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re: Waiver of mortage contingency

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93960ny

Junior Member
re: Waiver of mortage contingency

What is the name of your state?What is the name of your state? NY
I am purchasing a home for the first time - a co-op in Westchester, NY. I am being told that it is standard to make a down payment at contract signing as well as to WAIVE the mortgage contingency. In other words, if for some reason I fail to obtain the mortage, I lose my down payment unless I come up with the cash for the entire agreed-upon purchase price.
Is this considered standard? Do I have any recourse if I fail to qualify for a mortgage as a result of the financial condition of the coop, and not as a result of my own credit status? Would I be able to add such a clause in the contract? If the mortgage lender does not provide me with a loan, are they required to specify the reasons for their denial? (lots of questions)

Thank you.
 


HomeGuru

Senior Member
93960ny said:
What is the name of your state?What is the name of your state? NY
I am purchasing a home for the first time - a co-op in Westchester, NY.

**A: so where is your Realtor or RE attorney?
******
I am being told that it is standard to make a down payment at contract signing as well as to WAIVE the mortgage contingency. In other words, if for some reason I fail to obtain the mortage, I lose my down payment unless I come up with the cash for the entire agreed-upon purchase price.

**A: who is telling you that? Do they have idiot stamped on their forehead?
***********
Is this considered standard? Do I have any recourse if I fail to qualify for a mortgage as a result of the financial condition of the coop, and not as a result of my own credit status? Would I be able to add such a clause in the contract? If the mortgage lender does not provide me with a loan, are they required to specify the reasons for their denial? (lots of questions)

Thank you.

**A: see above.
 

HomeGuru

Senior Member
You Are Guilty said:
LOL. That's a new one. I would consider finding a non-retarded relator. And check your wallet after each meeting with him/her.
**A: what's a relator? And any relation to a predator?
 

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