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Old 11-13-2014, 10:22 AM
 
4 posts, read 3,380 times
Reputation: 10

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We are first time buyer. Got verbal agreement on the offer two days ago. Builder got our signed offer contract yesterday morning, and still has not returned to us, even though our agent told us we have no problem. Our agent said builder's attorney is to return the signed contract to us.

Seller agent and our buyer agent are from same company. We don't know anything about the builder.

my question:
1. is it normal that the builder's attorney look at the contract now? shouldn't the agents get contract ready and send to both sides' attorney same time? our attorney has no contract yet.

2. how should I research the builder? We did nothing. Don't know their track record, reputation etc. Is this something we need worry about, or just depend on home inspection?

Thank you!
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Old 11-13-2014, 11:07 AM
 
17,451 posts, read 21,406,101 times
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It sounds to me as if you have not yet retained an attorney, and--if so--that is...not good.
It is not unusual for the buyer's attorney to find certain parts of a purchase contract to be...undesirable...and they simply cross out those parts. Then, the buyer's attorney and the seller's attorney confer regarding possible compromises in the contract before you sign it.

If you have skipped the vital step of retaining an attorney for the purpose of contract review and all of the other aspects of purchasing a home, you have made a mistake that could come back to haunt you. Get your own attorney now!

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Old 11-13-2014, 11:09 AM
 
Location: Randolph, NJ
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Agree 100% with Retriever.

And yes, you should research the builder, which is something else that you would ideally do before making the offer.
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Old 11-13-2014, 11:32 AM
 
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Item 1 says their attorney has not received the contract yet, so it sounds like they're going about it the right way.

However, the attorney review period is three days, your attorney should have gotten it at the same time, especially if the brokerage firm is the same on both sides. Call your realtor and have them move it along.

Yes, research the builder, as much as you can. Visit their other properties and see if you can see any obvious exterior damage or poor planning that have resulted in standing water or things you can see from the street. A home inspection is going to be great, but if you can find out if a builder typically uses poor quality 2x4s or sump pumps that fail after a year, no inspection is going to tell you that. I went through the old census records to find out all I could about my house before buying it and highly recommend you use any information you can before committing to a 30 year mortgage.
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Old 11-13-2014, 11:47 AM
 
17,451 posts, read 21,406,101 times
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Quote:
Originally Posted by jaymoney View Post
Item 1 says their attorney has not received the contract yet, so it sounds like they're going about it the right way.
Whoops!
Somehow, I didn't notice that detail.

In addition to researching the builder, the OP should research the municipality.
Many years ago, my attorney managed to get me out of a purchase contract after I--belatedly--discovered some things about a certain municipality in Middlesex County that was a red flag as pertained to property taxes and financial stability.

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Old 11-13-2014, 12:42 PM
 
4 posts, read 3,380 times
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Thank you all for the reply.

I have sent retainer form to my attorney already and now he is waiting for the contract to start reviewing. The thing I feel strange about is our agent said he is asking the seller's attorney for signed contract to forward to my attorney. I thought the signed contract should come from seller's agent, not seller's attorney. So both sides' attorneys get it same time. Anything wrong with this?

I will ask my agent which other houses the builder built lately, and try to have a look/ask owner. Beside this, I may ask for maybe materials used for this house, like wall, insulation, etc -- didn't really ask these thinking new house would be ok and the decision has been mostly price driven.

what else do you think i can do to find more about the builder.
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Old 11-13-2014, 01:28 PM
 
3,305 posts, read 3,195,043 times
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Did you sign the contract? The 3 day review process doesn't start until both parties have signed.
Attorney Review So don't necessarily worry about it.

Web searches for their name, and especially if you know the names of any projects they have worked on. I wouldn't worry about the materials, as nobody's going to know exactly whose insulation they put in the walls. New house construction can be really great or it can be a quick flip and walk away. If your builder does one house a year they're more likely to be the former. 1,000 units built next to a river in a hot market in a six month build, they may be the latter. But there are good builders putting out the latter and poor builders fixing up one house a year.

But search for their name, if they've really screwed up someone is probably complaining about it.
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