Tthclnr, Other/Just Looking in Somerdale, NJ

How long does a seller have to sign a contract/agreement of sale of a house they are selling,but have verbally accepted an offer to purchase from a?

Asked by Tthclnr, Somerdale, NJ Wed Mar 31, 2010

buyer? Isn't their a specific timeframe to accept or reject a contract or should it have been written in that contract? Can sellers take their time and make the buyers wait indefinitely?

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5
Dianne Hicks, Agent, Rancho Bernardo, CA
Wed Mar 31, 2010
Verbal really means nothing, you need it signed contract!!! You will have to review the contract to know the time frame they have. It is frustrating I know, patience is required in this market..
2 votes
Gerry, Home Buyer, 14621
Fri Jun 12, 2015
Put a offer in on a home in fl bank accepted verbily then sent contract for me to sign agent sent back 5 days ago and still dose not have signed contract back from them I have even been sent closing title info and have the cashiers check for EMD can any one shed some light on this
0 votes
Joan Congilo…, Agent, Freehold, NJ
Fri Apr 2, 2010
Since you have already submitted a written offer, it was negotiated & agreed to you should be after your buyers agent to get the contrract signed. Tell your agent to call the lsitng agent & offer to meet with the listing agent at the sellers home to get it signed. Typically the seller should sign it once it is negotiated within 48 hours sometimes a seller will take a bit longer & wait until their attorney can look at it 1st. If you are aware there is another offer that may be the reason it has not been signed. In NJ even if a contract is signed a seller has a right to show the property & entertain other contracts until you are out of attorney review. But again you are not even at that point yet so there is really nothing you can do but wait it out. If you still don't have a signed contract by next week I'd suggest you start loooking at other homes.
Web Reference:  http://www.joancongilose.com
0 votes
Tthclnr, , Somerdale, NJ
Wed Mar 31, 2010
Thank you! What if the seller's agent took 3 days to get the contract to the buyers, they signed it ,sent an deposit check with it and returned it the next morning........and that same agent continued to show the property? Not a foreclosure or short sale, good down payment,all terms agreed to according to the agents. Now buyers being told another offer was submitted. It becomes a waiting game?
0 votes
Marita Maxwe…, Agent, Cherry Hill, NJ
Wed Mar 31, 2010
This is a hard one to answer without other criteria. Did you alter the contract that would make it unacceptable to the seller? Are there multiple offers? Is it in the hands of an attorney? Is this a short sale conditioned upon approval of a third party?
Typically a motivated seller will sign an acceptable contract within a day or two. Holding that contract doesn't benefit anyone unless they have someone else in the wings who may pay more than you or has more down payment. Again, not enough information. A contract is not a contract without both signatures. Keep looking.
Marita Maxwell
Broker Associate
RE/MAX of Cherry Hill
856-424-4040 x 131
0 votes
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