Home Buying in 08830>Question Details

April, Home Buyer in Edison, NJ

Is it prudent to withdraw my offer?

Asked by April, Edison, NJ Fri Dec 28, 2012

Is it prudent to withdraw my offer as the date is one day before second deposit ( half of down payment ~30K) as was mentioned in the contract, at the same time it is almost 3 weeks attorney review started; the attorney and his paralegal are not responding to where the review stands; my concern is that if I go ahead with second deposit - I may lose it. Any thoughts / advice ? Thanks in advance.

Help the community by answering this question:


@larry...please refrain from giving advice to people in NJ when you are in NC. We have an attorney review period you are not familiar with .
@aplk...all dates should run concurrent with the time to complete attorney review so usually your second deposit won't be due till the conclusion of AR no matter how long that takes. I can't imagine your agent or attorney even expect it to be paid till then.
Speak to your attorney.
My bigger concern is why its taken so long to conclude. Please also speak to your attorney to see if he's been in contact with the sellers attorney to determine why its so long.
Please excuse typos-sent from my Android
1 vote Thank Flag Link Sat Dec 29, 2012
Thanks for the reply. My attorney did not respond for my calls everyday through out the week before holiday started - looks suspicious to me. If I need help to get out of this - whom should I reach out - another attorney or an agent like yourself or just forget about it ?
Flag Sun Dec 30, 2012
As noted by all, get on your attorney ASAP. Your second deposit is not due yet even though there is a "date" for this to be presented. It should be on hold until the attorney review process is complete.

My concern is why the delay in attorney reviews? What questions are causing a delay in the process? Your attorney should be responding to your inquires. This is your home purchase and the attorney works for you, by all means call 5 times a day until your questions are answered.

If you look to withdraw your offer due to the deposit, it seems to me that you are really not interested in this house. During the attorney review period you may withdraw your offer at any time, In todays market I would bet the attorney would charge something for his/her time for work that has been done.

So, break chops.. make calls, get copies of what is going on in the attorney review process, you need to be informed of what is happening this is YOUR home purchase.
0 votes Thank Flag Link Sat Dec 29, 2012
Thanks for taking time to answer. I was going through same concern as you expressed. Despite my calls throughout the week I have not received any update from the Attorney/paralegal - informed the Broker who happens to be the listing agent for this property and knows the Attorney. I was interested for this property but not at the cost of agonising, losing the money and time unnecessarily - which is so obvious. About 10 days before, the update was that Seller's Attorney did n't agree to the conditions my Attorney mentioned in his review letter. Also it looks like myself as the Buyer is at mercy of the listing agent/Broker and Attorney for this specific case - which doesn't sound fair because it is me who is goiing to spend several hundred thousand dollars for a place to live and in case of any problem like such this can jeopardise my life.
At this point as I walk out of it - who would be able to help ? Another agent or attorney ?
Flag Sun Dec 30, 2012
You need to speak to your attorney and your agent to get an answer. If it is your attorney holding things up you may need an extension. If it is the the other parties attorny, they may be in default. So go back abnd call your agent and attorney as they will have the info you need.
0 votes Thank Flag Link Sat Dec 29, 2012
You should seek the advice of your trusted Agent and attorney. If you do not have one get one.
You have not given us enough information to guide you.
0 votes Thank Flag Link Sat Dec 29, 2012
Whose attorney is reviewing the contract? Yours? Theirs? Why is a review even necessary, generally speaking these contracts are prepared by each States Bar Association and Real Estate Commission and are essentially fill in the blank forms.

I haven't worked in New Jersey but know that attorneys there have inserted themselves into a process that doesn't really require them (imagine that).

If it's your attorney who isn't on the ball, fire them today (and by all means don't pay them). If it's the Sellers attorney then have your attorney draft an amendment to the contract stipulating that the balance is due only when the Sellers either completes their attorney review or waives it.

Get your agent involved that's what their there for and they have a financial stake (the commission) in seeing the deal get consummated.

If you're having second thoughts about the house then terminate., otherwise stop waiting passively for things to happen, start making demands of your attorney and Realtor to get their butts in gear and get it done or you'll terminate the offer and find others who are more professional and can get the job done.
0 votes Thank Flag Link Sat Dec 29, 2012
Hi ...

.Quite honestly, your attorney should be in touch with the sellers attorney....Express all your concerns...Is the seller still letting the property be shown. Is there a back up offer on this property? Sometimes that can be a red flag...(or it could be just because it is the holiday season) and the sellers attorney may be dragging their feet..Not quite professional however.......Your attorney can always send a kill letter making the contract non binding.. However you need much more info....I think your need a heart to heart chat with your attorney ASAP..This is difficult to advise since there can be so many different components to a contract.. Please let us know how this turned out..

Good luck to you...Diane. Agent. 732 859 2376
0 votes Thank Flag Link Sat Dec 29, 2012
You are right ; I was told that they are still showing the property - so it looked like they were expecting back-up offer; but I was not updated for more than 1 week neither by Attorney nor by the Broker; the attorney on my side is known to the Broker who is also a dual agent for this property; it looks like Broker is connected to everyone - but I did not get much help to proceed. Thanks for answering - it helps.
Flag Sun Dec 30, 2012
Real estate contracts prepared by a real estate licensee in New Jersey are subject to Attorney Review. Without knowing what type of Attorney Review correspondence exists between your Attorney and the Seller's Attorney, it would be very difficult for anyone to provide advice.

My recommendation is that you ask your Attorney what your options are at this point.

David Fialk, REALTOR
Choice Realty Co.
0 votes Thank Flag Link Sat Dec 29, 2012
If you really want the place I would also have your agent talk to the sellers agent to see if they can find out why it is taking so long to respond.
0 votes Thank Flag Link Fri Dec 28, 2012
As I don't know how the contract is written or what had taken place so far during the attorney review period, I would recommend that you ask your attorney to put in the amendment that your second deposit is not due until after you are out of attorney review and under contract.
0 votes Thank Flag Link Fri Dec 28, 2012
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