Real+Estate+…



ROYAL GRAND REALTY, LLC
Suzanne T "Susan" Clevenberg
Licensed Real Estate Broker/Owner
520 White Plains Road - Suite 500
Tarrytown, NY 10591
Office Phone/Fax: (914) 467-7833 / 7801
Home Office Phn/Fax : (914) 432-5030 / 8525
Cell for Txt'ing or Calls: (914) 714-0680
Susan@RoyalGrandRealty.com
http://www.RoyalGrandRealty.com

Royal Grand Realty - Because ... Your Home is Your Castle!
Testimonials: http://www.realestateratingz.com/ratings/160059/Real+Estate+…
0 votes
Lewis Fechter, Agent, Scarsdale, NY
Sun Mar 3, 2013
Although it does happen it is not a common experience, particularly if the Listing Agent has properly vetted the buyer. At this point, the house has passed inspection and the Buyers no doubt investigated their mortgage capacity.
At this point, the deal could collapse if the property does not appraise or if the Buyers cannot get a mortgage. You are probably well advised to move on.
0 votes
Christopher…, Agent, Tarrytown, NY
Sun Mar 3, 2013
Hi, It really depends on the terms and if there is anything is found during the home inepsection that may be a deal killer. Buyers also change their minds, so anything is possible. You should have a buyers agent representing you so they can track the progress lack of on an existing deal.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
0 votes
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