(Closed) NJ Attorney Review is the devil..VENT/RANT

posted 5 years ago in Home
Post # 3
Member
160 posts
Blushing bee
  • Wedding: October 2012

That sounds awful! We bought a home in NJ last October & I think the only thing worse than attorney review is … dealing with the bank! .. The banks are so slow and unorganized when dealing with home loans IMO. Especially Wells Fargo (that’s who we used).   All I can say is hang in there, and it may be a verry looong and tedious process, but it will be SO worth it when you are all settled into your new home.  Good luck!

Post # 5
Member
330 posts
Helper bee
  • Wedding: September 2011

Whoa, I’d never heard of that. Just remember that it’s the holiday season, so lots of people are on vacation. The other attorney might be out of the office, or the family selling the home could be out of town too. Hang in there!

 

Post # 6
Member
886 posts
Busy bee
  • Wedding: November 1999

@SoonToBeMrsD921:  The market is definitely not nearly as buyer-friendly as we’d imagined when we went into the game this fall. The burst bubble has added so much friggin’ red tape to everything! And the news stories about house prices rising are definitely true, even if it is for a lack of available inventory. Lots of properties here in Maryland were going for above asking price in bidding wars even late this fall.

I don’t know what more to say than hang in there! As my Mother-In-Law told me, if it’s meant to be with a particular house it’ll happen for ya. 

Post # 7
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Wow, we don’t have that in CA, but we do have a ridiculously aggressive market with all cash buyers swooping in and taking homes away from financed buyers. It was a nightmare – so glad it’s done! Honestly, with the high property taxes and attorney review process, that’s enough to make me question whether i’d ever want to live in NJ. That sounds awful.

Also, I see people complaining about how incompetent mortgage lenders are here…but those people are always using the big banks that got the country into this mess to begin with. We used a smaller lender – Everbank – and they were 100% on the ball. Use a smaller bank!

Post # 9
Member
886 posts
Busy bee
  • Wedding: November 1999

@SoonToBeMrsD921:  Great news! Good luck with the inspection! The whole process is rather nail biting stressful, isn’t it? Keep us posted!

Post # 10
Member
160 posts
Blushing bee
  • Wedding: October 2012

I agree with crayfish, definitely use a smaller bank if you can.  I’ve heard they are much quicker and more “with it” when processing loans than the big banks are.  Unfortunately we learned this tip after we got our loan through a big bank.  So great to hear you are under contract! Congrats!

Post # 11
Member
1137 posts
Bumble bee
  • Wedding: September 2011

We did both of our refinances through a small bank – they will sell of the loan to a big bank anymore in the end, and usually they are better to deal with and give a better deal. Currently waiting for our mortgage to be sold right now (just refinanced last month), but we are assuming it’ll go right back to Wells Fargo since they are the ones that seem to be getting most loans around here.

I’m glad we don’t have attorney review, but we do have the issues with people bidding over asking price and cash offers. Our place was the third we offered on. First was a cash buyer, the second was a foreclosure, and this one we swooped in the day it hit the market, which was actually a week before it was supposed to hit the market. Worked out in our favor, but we had to make an asking price offer.

Post # 12
Member
693 posts
Busy bee
  • Wedding: July 2012

@SoonToBeMrsD921:  Ugh, I hear you! We are in attorney review right now, and I’m so stressed. It’s only been a few days, but I am just so freaked out. This house is head and shoulders above everything else we’ve seen, and we really love it. I am just trying my best to keep positive that this will be our home.

To this point, everything has moved really quickly. We put in an offer on 12/27 and heard back within a few hours that there was another offer so we really needed to go in with our biggest and best. We offered $10k over asking, and it was accepted the next day. We’ve been under attorney review since then, which has only been five days (including a weekend and New Year’s Day), but it feels like an ETERNITY. Plus, we learned that we actually ended up beating out two other offers, not just one, AND there’s lots of other interest in the house. So that just makes me paranoid that someone else is going to love it just as much and offer more. Our realtor told us we should expect to be under contract by this weekend, and I’m really, really hoping that is the case.

The one thing we have going for us in this case is that the house is a flip – a contractor bought it, re-did everything, and put it back on the market. So we know he wants to get this done fast because he doesn’t want to have to carry any extra mortgage payments. And our attorney is a decades-long family friend (he actually married us), so he’s 100% on our side and doing all he can on his end to keep everything moving for us.

I’m hoping we’ll be able to join you in the appraisal and inspection phase next week! And good luck with your new home! Congrats!

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