Offer on house

[Happy prose]

Has anyone put an offer on a house, and lost it while in attorney review? We put in an offer yesterday, and there were 4 offers. Later yesterday, they called for best and final offer, due by 5 PM today. The realtor said you could still lose it while in attorney review. I'd be sick!

[Deleted]

I’m not attorney but I think this is pretty rare. These contracts are usually boilerplate but if one attorney finds something objectionable and the parties can’t agree it could fall apart.

My first house was a 2-family, bought with a friend, each of us living in an apartment. Sellers had relocated and their attorney was trying to insist that we move in before closing and pay rent to the sellers. Turned out the sellers had no idea he was making that demand. He took that out of the contract.

[Sharon]

Where I live it is rare for people to use attorneys for the everyday home selling/buying process.  The use of title companies is very prevalent.   However when I bought my house last fall I ended up in what they call bumpable status, because the sale was contingent on selling my home.  If anyone came in with an offer without that contingency, or cash offer etc they owners would be allowed to accept that offer and I would be bumped out in the cold.  I'm not sure if my offer would have then been bumped to second offer position.  I never asked.  There were a couple of very stressful weeks.  Fortunately I had an offer by the following Monday.  We did stay until bumpable status until the inspection contingencies were met on my house.

The owners of the house I purchased were allowed to dictate that my house had to be on the market by a certain date etc and that if I took if off the market before so many days then the deal was off.  They did use the date that we told them we were planning to list.  My realtor explained that pictures were scheduled for a Tuesday and we were planning on going on the market on Thursday.  They were also allowed to dictate that I couldn't accept an offer that was contingent on that person selling their house.

[Happy prose]

I think when they call for best and final offer, they should not be allowed to accept another offer!

[CCL]

Is it the buyer's or seller's attorney reviewing the offer?

I've actually never even heard of this happening before. Most people don't even bother with attorneys in my area. Title companies manage the transactions.

[jerseygirl]

Jun 18, 2022 14:35:25 GMT -5 CCL said:

Is it the buyer's or seller's attorney reviewing the offer?

I've actually never even heard of this happening before. Most people don't even bother with attorneys in my area. Title companies manage the transactions.

In NJ I’ve never heard of any house sale not including attorney for each side. And a title search

[Deleted]

I hope you get the house you bid on - best of luck to you

[Happy prose]

Jun 18, 2022 15:14:16 GMT -5 soupandstew said:

I hope you get the house you bid on - best of luck to you

Thank you! I hope I hear soon. My stomach is in knots!

[Deleted]

Jun 18, 2022 14:43:04 GMT -5 jerseygirl said:

Jun 18, 2022 14:35:25 GMT -5 CCL said:

Is it the buyer's or seller's attorney reviewing the offer?

I've actually never even heard of this happening before. Most people don't even bother with attorneys in my area. Title companies manage the transactions.

In NJ I’ve never heard of any house sale not including attorney for each side. And a title search.

I believe it's required in NJ- that's where I bought my first house.. Don't miss the bureaucracy. Never had one in KS or MO- just a title company.

The title search is a necessity anywhere- usually as a requirement for the title policy, which ensures that no heirs, Exes, etc. come out of the woodwork and claim they have a right to the property.  It will also turn up any conditions and restrictions and any county assessments.  The Ex and I bought a place where the sewer had been put in and the owners were paying for it in installments that we'd have to continue.  Not a big deal but good to know. 

[Happy prose]

I was outbid. Not meant to be. 

[finnime]

Shoot! That stinks.

[Deleted]

I"m sorry to hear that. I know your dream home is still out there somewhere

[ners]

Jun 19, 2022 12:36:31 GMT -5 soupandstew said:

I"m sorry to hear that. I know your dream home is still out there somewhere

[Opti]

I'm sorry about the house. I hope you find something even better.

[Knee Deep in Water Chloe]

My son went through this many times about a year and half ago ago. (As Sharon said, we don’t have attorney’s, just title companies for house transfers.) In this type of seller’s market, back up offers can be accepted. If you’re the accepted offer, If something goes wrong, the seller can withdraw and go to the back up offer.