Buy and Sell

Interested in buying a house? There are a few steps involved in this process

Pre Approval

You should get yourself pre-approved so that you will know the price range for which you are qualified. Meet with a loan officer and go over your financial information with him. With this knowledge, contact your realtor and start looking!

Choose a Realtor

Be very candid with your realtor so that he or she will understand exactly what you want and need. She then can help you select homes that interest you. Also, if possible, try to get everyone who is buying the home to go on all appointments. This will save you not only time but may help you get the house of your dreams when the market is "hot".

Making an Offer

As soon as you find a house or houses that you like, ask your realtor to do a comparative market analysis on these properties. This will help you in deciding a price for a good offer and better your chance of purchasing one of these homes. Your realtor will go over the agreement of sale contract with you so that you understand all the terms. At this time, it is also wise to consult a real estate attorney to review your agreement. Your offer will then be submitted to the Seller and negotiations will proceed until both you and the seller come to a mutual agreement and everyone signs. In New Jersey you have three days before a signed contract becomes final.

Title Company

Your realtor will submit these signed agreements to a title company of your choice, and they will then order a title search and any other documents etc that are needed for settlement.

Apply for a Mortgage

Your next responsibility is to make application for a mortgage, if needed, by giving your loan officer (mortgage company, bank or mortgage broker) a copy of the signed agreement. He will then start that process going. Your personal financial information will be verified and they will have the house appraised and surveyed if necessary.

Inspections

It is generally suggested that you get a home inspection as well as a termite inspection and any other inspections that are necessary such as well and septic if applicable. Once your mortgage loan is approved, you will receive a copy of the commitment letter with the terms stipulated. You may need to correct some of these stipulations in order to get your final commitment. Now is also the time to order your homeowners insurance, flood and fire insurance also. A date and time for the closing is finalized.

Pre Closing

Just prior to the settlement, you will receive a copy of the closing costs so that you will know what to expect at the settlement table and to make sure you have enough certified funds or cashiers check to cover any differences needed such as the balance of the down payment.

Walk Through

Settlement day is here and just before settlement, it is advisable to do a walk through of the property. Check to make sure the appliances and heating/cooling system are working. If furnishings were to be left, make sure they were and vice versa. The property should be broom swept.

Settlement

Settlements usually take about one hour. You may bring an attorney with you. Your realtor will also be there. You will be signing all the necessary loan papers and other documentary required by your mortgage company. There are affidavits to sign from the title company and internal revenue forms.

Congratulations! You are now the proud owner of your new home!

Selling your home is one of the most important decisions you will make in your life. How much is it REALLY worth? How long will it take to sell? How do you handle buyers making undesirable offers? There are steps involved before you sell also.

Selling a home is both an emotional experience and a financial challenge. In most situations, selling a home requires a major affirmative decision of the family to start the process. That process can be easy or complicated depending upon timing, knowledge, strategies, or even a little luck.

Pricing your home is both an art and a science. Achieving the optimal price is the result both of objective research into comparable properties and a gut feeling about your property and the current market. The right price should attract buyers, allow you to earn the most money possible, and help you sell as quickly as possible.

First impressions are lasting impressions. Curb appeal is so important as this is the first impression made upon the prospective buyer. Make sure your yard is mowed, shrubbery trimmed, front door clean and in good repair, trash free and toy free. Go to Curb Appeal

Your home should be shown by appointment only. If you do not get much notice, straighten the house and leave before or when the realtor and clients arrive. The buyers feel more comfortable to discuss the house when you are not around. If you cannot leave, make yourself invisible. Do not offer any information unless you are asked. Your realtor should be able to answer their questions. Make sure all animals are removed from the house or secured so as not to bother others.

Most times your first offer is your best offer. As to best offers, sometimes the highest price is not the best offer. Terms, down payments, qualifications of buyers, closing date etc all figure into the final price. If you can, make a counter offer. But remember, once you change the agreement, it is no longer an agreement until the buyer accepts your change.

Adding a home warranty to your listing adds confidence and might result in someone purchasing your home over a newer home. Many people are nervous about old appliances and fixtures, etc. Buyers are much more comfortable with a house that includes a one year warranty. The warranty can be promoted in the advertising as a selling feature of the home.

As with buying a home, the closing takes place at the settlement table. The buyer has bought himself a new home and you receive the monies due you after commissions are paid, taxes, mortgage payments, condo fees if applicable and such are adjusted.

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