Contracts
In New York, when a buyer makes an all-cash offer (no mortgage), the purchase contract typically:
AMust still include a financing contingency
BDoes not include a mortgage contingency, which may make the offer more attractive to sellers✓ Correct
CRequires a larger earnest money deposit by law
DMust close within 14 days
Explanation
All-cash offers do not include mortgage contingencies, making them less risky for sellers (no risk of the deal falling through due to financing). This often makes all-cash offers more competitive even if the price is slightly lower than financed offers.
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