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Old 06-23-2010, 08:46 AM
 
1,727 posts, read 2,910,617 times
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Is it too premature to schedule a home inspection to occur during attorney review? I'm in Jersey so the contract has been signed by both parties but just need the attorneys to review and make adjustments to contract.

Thanks.
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Old 06-23-2010, 09:23 AM
 
Location: Austin
7,238 posts, read 19,848,416 times
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If you're willing to "lose" the inspection money if you decide not to move forward, that's you're own prerogative. Most people don't want to part with money until they know it's a done deal. If you're confident there will be no issues, go ahead and schedule it.
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Old 06-23-2010, 09:28 AM
 
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Local custom makes all the difference. In some areas is becoming more common to do the inspection VERY early in the whole process. I like that idea, as it tends to help both buyer and seller understand what the BIG NUMBER really means, instead of getting late in the process when the seller's net may shrink below what makes sense and/or the buyer realizes they cannot afford the home AND the repairs that made it a bargain in the first place...
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Old 06-23-2010, 10:05 AM
 
Location: NJ
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Attorney review is usually only 3 days. And it probably takes a least a day or two to schedule the inspection. I would probably just wait until you were out of attorney review just in case it doesn't make it. You are only talking about a day or two later.
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Old 06-23-2010, 10:24 AM
 
Location: Boston area
74 posts, read 274,239 times
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I'm in MA so I know things are different - but how can a contract be finalized before you have the results of the inspection? Here we sign the offer - which outlines the overall price and specifies deadlines for the inspection and then the P&S, then the inspection occurs with negotiations based on the findings and then the P&S is signed.
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Old 06-23-2010, 10:40 AM
 
Location: NJ
17,579 posts, read 43,111,498 times
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Quote:
Originally Posted by chiefy View Post
I'm in MA so I know things are different - but how can a contract be finalized before you have the results of the inspection? Here we sign the offer - which outlines the overall price and specifies deadlines for the inspection and then the P&S, then the inspection occurs with negotiations based on the findings and then the P&S is signed.
It definitely doesn't work that way in NJ.
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Old 06-23-2010, 11:56 AM
 
Location: Barrington
59,469 posts, read 40,812,877 times
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I lived in NJ twice. Both times the standard contract used called for the home insection period to run concurrent with attorney review. Things may have changed, since I left the state.

Your contract will specify the appropriate deadlines. Your agent and/or attorney should be in a position to explain these contingencies to you.
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Old 06-23-2010, 01:53 PM
 
Location: NJ
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Quote:
Originally Posted by middle-aged mom View Post
I lived in NJ twice. Both times the standard contract used called for the home insection period to run concurrent with attorney review. Things may have changed, since I left the state.

Your contract will specify the appropriate deadlines. Your agent and/or attorney should be in a position to explain these contingencies to you.
I'm in NJ. I have been in three transactions in the last 5 years. All times the inspections happened after attorney review was over. The standard contract is going to say something along the lines of "you have x number of days to perform an inspection from the date the contract is out of attorney review".

Perhaps it is possible to do the inspection before. The obvious risk to the buyer is they may waste money on an inspection if the contract doesn't get out of attorney review.
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Old 06-23-2010, 01:54 PM
 
Location: NJ
17,579 posts, read 43,111,498 times
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The other thing is that attorney review could last as little as one day if neither party has any changes they want.
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Old 11-03-2014, 12:02 PM
 
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I'm out of attorney review, but purchasing a short sale. I don't want to do an inspection without knowing first if the bank will accept my offer. What should I do?
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