Steps to buying your home
Deciding to buy
Congratulations, you are on your way to owning a home.
Choose Your Agent
This will most likely be your biggest purchase, choosing an agent that is right for you is the most important step when buying your home. You need to make sure that the agent ticks off all the boxes for you - Expertise, Comfort, Trust, Loyalty, and Patience
Know all your financing options and properly secure them. A local loan officer will review your current status, discuss various options, find an appropriate price point and keep you informed.
Finding your perfect home. Your agent will work with you to find homes that fit your criteria and as many of your additional amenities possible. This is the step where we really focus on the hunt.
Marking an Offer
Once you have found your home, your agent will work with you to make an offer. Your agent with give you prices of similar properties in the neighborhood. To determine the best price your agent will look and analyze 3 main areas: 1) Listing Price 2) Market Analysis 3) The impact improvements will have the market value of your potential new home.
In NJ the buyers and seller sign a contract before it becomes binding and before the attorneys will look at it. Once both parties sign and select their attorneys, the attorney review period begins. During this party, the sellers can accept other offers and the buyers can back out. The contract is not binding until the conclusion of attorney review.
After attorney review you will have about 10-12 days to complete your home inspection and make any repair requests. Buyers and sellers are usually able to resolved home inspections issues but if you the buyers and sellers can not settle on the inspection, the buyers can walk away.
Appraisal & Commitment
After attorney review, if you are obtaining a mortgage, you will lock in your rate with your bank of choice. The bank will schedule an appraisal of the property and work towards issuing a mortgage commitment.
At this point you are approaching the finish line. It is important to stay in close contact with your agent. 2 important facets at this stage are: 1) making sure all the appropriate paperwork has been filled- out and signed, along with any necessary documents. 2) Making sure your financials stay on track – no additional big purchases and maintaining clean credit. The closing date in the contract is not binding and often does change. The attorneys will not schedule your closing until the bank has cleared you to close. Do not pack your things and book your mover until you have been cleared as changes and delays often occur.
You will schedule a final walk through prior to closing and then close with your attorney or title company. Don’t forget you need a certified check to close and you will not get the exact amount unitl you are close to closing. Your agent is here to help you get comfortable. Remember to protect your investment with insurance. It is also important to keep in mind that routine maintenance is much less expensive than fixing a problem. Finding good contractors, and repair services is something your agent can provide. The relationship with your realtor is ongoing – they will always provide market analysis and they will be sure to keep your investment safe.
Ready to take the next step?
Let’s figure out a time to discuss your next step.