Home Buying in New Jersey>Question Details

Lmartine, Home Buyer in New Jersey

Can you make an offer when a place is under attorney review?

Asked by Lmartine, New Jersey Tue Feb 8, 2011

We fell in love with a place and it went under attorney review just a few days ago. The buyers still need to be approved by the board, can we put an offer on it as well? Or a back up offer incase it falls through?

Help the community by answering this question:

Answers

9
Lmartine,

I know I'm stepping in a little late here and I'm hoping that if you truly loved the home, you have already proceeded with putting in your offer and having your agent or attorney fax it directly to the seller's attorney. I've represented buyers where we knocked out the first offer in attorney review and my buyers bought the home. Having no way of knowing what's on the table, your offer must be strong to bump out the first guy. Keep in mind that someone can bump you out too - I would've suggested you adding back-up offers only and seeing if the sellers would agree.

Good luck and I hope it works out for you.

Gina Chirico, Sales Associate
Lattimer Realty
973-715-1158 cell
973-575-6353 ext 17 office
Gina@GinaChiricoRealEstate.com
0 votes Thank Flag Link Thu Feb 10, 2011
A buyer can still submit offers until the seller'sin attorney review and by law, offers can be submitted until closing if the seller does not instruct the listing agent /attorney to halt all offers. procceed ahead since you still have time.
0 votes Thank Flag Link Tue Feb 8, 2011
You can put in an offer in NJ while a contract is in attorney review. Have your attorney fax it over to the sellers attorney asap.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Tue Feb 8, 2011
I've seen attorney reviews lasting much longer in the past couple of years...certainly and especially in the case of short sales and pre-foreclosure. Suzanne and Tim are right, your best bet is to make your offer ASAP, but you will see properties listed online that have been in A/R status for months and that may be a red flag that the whole process is delayed by bank sluggishness. Beware. It never hurts to make an offer, because you may be just the buyer they're waiting for.

Best of luck to you.
0 votes Thank Flag Link Tue Feb 8, 2011
It fully depends on how that offer was written that is now under attorney review, if it is contingent on attorney review and teh seller has signed agreeing to this periord, then any new offer would have to wait until the perios is up or the buyer withdraws. The seller can not enter into more than 1 purchase agreement at a time. You can however submit an offer that outlines your offer is contingent upon teh 1st buyer being releases, then teh seller would be able to sign it putting you in 2nd position. Your buyer broker should be able to guide you through the process.
0 votes Thank Flag Link Tue Feb 8, 2011
You can but you'd better hurry! Typically attorney review in New Jersey lasts only 3 days. Get on it now! And a back up offer is a very good idea. So many deals fall apart these days for a variety of reasons it can't hurt. Good Luck!
0 votes Thank Flag Link Tue Feb 8, 2011
Yes you can submit and offer how ever the seller would have to decide whether they want to cancel the other offer under the attorney review period before they can do anything with your offer. My advice is your offer better be worth more then the seller current offer in money and terms..... The seller has to pay and attorney to cancel the first agreement the buyer being approve by the board has nothing to do with the attorney review that is a seperate issue. P.S. if you are going to make and offer have your attorney prepare your agreement of sale that way there would be no review period also make sure your offer is strong in every way if you are going to spend for your attorney.

Tim Robbins
Exclusive Buyers Broker

Better Homes Realty
800-610-3599
0 votes Thank Flag Link Tue Feb 8, 2011
Absolutely you can. In New Jersey all offers must be presented to the Sellers, up to the time of settlement. If a home is under contract and out of attorney review, the sellers must be advised that they should seek the advice of an attorney before considering the offer.
0 votes Thank Flag Link Tue Feb 8, 2011
If it's not ratified, it's not ratified!
0 votes Thank Flag Link Tue Feb 8, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer