Another timeline question - how long to sign contracts?

Our buyers had their inspection last Tuesday (exactly a week ago today) and the feedback from their realtor was that it went very well. We immediately had our lawyer start drawing up the contract. Its been a week and we still don't have signed contracts back in our hands. I'm getting nervous and thinking that usually this goes faster. The plan is to go back to our realtor and have him put some pressure on them to sign if we don't have the contract back to us by this afternoon.

From experience, does it usually take this long from inspection to contract signing? I'm starting to worry that they may back out!!

Re: Another timeline question - how long to sign contracts?

Until the contract is signed, it's your perogative to keep showing the house, if you want to. Usually, a buyer signs quickly. It's in their interest to get to contract or you could accept another offer.

I'd have your agent talk to their agent and see where they stand. Maybe they had a family emergency or something? Either way, get an update and take it from there. It's also possible they found another house and are doing an inspection there. Anything is possible.

Re: Another timeline question - how long to sign contracts?

In my experience, it usually takes about 2 weeks to get from the day of the accepted offer into full contract (give or take a few days).

It can take a couple of days to get an inspection done (I urge my buyers to do it asap - the next day if possible - given the competitive market).

Then the buyers have to get the inspection report (usually the next day) and review it. It can take a day or two to work out any inspection issues.

Once we are passed the inspection, I will send everything over to the attorney. But how fast everything happens from there depends on the attorneys' schedules. The sellers' attorney has to get the contract out for the buyers' attorney to review. If the buyers' attorney makes changes, then the sellers' attorney must review/approve. Sometimes it takes some back and forth to negotiate the contract, although if the real estate agents did their job of negotiating all the terms upfront, then it shouldn't be too much of an ordeal, the contract is fairly boilerplate. Then, the buyers have to meet with their attorney to sign, the buyers' attorney needs to send the contract back to the seller's attorney (with the down payment check), and the sellers need to meet with their attorney to sign.

So if the buyers' attorney is busy and doesn't review the contract for a few days, it can slow the process down. Or they are unavailable to meet with the clients to sign, it can slow it down due to no fault of the buyers. Also - Are you positive that your attorney sent the contract out?

I think the key, at this stage (between accepted offer and contract) is communication. The real estate agents and attorney should be telling each other what is going on, when the buyers plan to sign, etc. So definitely follow up. Communication is important - prevents needless anxiety and speculation, and will save a deal from going off the rails!

Another timeline question - how long to sign contracts?

If they had the inspection Tuesday, what day did you attorney finish the contract and actually send it out? Maybe the buyers are waiting to go over the report.

Don't forgot to give time for the contract to get to the other attorney if it was mailed and then the buyers need to get into the attorney's office to go over the contract, make a rider if needed, then sign and send back to your attorney.

Looking back at mine, the Sellers Attny faxed on 11/15. We signed and I made the down payment on 11/19. I'm not sure how soon after my attorney sent everything in or how. However, my attorney was my dad and I was living with him at the time so it's not like I had to make an appointment to go in so it went pretty quickly.

I would follow up with out attorney and see what their procedure is in following up.

Re: Another timeline question - how long to sign contracts?

So here's how it went:

offer accepted on Monday 4/13. Inspection occurred the very next day at 9am. They had the report by the next morning and advised our realtor that everything looked good. Our lawyer had all the info he needed to draw up contract by 4/15. There was some back and forth between the two lawyers for a day or two, but our lawyer said he sent the contract via Email over to their lawyer on the morning of Friday 4/17. But we have not heard at all whether or not it's been signed yet. We really haven't had any further communication from them since then.

Another timeline question - how long to sign contracts?

Toughie...I know the first house we went to contract on, it took about 2 weeks to get executed contracts. The second house, we made an offer but they seller took a cash deal - when they hadn't signed contracts within a week, the seller called us back and took our offer and we had the contracts signed within 5 days.

I have heard that some RE lawyers are notoriously slow with getting things moving - have your lawyer call and put some pressure on.

Another timeline question - how long to sign contracts?

I think we were in contract 2 weeks after the inspection. There was a lot of back and forth between the two lawyers (ours was meticulous, theirs was not).

I think it's ok to have not heard yet. If the contract wasn't sent over until Friday - the other lawyer may not have had a chance to look at it yet.