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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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THFM 2025 Festival Concert #2

September 11 @ 07:00 PM - September 11 @ 09:00 PM
St. Luke's Episcopal Church East Hampton Village, 18 James Ln, East Hampton, NY 11937
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Arts and Archives presented by Springs Historical Society and Community Library, Opening Reception, September 13 Ashawagh Hall

September 12 @ 01:00 PM - September 14 @ 03:00 PM
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Surf Movie Night 2025

September 12 @ 05:30 PM - September 12 @ 09:00 PM
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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 Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
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Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
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📸: Patrick McMullan/PMC⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
  • Make sure to add this event to your list for next summer
#Seafood #localeats #mtk #montaukgreen
  • I recently toured the new Rolex Boutique by London Jewelers in East Hampton, and it’s one of the most beautiful retail spaces I’ve ever stepped into. Located on Newtown Lane, the boutique is set inside a restored historic home that dates back to 1897, originally designed as a summer cottage.⁠
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From the outside, it has that classic East Hampton charm, cedar shingles, white trim, and lush landscaping. But once you step inside, it’s all about quiet sophistication.⁠
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The space is warm and welcoming, with walnut wood paneling, soft neutral tones, and beautiful textures throughout. There’s a fluted marble wall in a rich green Verdi Alpi stone that immediately catches your eye. It’s one of those details that’s understated but unmistakably Rolex.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#rolex #easthampton #hamptons #luxury #watch⁠
  • 🎾 Men’s US Open Final Viewing Party⁠
📅 Sun, Sept 7 • 2–5PM⁠
📍 Canoe Place Inn, Hampton Bays⁠
Watch the riveting Men’s US Open Final with drinks, grilled classics & fellow tennis fanatics in the lush garden.⁠
⁠
🦞 Montauk Seafood Festival⁠
📅 Sat, Sept 6 – Sun, Sept 7 • 12–5PM⁠
📍 On the Green, Montauk⁠
The ultimate seafood event in the Hamptons! Lobster rolls, fish tacos, chowder, oysters & more 🐚🍤⁠
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🩰 Master Class w/ Kat Wildish⁠
📅 Sat, Sept 6⁠
📍 Hamptons Ballet Theatre School, Bridgehampton⁠
Open-level adult ballet class with world-renowned former NYCB & ABT dancer Kat Wildish. One day only!⁠
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🎶 Hamptons Festival of Music⁠
📅 Sat, Sept 6 • 7PM⁠
📍 St. Luke’s Episcopal Church, East Hampton⁠
THFM’s MainStage Festival Orchestra featuring The New American Sinfonietta 🎻✨⁠
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🌾 Outstanding in the Field (Sagaponack)⁠
📅 Sun, Sept 7 • 3PM⁠
Dine where the food is grown! Guest chef Jason Weiner returns for his 19th year 🍽️🌱⁠
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😂 Samantha Bee Live⁠
📅 Sat, Sept 6 • 8PM⁠
📍 WHBPAC, Westhampton Beach⁠
Award-winning comedian Samantha Bee brings her one-woman show to the Hamptons!⁠
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🍴 Stirring The Pot: Andrew Carmellini⁠
📅 Sun, Sept 7 • 11AM⁠
📍 Guild Hall, East Hampton⁠
NYT’s Florence Fabricant interviews star chef Andrew Carmellini about his restaurant empire.⁠
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🌕 Full Harvest Moon Hike⁠
📅 Sun, Sept 7 • 7:30PM⁠
📍 Meet at SOFO Museum, Bridgehampton/Sag Harbor Tpke⁠
Walk under the moonlight with Friends of the Long Pond Greenbelt 🌙✨⁠
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🎨 Style Beading Workshop⁠
📅 Fri, Sept 5 • 1PM⁠
📍 Nathaniel Rogers House, Bridgehampton⁠
Join Indigenous artist Savannah LeCornu to learn traditional beading techniques.⁠
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⛳ A Legendary Day at Sebonack!⁠
📅 Tues, Sept 9 • 8:30AM–5PM⁠
📍 Sebonack Golf Club, Southampton⁠
An unforgettable day of golf supporting Westhampton Beach PAC 🌟⁠
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👉 Which event are you going to this weekend?⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
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#community #entertainment #hamptons #usopen #golf #comedy #seafood #montauk
  • Hamptons fashion week was hosted at Zoe Hospitality Private Membership Club, featuring designer Johnny Was, Porshia Swim, Vernice Holmes, Atelier H, Cesar Galindo, SixyByVenice and Ines Hernandez Hats.

#hamptonsfashionweek
  • As the summer comes to an end, it’s time to find out what everyone was reading this summer.
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    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
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