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Old 02-27-2009, 10:48 AM
 
1,552 posts, read 4,394,750 times
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Quote:
Originally Posted by FlyersFan View Post
When you make your offer its pretty much standard that your choice for a settlement date is put into that offer.......if they want to sell they have to settle on whats in the agreement ?
Well in NJ, after your offer is accepted, there is an attorney review period (by law) wherein both parties have the opportunity to meet with legal counsel who then exchange correspondence about making any changes to the contract, such as the addition of a clause like this. The parties go back and forth, and if they can each agree to the other side's changes, they emerge with an intact (albeit modified) contract and things proceed.

In this case, looks like the seller (through her attorney) added this contingency clause, and the buyer (wisely) rejected it. If the parties can't reach agreement during this period, the contract can be cancelled by either party during attorney review.

It's a NJ thing.
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Old 02-27-2009, 11:04 AM
 
Location: Martinsville, NJ
6,163 posts, read 12,205,699 times
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Quote:
Originally Posted by brooklyn1210 View Post
our attorney recommended that we not move forward any further if seller doesn't remove that clause, which my husband and i agree with. i can see that she's nervous about not finding another home but as some of you have suggested, temporary housing is the next best alternative...and you would think 3 months is plenty!! i've been told the seller is looking for homes and has put in bids into a few of them and it fell through, i guess its good to know she's proactive and looking for another home...its hard for me to understand why she wouldn't want to sell otherwise...isn't it harder to sell your home these days then to buy one?

we can still get out of our contract and get our deposit back, we'll just incur the attorney fees...this has been a stressful, frustrating and almost discourgaging experience...thanks to all for your comments, hopefully I'll have a more positive reply in the next few days...
Your attorney has, of course, give you excellent advise. Such a clause is very beneficial to the seller and offers you nothing. Don't accept it. Sounds like yru attorney is on top of it there.

Now, I'm just thinking as I type here, but if you really want this house, and are inclined to be nice & give her some time, you might try something creative. As we like to say, all things are negotiable, and if she wants the luxury of being able to stay there until she has her next house, then she has to be prepared to give up something for it. For instance, you might add a few stipulations to her contingency, such as that she must show that she is being reasonable in her search, and not looking for a house that she simply cannot buy, a requirement that she make an honest effort to locate a house, and require a "fee" for every week or day that you haven't closed after a certain date of your choosing. In addition, have her agree to pay any and all additional financing costs that may arise out of extending the date to meet her needs, including but not limited to paying whatever points might be necessary to keep y oru mortgage rate from going up in your rate lock expires.
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Old 02-27-2009, 03:38 PM
 
2,312 posts, read 7,107,498 times
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Whenever I've been house-shopping and saw that stipulation in the comments field, I immediately considered the house not for sale. 'cause it really isn't. The seller is just thinking of selling.
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Old 02-27-2009, 05:07 PM
 
Location: Cranford NJ
1,049 posts, read 3,809,537 times
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You cannot come out of attorney review with a contingency. I suggest looking at all the homes in the area in your price range, you may find something even nicer, and a seller who is more cooperative. This will give you even more leverage. Good Luck.
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Old 02-27-2009, 05:45 PM
 
Location: Toms River, NJ
1,106 posts, read 4,687,125 times
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You've gotten excellent advice here. I would be worried that if she has other bids fall through that she may have a problem with financing or who knows. So you could be left hanging for a long time. Take the contingency out.

Good luck!
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Old 03-07-2009, 09:14 AM
 
7 posts, read 25,031 times
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Hi everyone, I just wanted to report back that we are officially out of attorney review since Thursday and the appraiser has already seen the house! The seller became more at ease after finding something of her own. The lawyers worked it out in a way that stated the stipulation would be taken out only if the appraisal happens (done) and we get a mortgage committment, which we're working on. I'm still a little perplexed in why they had to add that in there but regardless, we're out of it!!

Now, lets just hope the pool and home inspection goes well! Thx to everyone for the comments.
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