Buying a home is an exciting and rewarding process that when executed properly will yield many fond memories for years to come. Like all projects however, its important to understand the process and address any questions in advance with your NJ Realty REALTOR professional. Shown below is a general breakdown of what you can expect.
a. Identify your primary & secondary home requirements
b. Discuss and review your requirements with your NJ Realty REALTOR
c. Discuss NJ Agency Regulations (Buyer, Seller, Dual) with your NJ Realty REALTOR
d. Obtain a Mortgage Prequalification from an experienced Mortgage Broker
e. Review home listings and visit homes
f. Consider the alternatives
g. Review any available home disclosures, survey and other information.
h. Considering home condition, investment requirments, taxes, association fees & possible expansion limitiations.
i. Make you Top Home Selection, trying not to comprimize on your primary requirements.
a. Request a prequalification from the Mortagage Broker for the offering price of the desired property.
b. If necessary, ask your Mortgage Broker for a written estimate of costs.
c. Prepare Offer to Purchase with supporting documentation, prepared by your NJ Realty REALTOR, containing:
d. It will also include important supporting documents as well, typically:
a. Many of us find negotations difficult and frustrating. Here are a few tips:
a. Attorney review takes a minimum of 3 days, whereby either party may cancel at any time
b Attorney's Receive Contracts and Negotiate a "Rider" (a set of changes to the contract).
c. Both parties sign Rider
d. During Attorney Review, the selling REALTOR can, but does not have to, mark the listing as such:
e. At the completion of attorney review, the home is under contract and is marked as such.
f. Once under contract, usually the home is removed from popular Websites & showings stop:
a. Home Inspection Window (typically 10 days)
b. Countdown to produce Second Deposit as agreed upon in the contract (typically 10 days and 5-10%)
c. Countdown to produce Mortgage Approval (typically 30 days)
Includes a fee for Radon and Termite Inspections, but Chimney and Pool inspections are managed seperately
a. Conducted by a NJ certified Home Inpsector, this provides information about the maintenance needs, condition & concerns
b. At the conclusion of the inspection, you will receive an inspection report
c. Based upon the report, you may seek to negotiate repairs if applicable:
a. Title Search completed to verify that the Title is clear of any related leins, special provisions, obligations or claims
b. Survey this shows your property size, boundaries, home footrprint, as well as disclosing any special land considerations and easements:
a. Before issuing, a completed Home Appraisal will be performed as requested by your Mortgage Broker
b. A NJ certified Appraiser prepares a statement showing the home value:
a. Verifying the finacial stability of the Home Association, noting membership fees, monthly fees and special assessments.
b. Paying Title Insurance and for homes over $1,000,000, the applicable NJ Mansion Tax surcharge.
c. Obtaining Home Insurance.
d. Reimbursing the Seller for the balance of their quarterly tax prepayment
b. Transfer all Utilities to your account.
b. Perform a Home Walkthrough the day of Closing, coordinated by your NJ Realty REALTOR:
c. Obtain and review your HUD statement including all costs, credits & the final payment due at closing
d. Obtain a certified check for the amount of money due at closing
e. Meet at the agreed upon office with your Attorney & NJ REALTOR to perform the closing Congratulations!
*This is an overview of the purchase process and is subject to errors and ommissions. Also, every transaction is different, so the process can vary. Be sure to address any questions you may have with your NJ Realty licenced REALTOR.