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Your Step By Step Guide To Buying A Home In Nj
For most first time home buyers the process of buying a home can be a bit overwhelming and just plain scary! It is my hope that after reading this step by step post you'll have a better understanding of how the home buying process works.
Let’s assume you've already seen a few homes and you're ready to move forward and submit an offer.
Your agent will write up an offer by filling out a real estate sales contract. With the convenience of electronic signatures it is now possible for the agent to email you the documents. If you chose to do so you may review and sign electronically from your mobile device or computer.
When submitting the offer to the seller the buyer’s pre-approval letter is attached along with a copy of your earnest money check. (The amount of the check may vary)
At this point the negotiation process begins.Price and terms of the sales contract are typically focal points.
- Terms include closing dates, percentage the buyer is putting down and purchase price.
- Once both the buyer and seller agree on terms/price the changes are made to the sales contract reflecting the agreement. The contract is then signed by the seller and sent to both the buyers and sellers attorney to begin Attorney Review.
You will now meet with your attorney to go over the contract.Your attorney will then send his first letter (rider) cancelling the contract as written but agreeing to to reinstatement upon acceptance of the new wording in the contract. Both sides will go back and forth until a agreement is made.
Once the agreement is made you have concluded "Attorney Review" and now are "Under Contract". At this point neither the seller nor buyer can back out unless a warranted reason is given (Inspection contingency is not met, buyer could not perform on his/her mortgage)
It is highly recommended that you schedule your home inspection as soon as possible. The home inspection may include but is not limited too an underground tank sweep, radon test and wood destroying insects. You will have 10-15 days depending on what was agreed upon to conduct your home inspection. Once the inspection is complete the report will be sent to you and your attorney. You will review the report and decide what you would like addressed (usually 4 or 5 items). Please note that this is a negotiation, the seller may agree to fix the issues or credit you at closing. However the seller may also refuse to fix any of your requests. If you fail to come to an agreement on the inspection issues you may cancel the contract.
Upon the successful negotiation of inspection issues, the second deposit will be due.
If you haven't already this will be the time to apply for your mortgage. It’s important that you communicate well with your mortgage lender and are responsive to the documents they request (bank statements, pay-stubs, etc.). The appraisal will be ordered by the bank to make sure the home you are buying is valued at the price you're paying for it. As per your sales contract you have a specific date that you must provide a mortgage commitment. If you are unable to obtain a mortgage commitment you may cancel the contract.
You're close to the finish line!!! You provide the mortgage commitment, the seller applies for and obtains the 'certificate of occupancy' (this is needed to sell the home)
WELCOME TO CLOSING DAY!! A few hours prior to your closing we will meet at the home and do a walk through. We make sure that the home is in the same condition and nothing has changed since the inspections. If you're satisfied you contact your attorney and let them know. If in the case something is wrong you will also want to contact your attorney to negotiate last minute repairs or credits. Most closings are held at the buyer’s attorney’s office where you are expected to bring a final check for the balance of the purchase price. You will be given this amount by your attorney prior to showing up. You sign a ton of documents and the banks wire the funds to complete closing.
CONGRATULATIONS!! You get the keys to your new home