Esquire Realty Ciaramella & Co.

🔹𝗧𝗵𝗲 𝗣𝗮𝗿𝘁 𝗠𝗼𝘀𝘁 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝗗𝗼𝗻’𝘁 𝗥𝗲𝗮𝗹𝗶𝘇𝗲:

One of the hardest real estate moves to pull off, logistically, financially, and emotionally, is selling a home in order to fund the purchase of the next one.It can absolutely be done, but it needs proper timing, real education, and honest guidance, not pressure.

In New York State, the most commonly used Contract of Sale gives a buyer 45 days to obtain a mortgage commitment. If the buyer receives a good faith loan declination within that window, the contract is cancelled and the deposit is returned. Even after a commitment letter is issued, there is still a (small but real) risk of something called post-commitment failure to fund, where a loan falls apart late due to final conditions, employment changes, documentation issues, or underwriting concerns.

In other words:

👉 An accepted offer is not the same as a guaranteed sale.

👉 A contract is not the same as money in the bank.

🔹𝗪𝗵𝘆 𝗜 𝗕𝗲𝗴 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝘁𝗼 𝗪𝗮𝗶𝘁 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴:

If a seller needs the proceeds from their sale to fund their purchase, the best advice is this:𝗗𝗼 𝗻𝗼𝘁 𝗺𝗮𝗸𝗲 𝗮 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗰𝗼𝗺𝗺𝗶𝘁𝗺𝗲𝗻𝘁 𝘂𝗻𝘁𝗶𝗹 𝘆𝗼𝘂𝗿 𝗼𝘄𝗻 𝗯𝘂𝘆𝗲𝗿 𝗵𝗮𝘀 𝗮 “𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗰𝗼𝗺𝗺𝗶𝘁𝗺𝗲𝗻𝘁”, and even then you must be very careful!!

🔹𝗡𝗼𝘁 𝗔𝗹𝗹 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗖𝗼𝗺𝗺𝗶𝘁𝗺𝗲𝗻𝘁𝘀 𝗔𝗿𝗲 𝗘𝗾𝘂𝗮𝗹:This is where experience matters.There is a big difference between: a clean commitment, and a dirty commitment loaded with unresolved conditions! The conditions list tells the real story. Some conditions are routine. Others are red flags. An extremely knowledgeable agent knows how to read the commitment and spot unresolved underwriting risks. Many agents never even look at this document!!!

🔹𝗧𝗵𝗲 𝗗𝗮𝗻𝗴𝗲𝗿𝗼𝘂𝘀 𝗔𝗱𝘃𝗶𝗰𝗲 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝗚𝗲𝘁 𝗔𝗹𝗹 𝘁𝗵𝗲 𝗧𝗶𝗺𝗲:“Go out shopping now!”, “You’ll be fine.”“We’ll figure it out.” Why? Because that creates another deal 😉

But here’s the nightmare scenario no one wants to talk about- your seller client goes under contract on a purchase, puts down a large deposit, relies on their sale proceeds- and then finds out late that their own buyer’s deal is shaky or falling apart. Now they are contractually bound to buy… with no way to fund it!!! That is not aggressive representation. That is just reckless advice.

👂🏼𝗔 𝗴𝗼𝗼𝗱 𝗮𝗴𝗲𝗻𝘁 𝗶𝘀 𝘄𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗼 𝘀𝗮𝘆 “𝗻𝗼𝘁 𝘆𝗲𝘁” 𝘄𝗵𝗲𝗻 𝗻𝗲𝗲𝗱𝗲𝗱. 𝗧𝗵𝗮𝘁 𝗶𝘀 𝗻𝗼𝘁 𝘀𝗹𝗼𝘄𝗶𝗻𝗴 𝘆𝗼𝘂 𝗱𝗼𝘄𝗻.𝗧𝗵𝗮𝘁 𝗶𝘀 𝗽𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗻𝗴 𝘆𝗼𝘂.