Put offer on house and offer accepted, sent for attorney review
invite response
2017 Apr 6, 6:00pm 16,896 views 41 comments
by MMR ➕follow (1) 💰tip ignore
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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
Strategist
2017 Apr 7, 9:14am
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.
justme
2017 Apr 7, 9:47am
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.
BayArea
2017 Apr 7, 9:58am
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.
BayArea
2017 Apr 7, 10:00am
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.
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.
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
attorney review loophole" stuff sounds even more sleazy than most places.
Very sleazy indeed
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
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
'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...
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
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.
FortWayne
2017 Apr 7, 5:24pm
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.
Booger
2017 Apr 7, 6:21pm
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?
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
Booger
2017 Apr 8, 3:32pm
Harold and Kumar Newark, NJ reference:
www.youtube.com/embed/iyPCQfpdh5k
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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?
#housing