The people selling the condo I want to buy are insisting we close June 15th! My attorney is saying there is no way we can close that quickly unless I am paying with cash! Do you think they will back out? Do you think they will find someone that can close that quickly? There place has been on the market since March.

why don't you think it can close that fast? i have seen closings happen over night.

According to my attorney, it cant be done unless I am paying in cash. First time buyer

Why would being a first time buyer matter? I was a first time buyer once. I closed in 2 and a half weeks, w/100% financing. Shouldn't you be talking to your lender on when you can close?

i have first time homebuyers as well and we are closing in a couple of weeks. you need to talk to your lender rather than your lawyer. your lawyer doesn't know much, i'm sorry. lol

Sounds like you should have found a Realtor instead of a lawyer. I got someone into a home with VA financing in 19days. Lawyers are good for paperwork but little else!

What about inspections and insurance? Dosent that stuff take time? What if something comes up in the inspection?

Insurance is a simple phone call away to your agent. Inspections are not a problem you simply call the inspectors on your list till you get one that can do it asap. Get your Home inspection first so you will have time in case a repair amendment needs to be submitted. If yu have a good mortgage broker then it can be done.

What about it??

I let a home inspector into a home I sold yesterday afternoon. I'll get his report this morning and we'll agree (hopefully) on any repairs by tomorrow.

Termite inspection takes about 30 minutes depending on the size of the house; probably not a problem with a condo.

15 minute phone call to an insurance carrier and you have insurance.

If there is a lawyer involved in this deal he or she is the hold up problem.

I've closed transactions involving financing (and first time buyers) in as little as a week.

So it sounds like you aren't using a RealtorŪ, and you're depending on your attorney (who's probably getting $250-300 bucks an hour) to get all your stuff done. W/out an agent to represent you, you really need to take an active roll in making sure all the stuff gets done. As a first time buyer, what made you decide to not use an agent?

I have a realtor buyers agent, but my attorney is reviewing the contract. In NJ you have what is called attorney review. The agent does not give legal advice. He has already found things in the contract that were a disadvantage for me and has had that changed.

Ok, got the review thing, or at least the concept. I guess I just don't understand if it under review, and that what the attorney is doing is basically reading it over to make sure you're not getting the shaft or something, why he'd even make such a statement about not being able to close that soon. For the review period, how long is it? Can you move forward in ordering inspections and everything while under review? Could the changges that were made because of whatever reason, be the cause of not being able to close faster?

Katie -

I am going to find out today. My Agent told me that sometimes the seller and buyers attorneys will drag out attorney review. In NJ, it is attorney review and then Under Contract. my attorney also told me that he is going to read all of the By laws for the condo association with me, to make sure that I am ok with the way things are run.

Doesn't sound like your attorney normally practices real estate law. (I look at attorneys like this: If you have a problem with a sore ear, you go to an ear specialist.... not a heart doctor. Both have the right degrees to practice, but specialize in different areas.) If you need real estate legal advise, go to a real estate lawyer. Since there are lawyers who do specialize in a specific area of law, seek counsel from a specialist. As far as the condo docs, your attorney should already be familiar with them, if he's in the area. There is a summary page (or pages) of things that would affect you directly - perhaps whether you could park a commercial vehicle, whether or not they permit pets........ the rest is legal mumbo jumbo. If the condo has been going for a while, many other attorneys have plowed thru the docs to protect the residents.
Tell the attorney it's your desire to move quickly, and if he can't, Fire Him!

Suz,
I agree 100%. Sounds like the attorney is the one drawing things out. Condo gal you need to tell him to move it of fire him and get an attorney that specializes in Real Estate deals.

He is a Real Estate Attorney and came highly recommnded by someone that used him to close on a house. My agent is now waiting for a letter from the sellers attorney so that she can move the status from Attorney review to Under Contract. I will keep you guys updated.

Thanks

Have your buyers agent contact the listing agent or seller if no listing agent. Maybe they can light a fire under their attorney since they are the ones wanting to close so fast.

Once your get it out of the attorneys hands it should move quickly. Have you talked to your lender? Are they prepared to get it done that fast? If not then maybe your agent can suggest one that can get it done.

Best of Luck