If a buyer wants to buy all cash, non contingent, what does this mean? Thanks.

Asked by Woohootwo, New York, NY Mon Jun 11, 2012

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12
Barbara Gran…, Agent, Anaheim, CA
Mon Jun 11, 2012
Also, non contingent means he does not have to sell another property to buy the house in question. He or she has the cash in the bank.
2 votes
Marco Gomez &…, Agent, Jackson Heights, NY
Tue Jun 12, 2012
If you're the seller it means you should jump all over it, as there is no mortgage contingency, reducing the likelihood of the transaction not going through, as there will not be a mortgage or appraisal. The only hurdle will be the home inspection which is why we always recommend sellers have one done to avoid any potential problems.

Regards,
Marco Gomez
NY State Licensed Associate Broker
Keller Williams Landmark II
Mobile: (917) 734-2012
marco.gomez@gmail.com
1 vote
Jenet Levy, Agent, New York, NY
Tue Jun 12, 2012
Woohootwo,
In NYC if you are getting a mortgage, the contract may be contingent or non-contingent. Essentially, it means you are putting yourself at risk of losing your deposit if your mortgage does not come through and you were non-contingent. In the case of cash, this does not apply, so a cash deal, by it's nature (no expectation of a mortgage commitment) is non-contingent.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Jun 12, 2012
It simply means no mortgage involved; for any necessary legal advice do consult with an attorney who specializes in real estate.
1 vote
BOB Brooks, Agent, new york, NY
Mon Jun 11, 2012
That the deal doesn't need bank approval its all cash no mortgage
Non contingent to bank approval becouse its all cash!
1 vote
Antolin Du B…, Other Pro, New York, NY
Wed Jun 20, 2012
Means also buyer wants a substantial discount, if I was that buyer.
0 votes
Woohootwo, Home Buyer, New York, NY
Tue Jun 12, 2012
Thank you all for the replies!
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Jun 12, 2012
Just be sure that the contract states all contingencies are waived. At times buyers make all cash offers and decide to get a mortgage halfway through. If they make a cash offer and waive all contingencies then even if they go for a mortgage and possibly don't get it, they have to buy the home. Make sure the language is clear and covers all contingencies, if of course agreed upon by the other party.

Chris
0 votes
Veronika Baba, Agent, NY,
Tue Jun 12, 2012
All cash, non contingent buyer means that the buyer has the money in the bank and hi doesn't need to sale an other home to buy, also means that hi wont bucking out on an appraisal or inspection.
0 votes
Ann Deane, Agent, NY,
Mon Jun 11, 2012
It means that the buyer has certain loop holes to get out of the contract if he can't get a mortgae from any bank. A mortgage contingent means that the contract is contingent upon him getting a mortgage. In an all cash deal it shouldn't be in the contract. Ann Deane, Bond New York adeane@bondnewyork.com
0 votes
Arthur Golden, Agent, New York, NY
Mon Jun 11, 2012
Additional to what is mentioned below, there should be no backing out (contingency) on an appraisal or inspection.


Thanks,

Arthur "Ungie" Golden
Prudential Douglas Elliman | 1995 Broadway, 4th Fl | New York, NY 10023
C: 212.866.8717 | P: 212.712.6078 | F: 646.497.5476 | E: agolden@elliman.com
Commercial/Residential Sales and Leasing Services
0 votes
Gail Gladsto…, Agent, 11743, NY
Mon Jun 11, 2012
It means the buyer will not be looking for a mortgage. If there is a mortgage involved, the non
-contingency means they cannot be let out of the contract if denied a mortgage.
0 votes
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