Home Buying in New Jersey>Question Details

Buyer777, Home Buyer in New Jersey

How long does it take to go from an accepted offer to being "in contract"?

Asked by Buyer777, New Jersey Tue Apr 20, 2010

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Hi Buyer -

A different perspective is that some agents intentionally "forget" to place the property under contract..

Why?

Ah, because f it goes under contract it drops off realtor.com and other websites.. that means the Realtor will no longer et the leads off the property. I have been involved in many cases where the agent must be told numerous times to place the property in attorney review and then under contract after attorney review is concluded.

I think we have all the bases covered.
3 votes Thank Flag Link Tue Apr 20, 2010
Buyer,

I am assuming going from signing a contract by both buyer and seller (attorney review period) and going to "under contract"

Depends on how quickly the attorneys respond to each others attorney review letters and how fast you get back to your attorney when he/she want to discuss their replies with you. If the changes made during attorney review are acceptable to both buyers and sellers I have seen it take 3 days, and in other cases I have seen it take 2 weeks.
3 votes Thank Flag Link Tue Apr 20, 2010
I checked with my favorite attorney today (I was curious) as to whether the attorney review needs to be completed in order to qualify as having a firm contract by the 30th - he said yes..........although we start with signed contracts - one of the first things the attorney does is "disapprove" of the contract, so it is no longer binding at that point.......unless the changes he requests are incorporated.
Therefore, according to this attorney - the review needs to be over.

You have time Buyer...........get the offer in!

Good luck!
2 votes Thank Flag Link Tue Apr 20, 2010
YES! But this is the time to do it. You will be fine,

I am not sure about the technicalities of it as far as the government is concerned... but, you do have "a contract" to buy a property once both sides agree to the sale price and sign the contract document.

The goverment website reads: You must enter into a binding contract to buy the home before May 1, 2010, and close before July 1, 2010. http://www.irs.gov/newsroom/article/0,,id=206291,00.html

You should speak to an attorney to clarify.. Just do it quick!
2 votes Thank Flag Link Tue Apr 20, 2010
Yes, Buyer, you should be able to make the deadline. Most sellers and agents (and attorneys) are sensitive to the fact that many buyers are rushing to make this all happen in time.

Get your offer written, presented and accepted asap!

Good luck !!
2 votes Thank Flag Link Tue Apr 20, 2010
Good morning Buyer....

Just to add to what has already been said, although the contract stipulates a 3 (business) day attorney review period, the review can be completed sooner if both attorneys agree, and I have seen this done.

Conversely, it can also be extended if, for some reason, the attorneys need more time........perhaps there is an issue they don't agree with, or maybe one of them was in court, out of the office, and they just needed the extra time.
So...3 days is the target amount of time, but don't be concerned if it does take a few extra days.

Once you are considered to be "under contract", on my MLS (Garden State MLS) , the home must be taken off the "Active" list , and shows as "Under Contract" - - showings of the home stop at that time. Up until then, the home may still be shown during attorney review, during which time either party has the right to cancel the sale.
Once under contract, the time period allowances for inspections and obtaining a mortgage commitment will then begin.
Hope this helps!

Good luck!
Debbie Rose
Prudential NJ Properties
1 vote Thank Flag Link Tue Apr 20, 2010
Once the terms are agreed upon, contracts signed, any changes initialed, the contract goes to the attorneys. Attorney review needs to be completed for you to be considered "under contract" in NJ. That timeframe can take anywhere from hours to weeks.
To help you expedite the process, be sure to choose a good, local real estate attorney to work your side of the deal. (Then hope the seller does the same.) Make sure your agent and your attorney both know you need to be under contract by April 30th, since negotiations can take some time, too.
Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Apr 21, 2010
I was asking because I am thinking about making an offer on a house and I was wondering if we would be able to make the April 30th deadline for the tax credit. Thanks!
0 votes Thank Flag Link Tue Apr 20, 2010
To prevent any delay, next time you submit an offer make sure it has on it the dates in which you wish to be under contract by. Normally I submit offers and ask for a reply within 3 days, it usually doesn't take that long. After that, the contracts are usually ready to be signed within a few days and after both parties sign the 3 day attorney review period begins, after that expires the property will be under contract. It can all be done in less then a week. If its taking longer, then its time to start asking questions.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Tue Apr 20, 2010
In our area being "under contract" and having an "accepted offer" are the same thing as long as the accepted offer is in writing on a valid real estate contract. Regional dialects may very.

Hope this helps,
DreamTown.com
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Tue Apr 20, 2010
That depends on the Seller mostly. We've had offers accepted in an hour and ones that the Seller took over a week.

Most Sellers get back to you within a day or two as an average.

If the property is an Estate it could take some time,family,lawyers etc will hold up the acceptance.

If the property is a Foreclosure you have to wait for bank approval a few banks are fast and still more take 10days as a standard.

Lastly if it's a short sale it can take from a week to never for approval.

All the best
Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Tue Apr 20, 2010
Once the contract is signed by both buyers & sellers you are in contract. It then goes into attorney review at which time either the buyers or sellers can cancel the contract. Once you are out of attorney review which is typically 3 business days, you have a firm contract.
0 votes Thank Flag Link Tue Apr 20, 2010
That depends... Did you submit an offer in contract form with all terms or did you offer a proposal to purchase. You are not actuallly under contract until you have given a deposit and both buyer and seller has signed agreements in their possession. Thereafter you will have a three day attorney review period. If you are using an agent they will be better suited to answer your question.

Jeremy S. Hill, Realtor Associate,
Keller Williams Realty
http://www.YourPhillyHomeSearch.com
http://www.SouthNewJerseyHomes.com
Office: 856.685.1651
Direct: 609.876.5817
Fax: 609.482.8235
Licensed PA, NJ
"Your Interest 1st Always"
0 votes Thank Flag Link Tue Apr 20, 2010
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