Closing Date Question (movers, mortgage, how much)

[LynnePatrice]

I know that closing dates get pushed back quite often, but we have been having problems with ours since we have to schedule movers and also give our landlord a move out date.

Our realator was pushing for a closing date that was 3 weeks after we made the offer, and that was way to quick for us. We wanted 7 weeks. Anyway, we compromised and did 5 weeks.

Now the closing got pushed back again because everything is not complete yet.

Who sets the closing date normally? Is it the Attorney or the Realtors?

[colleeng47]

Originally Posted by LynnePatrice

I know that closing dates get pushed back quite often, but we have been having problems with ours since we have to schedule movers and also give our landlord a move out date.

Our realator was pushing for a closing date that was 3 weeks after we made the offer, and that was way to quick for us. We wanted 7 weeks. Anyway, we compromised and did 5 weeks.

Now the closing got pushed back again because everything is not complete yet.

Who sets the closing date normally? Is it the Attorney or the Realtors?

In my case it was the realtors. Our closing is set for June 27, with the new buyer moving in on June 26th. I personally don't understand why you need to hire an attorney in New Jersey. I've closed on houses in Oklahoma, Nevada, Colorado and New Jersey. And New Jersey is the only state that requires (strongly suggests) you use an attorney. Our realtor has done everything so far, except the attorney review. In other states the Title company does the closing, along with the realtors. The only ones who use an attorney are large commerical property sales.

[Tulpan78]

Originally Posted by LynnePatrice

I know that closing dates get pushed back quite often, but we have been having problems with ours since we have to schedule movers and also give our landlord a move out date.

Our realator was pushing for a closing date that was 3 weeks after we made the offer, and that was way to quick for us. We wanted 7 weeks. Anyway, we compromised and did 5 weeks.

Now the closing got pushed back again because everything is not complete yet.

Who sets the closing date normally? Is it the Attorney or the Realtors?

I think the closing date is depends on the combination of many things. that's what i understand so far. For example, our closing date was pushed back by 3 days so far because attorney told us that her secretary will be on vacation..she was pretty open about that. She said if we do not like it, please get a new attorney. At least she did not promise smth and then a week before closing would be telling us that. Also, getting mortgage can take some time. We were told 30 days...might be earlier, but should be ready if it will really take 30 days.
just my 5 cents..

[todd72173]

Close as soon as possible! The sooner the better to make sure buyer/seller does not back out.

We had foxtons as realtor who went out of business during our sale. We became our own realtors and our attorney pretty much handled what our realtor would do and we did the rest.

We wanted to close asap to get out of our mortgage payments. It was all up to buyer/sellor. It ended up being when the buyer secured a mortgage - that determined closing date.

[Diane Giam]

Originally Posted by colleeng47

In my case it was the realtors. Our closing is set for June 27, with the new buyer moving in on June 26th. I personally don't understand why you need to hire an attorney in New Jersey. I've closed on houses in Oklahoma, Nevada, Colorado and New Jersey. And New Jersey is the only state that requires (strongly suggests) you use an attorney. Our realtor has done everything so far, except the attorney review. In other states the Title company does the closing, along with the realtors. The only ones who use an attorney are large commerical property sales.

In my case it was the Attorneys that set the date but it was pushed back several times to the point I had to close here first. That wasn't fun but my nutty buyers kept delaying. I found out after that they presented to their realtor that they had a morgage, which they did, but actually needed 2 mortgages to close. The nuts financed 90% on $464,000. Of course Countrywide was the mortgage holder for both mortgages.
I owned 2 houses for about 2 weeks.

Here you don't need an Attorney for Contract, as the realtors do that, but you do need one for closing. The fee for closing was only $250.

Diane G

Diane G

[Roselvr]

Originally Posted by LynnePatrice

I know that closing dates get pushed back quite often, but we have been having problems with ours since we have to schedule movers and also give our landlord a move out date.

Our realator was pushing for a closing date that was 3 weeks after we made the offer, and that was way to quick for us. We wanted 7 weeks. Anyway, we compromised and did 5 weeks.

Now the closing got pushed back again because everything is not complete yet.

Who sets the closing date normally? Is it the Attorney or the Realtors?

I think it's a combination of things.
We just closed, Tuesday after Memorial weekend. We knew our new house was ready, buyers wanted an end of June closing, contracts were signed end of March, I wanted a 30 day close but since the buyers agent was out of our area, they needed at least 60, so we compromised with 60 verses the original 90.

We contacted our new house telling them a May 30th closing, they then gave us the Friday before Memorial weekend, we'd be charged $200 per day that we didn't close on that day. At one point I was in your shoes, 2 weeks to the supposed closing and nothing. I called my agent and told him we needed the Tuesday after Memorial weekend, he passed it onto the buyers who said ok. I then called the mover who just happened to have that date open still. Our problem ended up being the 2nd closing of the day (new house) was scheduled for a 2pm walk through with 4pm close. Movers wouldn't unload that late so we paid $100 for them to store our stuff over night, they then came the next morning to unload us. Talk about crazy, Sears came with our new washer / dryer, Comcast came, they were all here at once.

Do not forget you have to transfer the utilities to your name. Our buyer forgot and ended up with no electric, etc.

Since your closing keeps getting moved, my guess is your seller isn't ready. Do you know everything is good on your end? If so, look at the seller.

Good luck. I'm sure you are stressed.

[emanon]

Originally Posted by colleeng47

In my case it was the realtors. Our closing is set for June 27, with the new buyer moving in on June 26th. I personally don't understand why you need to hire an attorney in New Jersey. I've closed on houses in Oklahoma, Nevada, Colorado and New Jersey. And New Jersey is the only state that requires (strongly suggests) you use an attorney. Our realtor has done everything so far, except the attorney review. In other states the Title company does the closing, along with the realtors. The only ones who use an attorney are large commerical property sales.

Of course you don't need an attorney until something goes wrong. Who is better better qualified to straighten out a legal problem, a realtor who spent a whole three weeks preparing for their test or a lawyer who spent six years on their legal training?

Realtors do two things, they list houses and they show houses. Some better than others and some do a little more for their clients but they are not trained in legal matters.

If you think realtors are looking out for your interests try turning down an offer they think you should accept.

E

[esqdmd]

Originally Posted by emanon

Of course you don't need an attorney until something goes wrong. Who is better better qualified to straighten out a legal problem, a realtor who spent a whole three weeks preparing for their test or a lawyer who spent six years on their legal training?

Realtors do two things, they list houses and they show houses. Some better than others and some do a little more for their clients but they are not trained in legal matters.

If you think realtors are looking out for your interests try turning down an offer they think you should accept.

E

The fact is, if you use an attorney in NJ, with some exceptions, you will likely be charged somewhere between $750.00 and $1,250.00 for EVERYTHING from Contract through closing, including any legal issues that come up, and including negotiating any issues that arise regarding the home inspections AND any issues with the title binder. Without an attorney, you would be relying upon a realtor who stands to lose THOUSANDS of commission dollars if the deal doesn't close to "help" you with those issues.

Also, if you don't use an attorney and have a title company representative handle the closing, you still get charged somewhere between $300.00 and $400.00 just for the closing, with no legal advice at all. That amount is INCLUDED in the legal fee that an ethical attorney would be charging, as already noted.

The question becomes whether it is worth it to spend an extra $500.00 or so for someone to look out for YOU on what is frequently the most important transactions of your life.

[O-er in WO]

Originally Posted by esqdmd

Also, if you don't use an attorney and have a title company representative handle the closing, you still get charged somewhere between $300.00 and $400.00 just for the closing, with no legal advice at all. That amount is INCLUDED in the legal fee that an ethical attorney would be charging, as already noted.

This is a very good point esqdmd. I was surprised to see an additional $600 charge in "closing fees" on top of $950 of attorney fees in the HUD-1 right before the closing. Had to battle this out with her suggesting it wasn't previously disclosed to me and managed to somewhat get it down a bit, but not much. Learned to always ask how much and how the closing fees paid for.

[millsan1]

Buy a new unit. So far, it looks like we will be closing on 8/31 an we saw the place and signed on 8/2. With no seller BS it is great. The builder makes more money the sooner we close, so it is in their best interest to move quickly. Of course, we have not closed yet, but it looks to be on target.