Houses go in and out of contract... (lawyer, neighborhoods)

[Magic78]

We've had our eyes on several houses that we aren't necessarily planning to pursue but are keeping track of for comparables in the neighborhoods. Our realtor has been keeping us in the loop as well (totally legit, no insider info). One house has gone in and out of contract 3x and two other homes have done the same thing twice. Our realtor isn't sure what is going on.

Obviously, it could be inspection, appraisal, financing issues. Is anybody else coming across this?

[Tanisdrew]

no. in fact, i just commented to my husband how diff NJ is to NYC. As soon as a house is bid on, they c,lose it to other bidders and it goes into contract at the same time. In NY, you can outbid something up until its in lawyer review. so strage. every house we keep an eye on, goes off the market, into contract and is done asap. never seen one come back on. what neighborhood are you looking in?

C

[Obrero]

Originally Posted by Tanisdrew

no. in fact, i just commented to my husband how diff NJ is to NYC. As soon as a house is bid on, they c,lose it to other bidders and it goes into contract at the same time. In NY, you can outbid something up until its in lawyer review. so strage. every house we keep an eye on, goes off the market, into contract and is done asap. never seen one come back on. what neighborhood are you looking in?

C

You can bid on a house in NJ until it is out of attorney review.

[Bill Keegan]

Originally Posted by Tanisdrew

no. in fact, i just commented to my husband how diff NJ is to NYC. As soon as a house is bid on, they c,lose it to other bidders and it goes into contract at the same time. In NY, you can outbid something up until its in lawyer review. so strage. every house we keep an eye on, goes off the market, into contract and is done asap. never seen one come back on. what neighborhood are you looking in?

C

I'm not sure where you got this info, but it's incorrect.

In NJ, any offer made to the listing agent MUST be presented to the owner of the property, unless the owner has specifically instructed the agent otherwise. In the part of the state where I work, when a house is listed on an MLS, it usually stays listed and allowing further showings at least until an offer is accepted and the contract goes into attorney review, and in most cases until the attorney review is complete. What many people don't realize is that there is absolutely no indication of an offer being made on a property until that offer gets accepted. So when you see a property that is active & available one day, and under contract the next day, it's not that they just got the offer & took it off the market. They were probably negotiating the offer for several days, while allowing the property to be shown to anyone else who wanted to see it, and finally marked it under contract after all the details were worked out.