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OK, so I know buying a house is a big deal and there will be some stress involved, but this is getting out of hand.
2 weekends ago, the seller of the house we were under contract to buy (attorney review had lasted about 3 weeks and had been over for a week) informed her lawyer that she had to cancel the deal since she could not get financing for the house she was purchasing. Our lawyer encouraged us to enforce the contract and have her thrown out of the house, but we didn't want to deal with the karma, plus there was a black mold issue in the basement which we were not looking forward to dealing with. We are instead trying to go after her for the money we've spent (inspection, appraisal) and will have to spend (rate lock extension fee).
We scrambled - looked at 12 houses in 3 days and picked one we liked, submitted an offer, went through 1 round of counter-offering, and came to an agreement. The contracts were signed and submitted to the attorneys last evening. We emailed our paralegal and explained that we are trying to close by mid-December (which works for the seller - they already have another house) and want this to move along quickly. She responded at 9:30AM saying she got the contract and will give it to the attorney.
This afternoon at 4:30 she emailed us asking if we had a clearer copy of it, as the attorney said he could not read it. Why did it take all day to figure this out? It's the exact same MLS NJ sales contract that we used on the last deal, which he took 3 days to go over before sending out a 10 page rider. I know he's got other things to do besides work on our stuff, but everything with this guy is slow, always at least 2 or 3 days to do anything, and now I'm sure it will take another day or 2 and then we will have lost almost a week.
I'm wondering what the ramifications would be if we were to sever our agreement with him at this point, or if that's even legal. He is still supposedly putting together a letter for our original seller's attorney explaining what money we want back, but I'm not holding my breath on that one. I'm afraid that severing ties with him will cause us to lose any ground on that deal.
The current deal (the one from this past weekend) has nothing in it that should cause a delay - no concessions, appliances being taken, etc. Is 3 day attorney review a fantasy, or does it ever really happen?
Sorry for ranting, just really .
Maybe I'll go have a few beers and watch MNF somewhere.
I would say most lawyers are like that. Our lawyers were worse, taking days to respond to some of our requests because they were unavailable at every turn. It is infuriating.
Our lawyer is awesome, and is quick to respond to any questions we have, and to inquiries to and from the seller's attorney. I would be happy to recommend him to anyone buying a house.
And you probably -can- fire him, but he will probably charge you for time already used, and you'll have to start all over again with another attorney.
Our lawyer is awesome, and is quick to respond to any questions we have, and to inquiries to and from the seller's attorney. I would be happy to recommend him to anyone buying a house.
And you probably -can- fire him, but he will probably charge you for time already used, and you'll have to start all over again with another attorney.
Who's your attorney Monack? I work the Monmouth/Middlesex area which is where I know you're at, and I have yet to find an attorney I like. Recommendations for good attorneys are always appreciated, as they should be our ally.
Hobo-sorry to hear about your misfortune. My best advice to you is to keep calling the attorneys all day and have your realtor call them as well. My first lesson in real estate (after the first attorney I used lost the contract, then lost the clients number, etc) was to call the attorneys until they finally put you first just to get you to stop calling them. Believe me...I use it everytime now and it truly does work. Best of luck to you!
2 weekends ago, the seller of the house we were under contract to buy (attorney review had lasted about 3 weeks and had been over for a week) informed her lawyer that she had to cancel the deal since she could not get financing for the house she was purchasing. Our lawyer encouraged us to enforce the contract and have her thrown out of the house, but we didn't want to deal with the karma, plus there was a black mold issue in the basement which we were not looking forward to dealing with. We are instead trying to go after her for the money we've spent (inspection, appraisal) and will have to spend (rate lock extension fee).
FWIW & I'm no realtor.. attorney review probably took so long due to the seller trying to get financing.
This is pretty standard of a clause, but these days, most people have to sell their house in order to close on the one they are buying. When we sold May 2008, we were buying as well. We once qualified to buy before closing on the old house but times got tough & banks got strict. We were able to close on one house in the morning, then close on house 2 in the afternoon. We stayed the night in the hotel because by then (2nd closing ended) it was after 5pm, movers stopped working.
Quote:
Originally Posted by Hobo1040
We scrambled - looked at 12 houses in 3 days and picked one we liked, submitted an offer, went through 1 round of counter-offering, and came to an agreement. The contracts were signed and submitted to the attorneys last evening. We emailed our paralegal and explained that we are trying to close by mid-December (which works for the seller - they already have another house) and want this to move along quickly. She responded at 9:30AM saying she got the contract and will give it to the attorney.
This afternoon at 4:30 she emailed us asking if we had a clearer copy of it, as the attorney said he could not read it. Why did it take all day to figure this out? It's the exact same MLS NJ sales contract that we used on the last deal, which he took 3 days to go over before sending out a 10 page rider. I know he's got other things to do besides work on our stuff, but everything with this guy is slow, always at least 2 or 3 days to do anything, and now I'm sure it will take another day or 2 and then we will have lost almost a week.
I would hand deliver a copy.
Quote:
Originally Posted by Hobo1040
I'm wondering what the ramifications would be if we were to sever our agreement with him at this point, or if that's even legal. He is still supposedly putting together a letter for our original seller's attorney explaining what money we want back, but I'm not holding my breath on that one. I'm afraid that severing ties with him will cause us to lose any ground on that deal.
The current deal (the one from this past weekend) has nothing in it that should cause a delay - no concessions, appliances being taken, etc. Is 3 day attorney review a fantasy, or does it ever really happen?
Sorry for ranting, just really .
Maybe I'll go have a few beers and watch MNF somewhere.
Don't doubt you could sever ties for house 2.
He's going to charge you for time spent.
By the time you pay his fees, is it really worth trying to get back the money for the other place? I would check into that because it might cost more then what it's worth
Maybe I'll go have a few beers and watch MNF somewhere.
What's the name of the guy you are using? Post his name so the rest of us can avoid using him.
I think this happen a lot with attourneys. My purchasing and selling a few months back was not a smooth experience to say the least.
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