My partner and I are very interesting in putting in an offer on a condo in a new construction building, the only problem is there are 6 units total and we would be the first unit to go under contract. Our lender has said that 50% of the units will need to be under contract in order for us to close.
Our concern is that the units have already been on the market for ~70 days so it’s unclear how likely it is that 2 more units will go under contract in the next 30 days. Has anyone else been in a similar situation before and have any insight? I understand that this is probably a case by case basis but thought I’d ask anyway.
Also, how frowned upon would it be to back out during the 15 days we have to review the condo docs if it looks like more units aren’t being sold? We’re hoping to get a contingency added for this, but in the case that we aren’t able to we want to be sure there is a way out because our lease ends soon and we need a place to live lol.