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from offer to contract?

Started by jblath
about 13 years ago
Posts: 0
Member since: Sep 2012
Discussion about
Hi! We have a verbally accepted offer and are waiting for the seller's lawyer to send us the contract. We feel like we've been waiting a while so I was wondering if there is a maximum amount of time you should wait before you start to think something fishy is going on? Are we just being impatient?
Response by lobster
about 13 years ago
Posts: 1147
Member since: May 2009

Are you being represented by an attorney? If not, might be a good idea to hire one and let him/her represent your interests. Representing yourself in a real estate closing might not be the easiest endeavor.

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Response by crescent22
about 13 years ago
Posts: 953
Member since: Apr 2008

To receive a preliminary contract? Few days max.

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Response by flarf
about 13 years ago
Posts: 515
Member since: Jan 2011

If it's more than 3 business days, I'd get suspicious. These are boilerplate contracts and there isn't much to change except the buyer's name, the price, and the dates.

Do you have a broker representing you? If so, that person should be following up with the listing broker to find out what's going on.

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Response by columbiacounty
about 13 years ago
Posts: 12708
Member since: Jan 2009

all too many threads here on this exact subject. best thing to do is assume that this deal is gone and keep looking.

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Response by 300_mercer
about 13 years ago
Posts: 10570
Member since: Feb 2007

Are the brokers and lawyers communicating? If so, less to worry. If it is a high end property needing some special clauses or sellers are not available to review the contract, it can take longer. However, they need to tell you the cause for delay.

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Response by huntersburg
about 13 years ago
Posts: 11329
Member since: Nov 2010

>all too many threads here on this exact subject. best thing to do is assume that this deal is gone and keep looking.

columbiacounty: always look at the dark side.

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Response by raddoc
about 13 years ago
Posts: 166
Member since: Jun 2008

We found out (the hard way) that any delay will probably not work out in your favor. We placed a fair bid, was told it was accepted and after 10 days found out that even though the sellers' attorney deposited our 10% down check, that the place was still being marketed and sold for $5K more with so much as the courtesy of asking us for a counter offer. This eventually resulted in our buying a larger place with a second bathroom on the same block and had the added bonus of purchasing a condo thereby avoiding the entire experience (read : horror) of dealing with a co-op board.

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