Weather you're looking for a place to plant your roots, or you're tired of paying rent year after year — investing in New Jersey real estate is a solid financial choice.
The process may seem daunting — but, rest assured, Borcherding & Borcherding are here to help you through every step.
If you plan on utilizing a mortgage to purchase your next home, a pre-approval is your next step.
This is a commitment from a mortgage broker to loan you a certain amount — This will help us nail down a price range, and allow us to search for homes within your budget.
Tip: Pre-Qualification vs. Pre-Approval
A pre-qualification letter says that the lender 'thinks' you appear to be qualified for a loan up to a certain amount and is based on information you provide.
A pre-approval letter is a conditional commitment to actually grant you a mortgage. You'll provide the necessary documentation for an extensive check on your financial background and current credit rating.
This is the fun part! We've nailed down your budget — and we're off to the races. We will send you properties that fit your home search criteria — and you'll let us know which you'd like to see in person.
You've decided to move forward with one particular home — awesome!
Now we get to work analyzing the home, the market, the competition, seller preferences — and anything else that will give us the upper hand when structuring our offer to stand out.
If the seller accepts our offer (yay!), we'll continue on to the next step!
Since the seller has accepted your offer, you're now in attorney review. During attorney review, both the buyer's and seller's attorneys will come to agreement on the terms of the contract.
Its important to work with a real estate attorney when purchasing a home. They're on your team and have your best interest in mind. They ensure that the contract is fair and that all our T's are crossed and I's dotted.
Just like mortgage lenders, there are many trusted real estate attorneys that would be happy to work with you. Most offer a flat fee — so again, shop around. And as always — we have worked with quite a few who we're happy to recommend.
Once the terms of the contract are agreed upon by all parties, we'll go 'under contract'.
Under contract takes the home off the market, and allows time for you to get a home inspection done and secure your mortgage commitment.
Once the transaction is 'closed' the home is yours.
The 'closing' often takes place at the buyer's attorney's office — but, can really be done anywhere. All parties will agree upon time/date/location of the closing.
At the closing, you'll obtain the keys to your new home!
As experts in this local area, We bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. We are eager to serve you.
