How Many Days Does the 3 Day Attorney Review Period Last?
Nope. You are wrong. Read On.
3 Days?
Ridgewood Sees Some Green Shoots
The real estate industry has recently begun to see some "green shoots" and Ridgewood is doing significantly better than the national average - by almost every metric. One by-product of the difficult real estate market is that the transactions themselves have become more difficult for both buyers and sellers. This is reflected in transactions taking longer to complete the "attorney review" process, more contentious negotiations over home inspection issues and, in some cases, in deals just completely falling apart.
So, I was delighted to see that of the 5 Ridgewood Homes that entered the Attorney Review phase, in the 7 day period covered in this report, 4 have already moved to the "Under Contract" phase. This means that the buyers, sellers and their attorneys have approved the contracts and have agreed to move forward. This may not sound impressive becuase most folks think the 3 Day Attorney Review period actually lasts 3 days but that is where they are wrong. Once both sides engage an attorney things can last much longer. Click here for a full explanation of the Attorney Review Period.
Ridgewood Real Estate Transactions - August 1st - August 7th
Click Here to view the details on all homes listed below.
7 new listings.
5 homes marked as being in "attorney review" (4 of which moved to Under Contract)
8 homes went under contract.
5 homes were sold.
| Street # | Street Name | Bedrooms | Status | Days on Market | 2008 Taxes | Home Style | Price* |
| 687 | ELLINGTON | 3 | Active | 6 | $7,982 | C/C | $445,900 |
| 274 | GLEN | 4 | Active | 8 | $7,450 | C/C | $469,000 |
| 678 | SPRING | 3 | Active | 10 | $9,752 | RANCH | $595,000 |
| 230 | HILLCREST | 3 | Active | 10 | $10,117 | COL | $659,900 |
| 43 | GLEN | 4 | Active | 5 | $13,166 | COL | $675,000 |
| 441 | ALPINE | 4 | Active | 6 | $12,328 | COL | $779,000 |
| 729 | MARY ANN | 5 | Active | 4 | $20,813 | COL | $1,135,000 |
| 416 | COLWELL | 4 | Attorney Review | 13 | $11,332 | RANCH | $559,000 |
| 11 | MONROE | 2 | Under Contract | 121 | $8,429 | COL | $349,900 |
| 481 | GROVE | 4 | Under Contract | 11 | $9,160 | C/C | $428,800 |
| 469 | GEORGE | 3 | Under Contract | 99 | $10,289 | S/L | $549,000 |
| 530 | BENNINGTON | 3 | Under Contract | 107 | $9,600 | RANCH | $595,000 |
| 374 | VAN EMBURGH | 5 | Under Contract | 385 | $13,913 | COL | $649,900 |
| 78 | RIDGE | 5 | Under Contract | 140 | $13,783 | COL | $798,000 |
| 353 | BOGERT | 4 | Under Contract | 50 | $12,626 | COL | $809,000 |
| 489 | COLONIAL | 6 | Under Contract | 172 | $16,851 | COL | $839,900 |
| 239 | CLAREMONT | 4 | Under Contract | 44 | $16,053 | COL | $875,000 |
| 286 | MAPLE | 5 | S | 17 | $8,434 | RANCH | $520,000 |
| 150 | HOPE | 4 | S | 304 | $9,819 | COL | $515,000 |
| 420 | HILLCREST | 3 | S | 144 | $10,794 | S/L | $565,000 |
| 161 | VALLEY VIEW | 3 | S | 17 | $12,657 | COL | $698,000 |
| 226 | BEECHWOOD | 5 | S | 142 | $20,919 | COL | $915,000 |
* For Ridgewood homes marked Active, Attorney Review and Under Contract "Price" refers to the list price. For homes marked Sold, "Price" refers to the final sale price.
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This Week in Ridgewood Real Estate: July 25th - 31st
New Jersey Home Sales Rise for Sixth Month In a Row
Ridgewood Real Estate Update (July 18 - July 24) - The Trade-Up Buyer is Back
The properties in this blog post were listed and sold by various participants of the NJMLS based on information from the New Jersey Multiple Listing Service, Inc. for the period of August 1st through August 7th 2009.
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About Al Donohue
Al Donohue heads up Marron Gildea & Donohue's Ridgewood office and is one of the top agents in Bergen County.
Al attributes much of his success to lessons learned during his years as a top sales executive on Wall Street. Most of Al's clients are busy professionals and business owners and they love the fact that he speaks their language and understands the incredible demands on their time. Al stays in constant touch with his clients not only through phone calls and face-to-face meetings but also through email, instant messaging, and web pages created specifically for his clients. Clients can view the status of the sale of their home, read feedback from agents that have shown their home and review the status of their personal marketing plan 24-hours-a-day via their personal web page.
Al understands that technology is just a tool and says it is really his focus on providing world class customer service that has enabled him to achieve great results for his clients. He says the key to his success has been his ability to listen more than he speaks and always put the needs of his clients first.
Click below to view the original article:
Ridgewood Real Estate Update - Smooth Transactions and a Dumb Question (Aug. 1st - Aug. 7th)
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