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Hamptons.com
July 1, 2013

Mortgage Contingencies: Do They Help Or Hinder A Hamptons Sale?

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

Mortgage contingencies, intended to protect the buyer in the event that they do not get the loan necessary to purchase the property, were of less importance in the days of easy credit, rising home prices, and permissive qualifying standards. Today, they play a significant role in the Hamptons when buying and selling a home.

In order for a real estate agent to be entitled to a commission, the agent must produce a ready, willing and able buyer prepared to meet all of the terms of the seller. An issue that can be problematic is when the obligation to purchase is contingent upon the ability to get a mortgage subject to an appraisal.
While today’s interest rates are relatively low, lenders are looking for borrowers with larger down payments and are more conservative in their appraisals than before the real estate market crash.

To get a fix on how mortgage contingencies are affecting the market, I spoke with several Hamptons real estate agents to get their thoughts on the topic.

Sandy Morell, Associate Broker at The Corcoran Group in Sag Harbor explained that, “Most of my deals are cash. It’s always sad when a mortgage contingent customer loses out to a cash buyer, even though the mortgage offer is higher. I had a case where was no mortgage contingency but was subject to an appraisal at the sale price. Luckily it appraised.”

“Banks say they will lend 90% LTV, (loan to value ratio), but in reality, they want higher down-payments,” says Htun Han, Owner/ Broker at Hamptons Realty Group in Amagansett. “They still do second appraisals, but less frequently than in the past few months, before they will give a final commitment. Applicants have to be squeaky clean – credit, employment, income, source of down payment. I just lost a deal a week ahead of the closing because the borrower got laid off, found a higher-paying job, but couldn’t show many months of pay stubs. The commitment was yanked. Banks have put up so many hurdles, the impetus for our market rebounding is not there.”

Finally, Elliott Epstein, Associate Broker at Brown Harris Stevens Southampton, weighted in, “I think mortgage contingency offers are not 100% credible unless accompanied by a pre-approval letter. With that being said, if the property doesn’t appraise, then the letter doesn’t mean anything. It will be increasingly burdensome in an upward market as we are in now rather than the reverse. Appraisers do not want to be called out for over appraising as was the practice early last decade.”

Buying and selling a home, in the Hamptons especially, is about more than the price a seller wants and the buyer is willing to pay. All the stars must be aligned in order to make it happen. Often times, the real estate agent is called upon to be the arranger of the stars.

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Toy Hospital

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Eight Products To Show Off Your Patriotism This Fourth Of July

Eight Products To Show Off Your Patriotism This Fourth Of July

  • The reopening of the Sunset Theater marks a new chapter for a historically cherished cultural venue in Westhampton Beach, originally built in 1927. After what Founder and Managing Director Inge Debyser described as an extensive three-year renovation, the beloved movie theater officially reopened its doors at 2 Brook Road on Friday, April 25.⁠
@sunset.theater.whb⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#sunsettheater #hamptons #westhamptonbeach #movies #film
  • Kicking off Memorial Day weekend, The HUB—short for Health, Unity, and Beauty—launched its summer season with an impressive soirée on Friday. ⁠
⁠
Founders Michael Catalano and Toni DeMauro, along with creative and event leads Alex Vinash and Billy Folchetti, welcomed 300 Hamptonites into the magic of their bold new project.⁠
@hub_hamptons⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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📸: Rob Rich/SocietyAllure.com⁠
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#hamptons #thehub #fashion #recreation #bridgehampton
  • Check out the Top Hamptons Events This Weekend!⁠
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🍻 Back to the Bays x Kidd Squid: Brew for the Bay Release Party!⁠
📅 Friday, May 30, 2025⁠
🕓 5pm
📍 Kidd Squid Brewery, 11 Spring St, Sag Harbor, NY⁠
⁠
Join us as we toast to conservation! 🌊🍺 Proceeds support marine restoration through @ccemarine Back to the Bays Initiative.⁠
⁠
🔗 [Click Link in Bio for Event Info]⁠
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🎶 Sunset Serenades: A Hamptons Summer Celebration⁠
📅 Fri, May 30th -31st
🕖 7pm⁠
📍 Various Hamptons Venues⁠
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An intimate concert featuring TH·FM’s Salon Orchestra, soprano Greer Lyle & more — conducted by Logan Souther. 🌅🎻⁠
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🔗 [Click Link in Bio for Event Info]⁠
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🏆 Celebrate Local Legends: Howard & Kenny Wood⁠
📅 Fri, May 30, 2025⁠
🕔 5pm⁠
📍 The Clubhouse, 174 Daniels Hole Rd, East Hampton, NY⁠
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Join the party honoring Suffolk County Hall of Fame icons! 🎉⁠
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🔗 [Click Link in Bio for Event Info]⁠
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🍍 Talkhouse Encore Launch Party⁠
📅 Sat, May 31, 2025⁠
🕒 3pm – 6pm⁠
📍 The Stephen Talkhouse, Amagansett, NY⁠
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FREE entry, tequila pineapple cocktails, music, bites & giveaways! 🍹🎶⁠
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🔗 [Click Link in Bio for Event Info]⁠
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🧱 CMEE’s 8th Annual Block Party⁠
📅 Sat, May 31, 2025⁠
🕙 10am – 12pm⁠
📍 CMEE, Bridgehampton, NY⁠
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A FREE morning of crafts, rockets, chalk art & summer camp samplings! 👧🧒🎨⁠
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🔗 [Click Link in Bio for Event Info]⁠
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😂 Saturday Night Comedy at Sticks X Stones⁠
📅 Sat, May 31, 2025⁠
🕗 8pm⁠
📍 Sticks and Stones Comedy Club, Southampton, NY⁠
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NYC’s top comedy club talent hits the Hamptons! 🎤🤣⁠
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🔗 [Click Link in Bio for Event Info]⁠
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🎬 Sunset Theater: Karate Kid: Legends⁠
📅 Opens Fri, May 30, 2025⁠
🕐 Various Times⁠
📍 Sunset Theater, Westhampton Beach, NY⁠
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Don’t miss the latest chapter in the Karate Kid saga! 🥋⁠
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🔗 [Click Link in Bio for Event Info]⁠
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🍰 Afternoon Tea at The Baker House 1650⁠
📅 Sun, June 1, 2025⁠
🕝 1:30pm – 4pm⁠
📍 181 Main St, East Hampton, NY⁠
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Enjoy champagne, sweets & elegant tea service in a historic setting. ☕🍾⁠
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🔗 [Click Link in Bio for Event Info]⁠
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Check out more events at Hamptons.com⁠
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#hamptons #weekend⁠
  • Nearly two years after its debut, El Verano offers a taste of upscale Mexican cuisine in a setting inspired by the charm of vacation summer homes in Mexico. Customers enter a vibrant space filled with beautiful greenery and colorful decor as they enjoy dishes rooted in the heritage of acclaimed chef Julian Medina.⁠
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Medina grew up in Mexico City, where his love for cooking first began. In pursuit of his career, he moved to New York City, where he graduated from the French Culinary Institute. Noticing a lack of refined Mexican dining in Southampton, Medina created El Verano to bring the bold flavors of his roots to the area. Blending Mexican coastal charm with rich culinary traditions, El Verano brings something new to the Southampton dining scene.⁠
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Medina shared some of his signature dishes, journey through the cooking field, and highlighted El Verano’s fresh and locally sourced ingredients that shape each creation.⁠
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Read the interview at Hamptons.com (Link in Bio)⁠
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#elverano #dining #southampton #mexicancuisine
  • NAMIRO made its Southampton debut in style on May 17 with a ribbon-cutting ceremony and VIP cocktail preview, joined by Mayor Manger. Guests enjoyed signature bites and high-energy vibes at this invite-only event.⁠
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Conceptualized by music and hospitality heavyweights, NAMIRO Sushi is more than a restaurant—it’s where sleek design, elevated Asian cuisine, and nightly celebration collide. Located at 76C Jobs Lane in Southampton, NAMIRO opened its doors to the public on May 21 and is open seven days a week, year-round.⁠
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📸: Rob Rich/SocietyAllure.com ©2025 ⁠
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Check out the gallery at Hamptons.com (Link in Bio)⁠
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#namirosushi #hamptons #southampton ⁠
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  • It’s Memorial Day Weekend in The Hamptons! 

So many pop-ups, collaborations, and more! 

🎶 Chloe Caillet & Kaytranada at The Surf Lodge
📍 183 Edgemere St, Montauk, NY
📅 Saturday, May 24 | 🕓 Doors at 4PM

🔥 SlowFires NYC x Ruschmeyers Pizza Pop-Up
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📅 Fri, May 23 – Sat, May 24 | 🕓 4–9PM

🎨 Dolce Vita Pop-Up in Southampton
📍 95 Main Street, Southampton, NY
📅 Fri, May 23 – Sun, May 25 | 🕚 11AM–3PM
Dolce Vita x Down the Street’s Summer Art Series: view new art drops, shop, and enjoy seasonal treats.

👜 Lands’ End x Round Swamp Farm
📍 Round Swamp MTK – 71 S Elmwood Ave, Montauk
📍 Round Swamp BH – 97 School Street, Bridgehampton, NY
📅 Fri, May 23 – Sat, May 24 | 🕣 8:30AM–6PM
Get a custom tote with any $200+ purchase—1 per customer.
📸 AD: Ryan Woehler | 📷: Chris Klinge | 👗: Jenny Huebner | 📸 Asst: Dan Kleinschmidt

🎤 Hello Brooklyn at The Stephen Talkhouse
📍 161 Main St, Amagansett, NY
📅 Saturday, May 24 | 🕥 10:30PM
It’s not a true Hamptons weekend without a night at Talkhouse! Dance the night away with Hello Brooklyn.

🍪 Levain Bakery X John’s Drive-In
📍 Levain Bakery, 354 Montauk Hwy, Wainscott, NY
📅 Starts May 23 | 🕗 8AM–5PM
Thick, gooey Levain cookies + classic scoops from John’s = summer magic.

🪩 Silent Disco Dance Party at Guild Hall
📍 158 Main St, East Hampton, NY
📅 Sunday, May 25 | 🕗 8–11PM
Dance in the garden!

🪁 Kites for Kids Benefit at Main Beach
📍 101 Ocean Ave, East Hampton, NY
📅 Saturday, May 24 | 🕑 2–5PM
Decorate & fly a kite—all proceeds benefit the Eleanor Whitmore Early Childhood Center.
📸 Photo Credit: John Musnicki

🍻 Jon Divello at Kidd Squid
📍 11 Spring St, Sag Harbor, NY
📅 Sunday, May 25 | 🕔 5–7PM
Live music + fresh brews = perfect weekend vibes.

🌸 Garden Club of East Hampton’s Garden Party
📍 Mulford Farm, 10 James Lane, East Hampton, NY
📅 Friday, May 23 | 🕕 6–8PM
Enjoy hors d’oeuvres, drinks, and a Silent Auction featuring art, books, and more.

🌿 Jenni Kayne’s Hamptons Kickoff
Celebrate summer with in-store events all weekend long at the Amagansett Store and the Southampton Store!
📸 Photo Credit: Holly Sarah Burgess

Tap the link in bio for info!
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