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Old 04-26-2021, 06:27 PM
 
345 posts, read 152,129 times
Reputation: 378

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Somehow the seller signed the contract of sale

we all got so excited.

attorney review process started 3 weeks ago????

there is no contingency. nothing complicated. just closing date, and mortgage date.

but these past two weeks we realized the house was still being shown. Now we learned that another interest group of people came twice, and may give an offer.

How is this even allowed? Isn't this unethical?

and how long is AR supposed to be? How do we know when it ends? When both lawyers say it ends? Is there anything to sign?

God I hate this process. I truly hate it. Such a mess.

you tell yourself never to get attached to a house, and then you get attached and disaster strikes.

Can anyone with experience tell me how this all plays out? I am an amateur. Thanks
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Old 04-26-2021, 07:16 PM
 
Location: Rochester, WA
9,172 posts, read 5,893,545 times
Reputation: 24603
Do you have an agent? They'd be the best one to ask about what your contract status is.
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Old 04-26-2021, 08:38 PM
 
636 posts, read 297,318 times
Reputation: 512
The sellers can still take back ups
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Old 04-26-2021, 08:45 PM
 
Location: Phoenix, AZ > Raleigh, NC
17,136 posts, read 22,447,937 times
Reputation: 28863
I'm thinking you don't have your own realtor, right???

I'm also wondering if this is the same house that got you so wound up a couple of months ago?
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Old 04-27-2021, 05:13 AM
 
Location: Bloomington IN
7,603 posts, read 9,513,610 times
Reputation: 19845
A mortgage is a contingency. Until the date of closing, sellers can continue to show the house and take back-up offers. In the current red hot market it would be a foolish seller that didn't do this.

As far as attorney review-what state is this? If the attorney is performing a function similar to title company, than 3 weeks is reasonable.

It sounds like you have a lawyer. Ask them to explain the process to you.
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Old 04-27-2021, 06:00 AM
 
Location: Cary, NC
37,758 posts, read 65,503,978 times
Reputation: 38161
Quote:
Originally Posted by rrah View Post
A mortgage is a contingency. Until the date of closing, sellers can continue to show the house and take back-up offers. In the current red hot market it would be a foolish seller that didn't do this.

As far as attorney review-what state is this? If the attorney is performing a function similar to title company, than 3 weeks is reasonable.

It sounds like you have a lawyer. Ask them to explain the process to you.
New Jersey.
Attorneys have done a better job of defending their franchise in NY and northern NJ.
They get into the process and make everyone sweat bullets with variations of contracts rather than cut and dried process.
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Old 04-27-2021, 07:49 AM
 
Location: Columbia, SC
9,935 posts, read 19,526,102 times
Reputation: 8305
Quote:
Originally Posted by MikeJaquish View Post
New Jersey.
Attorneys have done a better job of defending their franchise in NY and northern NJ.
They get into the process and make everyone sweat bullets with variations of contracts rather than cut and dried process.
I can't imagine being stuck in an area like that were attorneys have so much power to control the process. Maybe 8 or 10 years ago we had an attorney appointed head of the LLR and she started dabbling with the REC, wanting to pass a law that attorneys had to write RE contracts. She was wildly unpopular with many of the departments and didn't last long. Fortunately that never went anywhere. I think we just have too many attorneys in positions of influence these days. I'd rather have more job and background diversity for different perspectives. Sorry, that's off topic I know. Rant over.
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Old 04-27-2021, 09:52 AM
 
Location: Phoenix, AZ
3,552 posts, read 1,866,266 times
Reputation: 9379
Quote:
Originally Posted by Brandon Hoffman View Post
I can't imagine being stuck in an area like that were attorneys have so much power to control the process.

Same here. I have family in NY and know what they go through to buy or sell a home. I moved away from NY a long time ago for a number of reasons and was happy to do it. As the years progressed I've added home ownership to the list. No lawyers and anybody with half a brain doesn't need a realtor.
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Old 04-27-2021, 11:33 AM
 
Location: Madison, NJ
413 posts, read 190,969 times
Reputation: 926
In 2019, we bought a house that had been in attorney review where the other buyers needed a mortgage. We were cash buyers with the ability to close ASAP, so we put in an offer and it was accepted and the sellers pulled out of the other offer. It's unfortunate for the other buyers but that's how it works.

In NJ, during attorney review, both seller and buyer can cancel the contract for any reason. 3 weeks seems like a while for attorney review. You want it wrapped up quickly to avoid things like this. Has there been a lot of back and forth? What has been the reason for it taking so long?
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Old 04-27-2021, 12:26 PM
Status: "Talking to ghosts" (set 18 days ago)
 
Location: Coastal New Jersey
69,165 posts, read 64,552,523 times
Reputation: 85394
Quote:
Originally Posted by wherewhatwho View Post
In 2019, we bought a house that had been in attorney review where the other buyers needed a mortgage. We were cash buyers with the ability to close ASAP, so we put in an offer and it was accepted and the sellers pulled out of the other offer. It's unfortunate for the other buyers but that's how it works.

In NJ, during attorney review, both seller and buyer can cancel the contract for any reason. 3 weeks seems like a while for attorney review. You want it wrapped up quickly to avoid things like this. Has there been a lot of back and forth? What has been the reason for it taking so long?
I am in the process of selling a house in NJ. Offer was accepted a week ago today. Yesterday my attorney sent the contract back to me asking me to initial a handwritten amendment (that made sense having to do with taxes on the property) and sign, and she said that when I sent it back to her she would send it to the buyer's attorney and that would end attorney review. So, one week.
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