patrick.net

Have an attorney draft a letter letting them out of the contract if they pay you $15k or whatever you think is fair. I am not a lawyer. I just want to see what they say.

APOCALYPSEFUCK_is_ADORABLE says

Likely, they haven't gotten any new offer but are trying to get you to hike your offer based on the appearance of this 'new competitive offer' that doesn't exist - because if you took them to court they could claim there was no offer and there must have been 'an awful mi

That was my initial impression....guess I'll know by tomorrow if she says something like, "the buyer wasn't qualified"

Most of the realtors here won't put offer in home under attorney review, but then there is this lady

Ironman says

Actually, there is usually 3 days of attorney review where anything can happen

We have three days to cancel some contracts in VA. Didn't know it applies to a house. Does that apply to a car too? Is it pretty much common among States?

Ironman says

I hope it wasn't in NJ.... :)

It was actually in NJ....in GA buyer and buyer agent have more recourse to fight

Ironman says

would find out what type of contingencies they have in their contract versus yours. Sometimes that can have a bigger affect then price if the sellers want out.

We signed the same contract, but the listing agent fumbled around with getting buyer to sign and sent docs to buyer agent using the incorrect email.

also, she agreed to take house off market and not do open house if we came with a full asking

The seller def want out, problem is they paid lot of money back in 2005 and have been desperately trying to get their money back. Seemed like everyone was cool with idea of quick close

Ironman says

anything or any other offers are fair game.

It is legal in NJ but still poor form to accept offers on home under attorney review. Ethically questionable for sure

Ironman says

I hope it wasn't in NJ.... :)

MMR says

What would be a good way to proceed?

Actually, there is usually 3 days of attorney review where anything can happen. I would find out what type of contingencies they have in their contract versus yours. Sometimes that can have a bigger affect then price if the sellers want out.

I don't think you have a house to sell, does the other buyer, and did they put a clause in making their contract contingent on selling their house?

What about mortgage contingencies, inspection contingencies, appraisal clauses,..

How about down payment amounts, which potential buyer is putting down more? That can sway a seller too, as a smaller mortgage is required.

I hope you have a GOOD realtor working for you.

Also, did any of the buyers ask for specific credits, repairs, things thrown in, freebies, help with closing costs. What about closing dates, do th...

Realtor is honest and relatively forthright, we didn't ask for anything in terms of credits or throw ins.

Contract basically standard with regard to contingencies.

I do have a house to sell, but I was renting it out until recently on short term basis and the purchase of this home not contingent on sale of the other, although I am looking to unload that house soon.

APOCALYPSEFUCK_is_ADORABLE says

On second thought, stuff a rag in an 8 gallon can of gasoline, light it and throw it through the window of the REALTOR's office.

I was thinking of chopping down deck because seller complicit...if this is how she is with homes the. I wouldn't want to take any elderly relatives to see this lady, as she is a geriatric physician

Consider yourself lucky. The housing market is over inflated.

MMR says

But then, the listing agent calls my agent to say that they have gotten another competitive offer, meaning the realtor showed the house after they accepted the offer.

What would be a good way to proceed?

USE THE LISTING AGENT AS YOUR AGENT.
Trust me on that. It works.

Ironman says

You really think Realtors are ethical??

not really, but most won't take offers during attorney review.

Ironman says

What town?

West orange

NAR Code of Ethics. What a Joke!

www.youtube.com/embed/GoQedQbCt_s

jvolstad says

Consider yourself lucky. The housing market is over inflated.

Problem is, there is very little supply of rental property and in most cases the economics aren't really favorable to renting vs buying

Strategist says

USE THE LISTING AGENT AS YOUR AGENT.

Trust me on that. It works.

Not a bad idea, but I did that before on same property but didn't offer because the place needed lot of updating. I offered this time because after much arm twisting by listing agent on seller, she (seller)re did kitchen and opened up home.

I had previously worked with the listing agent in question when I first moved to NJ but she was kind of irritating and showed me lot of crap and wouldn't stop yapping incessantly

MMR says

Strategist says

USE THE LISTING AGENT AS YOUR AGENT.


Trust me on that. It works.

Not a bad idea, but I did that before on same property but didn't offer because the place needed lot of updating. I offered this time because after much arm twisting by realtor on seller, she re did kitchen and opened up home.

I had previously worked with the listing agent in question when I first moved to NJ but she was kind of irritating and showed me lot of crap and wouldn't stop yapping incessantly

This is what I did, and it worked every time.
Check Redfin and Zillow for properties that meet my parameters.
Drive by the homes.
Contact the listing agent if I wanted to see the property, letting him/her know I would be making the offers through him/her.

Ironman says

Strategist says

USE THE LISTING AGENT AS YOUR AGENT.


Trust me on that. It works.

It works, but you really have to know what you're doing and be able to be really forceful with what you want.

Yes. You end up doing some of the leg work yourself, but in a sellers market, it's the secret to success.

Ironman says

really forceful with what you want.

Other than going with lady who helped us find rental, the forceful part isn't lacking, as I have well-defined criteria.

Everything seems very expensive right now. We're thinking about building a house. Land is very expensive as well.

Ironman says

You really don't like us down here anymore, do you?? :)

Can't commute to Newark from parents house.

They will hopefully be putting house on market and moving to wall twp after 14 years in north Dover....

Becoming highly populated by hasidics on and along Vermont Ave and locust and spilling over into Toms River now.

Sale of homes in Toms River (volume and price spike) mostly attributable to this

Strategist says

Yes. You end up doing some of the leg work yourself, but in a sellers market, it's the secret to success.

It's worth it overall, but lot of times realtors here don't want to work directly with buyers unless they sign some kind of contract to show other or show other homes, which is exactly what happened with this same listing agent back in October on the exact same property.

She showed a few houses and never called back after I failed to show interrupt in drivel she was peddling.

They always ask are you working with someone and if you say no, then to reiterate, they try to make you sign something.

The listing agents I contacted to corroborate my agents story all declined to take offers on other homes in past few months due to property being under contract.

Since the agent we are working with was relatively BS free, we decided to go with her.

The house that I put offer in was declined in lieu of a higher offer....this is more in owner than realtor; that is, accepting another offer under attorney review.

I guess if the person offered more than 20k above me, I'd kind of understand the sellers position.

My realtor kind of lied to us because she didn't adequately interpret the lawyer speak coming out of the listing agents mouth I came to find out this morning

MMR says

Strategist says

Yes. You end up doing some of the leg work yourself, but in a sellers market, it's the secret to success.

It's worth it overall, but lot of times realtors here don't want to work directly with buyers unless they sign some kind of contract to show other or show other homes, which is exactly what happened with this same listing agent back in October on the exact same property.

She showed a few houses and never called back after I failed to show interrupt in drivel she was peddling.

They always ask are you working with someone and if you say no, then to reiterate, they try to make you sign something.

I just let them know upfront that I only intend to go through the listing agent. Sure, they will give you the BS, but if they don't already have a buyer for the house your offer will get through.

I think in most states an accepted offer is an accepted offer. This NJ "attorney review loophole" stuff sounds even more sleazy than most places.

How was the offer "accepted"?

Phone call? email? written contract?

Ironman,

Yes, I'm aware how it's usually accepted. But I missed how the original thread starter had their specific offer accepted so we have a better idea of where he stands.

Ironman says

I hope you have a GOOD realtor working for you.

Bwahahaha

I can't see "good realtor" and not immediately think about the wisdom APOCALYPSE passed on to me over the years.

Ironman says

Sorry to hear you lost the house. Maybe the other deal will fall through due to lack of mortgage approval or something else and you can slide back in.

In our case they wanted mortgage pre-approval and proof of funds for down payment....if that is the standard, then I am sure the offer would go through unless someone else makes a higher offer during the attorney review period.

Ironman says

Usually by a signed contract, but here in NJ, the contract isn't "binding" until it exits attorney review, so anything can happen in the time frame during the review process.

Correct
BayArea says

But I missed how the original thread starter had their specific offer accepted so we have a better idea of where he stands.

Technically, it turns out that they can accept offers. I got suspicious when listing agent was slow to get seller to sign and submit for attorney review.

My offer was initially accepted. Since it is technically under attorney review I still have time to make an offer but it's doubtful that I will do that since there is another place in same complex available and needing less work.

Will see how things go today

justme says

attorney review loophole" stuff sounds even more sleazy than most places.

Very sleazy indeed

Strategist says

Sure, they will give you the BS, but if they don't already have a buyer for the house your offer will get through.

It's not Bay Area level of competitiveness but there is less quality housing stock in north jersey where I am located and the houses that are updated are getting multiple offers and it seems like prices are up since last year.

One place I looked at was recently "priced to sell" but really it was designed to get multiple offers to bid up the price ....I was told that my offer on that house, which ultimately I didn't submit was about 20k short (part where I am skeptical about my agent)...no way to verify whether her opinion is truthful

I am more skeptical when she claims market up 10%, although the few places we looked at got full asking this year vs last summer and fall

Ironman says

should absolutely be able to get that information if it was a higher offer. The listing realtor should tell her exactly what the other offer was.

I was told repeatedly that they cannot disclose the offer, even in transactions prior to this one.....best case, according to these people is that we offer and look at whether offer is accepted

Ironman says

'd rather have a attorney handle all the legal crap and working out inspection or title issues versus having a clueless realtor do it.

We were told strongly by realtor to hire attorney.

It looks like 6.0-8.5% in the townhouse condo market.

Last year the comps in the place I'm looking at, which has lowest HOA in town, none of the places got full asking.

This year it looks like different ball game so far as the places I've looked at had multiple offers

I offered full ask on a place that still needed some work and got beaten out with a higher offer, although I'm willing to bet it was for some value no greater than 5k or 10k

Also most of the townhouses are asking mid to high 300s in this town. More than half are above 400k and some are as high as 500-700k

One place vizcaya is around the million range (border of Livingston)

I think the 250k estimate for townhouse condo is low...

Ironman says

edian for ALL of Essex County, you know what other towns make up Essex, right??

Lol yeah....forgot about Newark and to lesser extent places like Belleville, Bloomfield

Ironman says

I always do, even though I've been through this rodeo many times before. If anything, the attorney helps give some leverage, if needed.

Yeah my attorney is basically in Neptune.

If they accepted on record, they are stuck with you.

By record I mean provable paper trail.

from what I hear, one of my coworkers lives in West Orange. All the brooklyn hipsters are now moving in there and bidding up the prices because they can no longer afford to pay 1.2 million for a shitty apartment in Brooklyn.

errc says

Everything seems very expensive right now. We're thinking about building a house. Land is very expensive as well.

Even where you live? Are the Amish rolling in money?

ClassicField says

from what I hear, one of my coworkers lives in West Orange. All the brooklyn hipsters are now moving in there and bidding up the prices because they can no longer afford to pay 1.2 million for a shitty apartment in Brooklyn.

Interesting...I had heard about Maplewood as Brooklyn west and South Orange having spillover.

The diff is that those places have train access to Newark as well as NYC.

A few places I've seen so far this season have gotten full ask or above and they weren't as updated as the comps from last summer, so there may be something to what your friend said