Don't forget to put like 10% contingency, if yes move on with them, if not change GC.

The owner wasn't interested in fixing it up, I bought it with no contingency on the septic tank and got a decent deal. 

I waived the mortgage contingency a few years ago to beat out a few other offers on a property.

*** Strongly consider getting a contingency within the listing contract that allows for both parties (you and the listing agent) to review the progress of the sale of the property within a specified period of time (60-90 days).  

Our second question is, we have relatives willing to guarantee the loan, but this would be a last resort we don't want to ask that unless the deal is ready to fall through - so if one (or both) banks rejects our application, and we add them as a guarantor, will that be considered a new loan and we have to start all over again, thus going over our 60 days to close contingency in contract? 

You should be able to obtain most of the information from the listing agent (or unrepresented seller), but you should also verify the actual book numbers as a contingency in the offer.  

Lots of great connections all over but we also have a very strong and active contingent here in MA and NH on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected.Besides doing that on here make sure to get out to some of the many local investor events we have.  

Sometimes a double sale is forced to happen in a constrained time period, such as an acquisition being contingent on another sale; or in the case of 1031 exchanges where a time period expiration would possibly mean paying more in taxes than you would lose selling at a lower price.  

All looks good to close on February 27 subject to the inspection contingency. 

We put a lot of stop gaps in where only certain amounts of that go hard once certain contingencies are lifted.It's not just about the amount but the written language in the contract for EM.25k is reasonable for 1,750,000.I would care more about the borrower then EM only because if it's someone trying to buy a 1.75 million property but liquidity and net worth is weak then I don't like my chances of the buyer closing.