U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 12-09-2009, 02:11 PM
 
3 posts, read 17,050 times
Reputation: 10

Advertisements

We were going to buy a house in NJ. The closing is in the mid of Jan. But now my husband might get a very good job opportunity in west coast. Are we legally bound to buy the house?

Any Suggestions..
Quick reply to this message

 
Old 12-09-2009, 02:15 PM
 
Location: Montgomery County, PA
2,771 posts, read 5,620,378 times
Reputation: 603
Quote:
Originally Posted by nj_ny View Post
We were going to buy a house in NJ. The closing is in the mid of Jan. But now my husband might get a very good job opportunity in west coast. Are we legally bound to buy the house?

Any Suggestions..
you've written nothing about which stage of the deal you're in.

There are at least three hurdles to clear in the standard deal -- attorney review, inspection contingency and financing contingency. All of these can potentially be used to kill the deal. You really need to discuss this with your attorney.
Quick reply to this message
 
Old 12-09-2009, 02:37 PM
 
3 posts, read 17,050 times
Reputation: 10
we are under attorney review stage. The problem is that we can not know the result of new job interview before Jan first week.
Quick reply to this message
 
Old 12-09-2009, 02:46 PM
 
312 posts, read 1,039,747 times
Reputation: 167
We once submitted an offer for a house that was accepted and while we were in attorney review the builder refused to make some fixes on the house. We ended up backing out without any repercussions. I assume that once you are in contract you can not just back out. I am sure some of the realtors on this forum can give more info.
Quick reply to this message
 
Old 12-09-2009, 02:50 PM
 
Location: Montgomery County, PA
2,771 posts, read 5,620,378 times
Reputation: 603
Quote:
Originally Posted by nj_ny View Post
we are under attorney review stage. The problem is that we can not know the result of new job interview before Jan first week.
You could use the inspection contingency to get out of the deal, but it's easier and cheaper to kill the deal now. If your husband is job hunting, perhaps it's not the best time to buy.
Quick reply to this message
 
Old 12-09-2009, 02:56 PM
 
Location: Martinsville, NJ
6,162 posts, read 11,406,167 times
Reputation: 3968
Quote:
Originally Posted by nj_ny View Post
we are under attorney review stage. The problem is that we can not know the result of new job interview before Jan first week.
I would suggest that if you should probably wait until you know wheter you are going to be living in the state before you contract to purchase a house. While no one can FORCE you to buy a house, there may be serious repurcussions to you if you go forward now and have to back out later. Once you know in what state you will be living, then you can comfortably search for a house. And the first week of January isn't that far off. The house you want may still be available then.
Quick reply to this message
 
Old 12-09-2009, 08:22 PM
 
Location: Dallas TX
15,235 posts, read 22,240,724 times
Reputation: 23026
We had a similar issue when we decided to move outside of NJ. A company really wanted to hire my hubby and this was a job he had been waiting for awhile. Sadly we didn't really have to much of a choice. The company kept saying it would be a month before they would have a decision, maybe six, they weren't sure. So we moved. Now the job is posted, almost two years later. While we are both upset because the opportunity is no longer an option I do wish we waited a bit.
Quick reply to this message
 
Old 12-10-2009, 12:46 AM
 
11 posts, read 39,158 times
Reputation: 14
Default Contact your real estate attorney!

After attorney review period you probably have the home inspection contingency, which if you find something with the home that is not satisfactory you have the option to cancel the contract. Home inspection is typically done within 10 days after attorney review, so actually that may not buy you enough time either. Then you have the mortgage contingency, most contracts allow 30 days for the mortgage commitment.

What does your contract say? Do you have these contingencies? And why aren’t you consulting with your realtor or attorney? I'm a little confused, wouldn't it make sense to consult with your attorney since you are in the ‘attorney review period’. He or she will tell you your options and can cancel the contract at this time. Or, they can add another contingency to the contract requesting the seller list the house as 'Under Contract Continue to Show' in the event your husband does get the job. If not, the house is yours.

Best wishes
Quick reply to this message
 
Old 12-10-2009, 07:53 PM
 
604 posts, read 1,795,971 times
Reputation: 205
Bella...

has made an excellent observation and suggestion....please follow that, n4NJ
Quick reply to this message
 
Old 12-12-2009, 09:30 AM
 
3 posts, read 17,050 times
Reputation: 10
Thank you all for your replies. We have decided not to buy the house this time.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top