Asked and AnsweredI have to sell my apartment in order to afford the new one I’d like to buy. Can the contract be contingent on the sale of my existing apartment?
No. In almost all cases, a seller will not want to sign a contract that is contingent on the sale of another property. A seller might be aware that you have to sell another property, but will be loath to actually put that in the contract. Since the sale of your existing apartment might be subject to your buyer’s approval by your co-op board, there are too many “ifs” in the equation for your seller to live with. As too many people have learned in the last 24 months, it is not a good idea to buy a new place, before you have sold the old place. Leveraging transactions works for the hedge fund guys and other operators, but it is a recipe for disaster when it comes to residential real estate.