​Getting Pre-Approved

The first step to the home buying process is having a realistic expectation of what you can borrow from a lender. While you may be comfortable with a higher monthly payment, a lender is bound by certain requirements to keep your monthly payment within a certain range (relative to your income and other debts). So before spending a lot of time and gas looking at homes, it makes sense to get pre-approved or pre-qualified by your lender. 

You can use any lender you like – it does not have to be where you currently bank, and actually we have several lenders we can recommend.  and we’ll send you some contacts that we have worked with frequently who produce great results.

Home Shopping

Now for the fun part – looking at properties! If you haven’t done so already, this is the time to hire a buyer’s agent!
To be sure you are seeing every property available that meets your criteria, be sure the site you are using shows all the listings available.  A great way to stay on top of the latest inventory is with Automatic Email Alerts.

When new properties come on the market, you may choose to drive by the property if you aren’t sure of the area, or call your agent to schedule a showing. If you’re located out of area, we can “preview” the property for you. We can take videos and additional photos to help you visualize a property.

Offer and Negotiation

Once you’ve found a property you want to buy, it’s time to work with your agent to put your offer terms in writing.
At this point, the seller may accept your offer and form a contract with you. Or, the seller may reject your offer or make a counteroffer. If the seller makes a counteroffer, you are now negotiating. Once you and the seller have agreed on all terms and put them in writing (including signatures by both parties), a contract is formed.

Attorney Review Period

In New Jersey once  both Seller and Buyer signed the contract, a copy will be given to the attorneys to review the terms. Once the attorneys approve the contract than the contract is binding.

Pre-Closing

Once Attorney review is concluded, YOU, the buyer, has  the right to inspect the property and decide if you want to move forward  with the purchase and if repairs are needed. Also you will need to give the security deposit, and schedule the appraisal with the bank. During this time, the seller is also working on any repairs requested by the buyer and the title company is reviewing all documents necessary to transfer ownership. The lender is working hard to fully approve the buyer and making sure the loan is ready in time for closing.

Closing

Once the closing is scheduled a final walkthrough will be arranged,  you will get from the attorney for the exact  dollar amount you need to bring to the closing.. You will go to your closing appointment and sign a big stack of documents to transfer ownership from the seller to you. After both buyer and seller have signed, the lender will send the funds to complete the transaction and you are given the keys to your new home!   That’s it, you’ve bought a house! ​

Contact us to Buy a Home! When you’re ready to start the home buying process, we’d love to help!                                                                                                                                                                   
                                                                                                                 ONWARD/UPWARD...