Weather you're looking for a place to plant your roots, or you're tired of paying rent year after year — investing in real estate is a solid financial choice.
The process may seem daunting — but, rest assured, we're here to help you through every step.
A pre-approval is a commitment from a mortgage broker stating that you are able to afford a mortgage up to a certain amount — This will help you nail down your price range, and allow us to search for homes within your budget.
To obtain a pre-approval, you'll first get in contact with a mortgage broker. While there are many mortgage brokers out there, and we encourage you to 'shop around' — we've completed many successful first time home buying transactions with several mortgage brokers, who we're happy to recommend.
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 — next you should think about where in New Jersey you want to buy a home.
Your realtor can show you any home that interests you! Browse online. Visit open houses. Drive around neighborhoods that you're considering — and let your realtor know which homes you'd like to see.
Tip: Have your realtor set you up on a custom MLS search that will alert you before other popular home browsing sites when new homes in your search criteria hit the market.
You've decided to move forward with one particular home — awesome! We'll pull comps for you. This means we'll look at any homes, similar in price, location and size, that have recently sold. This will give you a solid idea of what the home you're hoping to buy is really worth — which will influence your offer.
We'll write up the offer, and send it over to the listing agent.
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 we deem the offer is acceptable, we will review the proposed contract to make sure it’s all in order and includes the necessary components such as deposit amount, down payment, financing, inspection rights and repair allowances, contingencies, settlement date, and a list of fees and who will pay them. When both parties have agreed to the term, a final contract will be prepared by your agent.
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!
Tip: Remember to ask if there is a remote to the garage door.
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.
