A different perspective is that some agents intentionally "forget" to place the property under contract..
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.
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.
Therefore, according to this attorney - the review needs to be over.
You have time Buyer...........get the offer in!
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!
Get your offer written, presented and accepted asap!
Good luck !!
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!
Prudential NJ Properties
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.
Hope this helps,
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
Jeremy S. Hill, Realtor Associate,
Keller Williams Realty
Licensed PA, NJ
"Your Interest 1st Always"