Category Archives: South Jersey

The Home Buying Process: Found Your perfect home! Now what?

home buying processSo if you read the previous article about getting started on buying a home, you are anticipating the next steps in the home buying process. So plain and simple, here they are!

You have found your perfect home, and hopefully your equally as perfect realtor has negotiated and got you the price you wanted. Now, they next step is moving forward with contracts.

The Home Buying Process: Contracts

Contracts will be drawn up, in most cases by the listing agent. You, the buyer, will then review, have any changes made, and sign. At this point the seller then signs as well, and you enter what is called a “Attorney Review Period”. This is three business days from when all parties have signed. During this time either party, for any given reason, can change their mind about moving forward. Also, if you are buying a home in “as-is” condition, this is when you would want to have any inspections done. The reason for this is it is the only time to truly understand what “as-is” really IS, and therefore if you are unhappy with the results you can get out of the contract without penalty because you are in the 3 day window.

The Home Buying Process: Attorney Review

Now, where it can get tricky is if either party uses an attorney. However, an attorney is up to the individual party and often recommended by your agent, so do not think having an attorney is a negative by any means. It protects you in many ways beyond a standard contract. So in this case, because there is a real live attorney involved, that 3 day period is obsolete. Instead the attorneys review the contracts until they are satisfied which could day any given amount of days. Once happy with how the contract reads, seller and buyers sign and the attorney review period is over. There are some excellent real estate attorneys in the area, your realtor can often refer you to if you decide to use one. If you find one on your own, just be sure that they are truly a real estate attorney and in the state you are purchasing. All state real estates laws differ and for your protection you want to be sure to have someone whose skill set is a match.

The Home Buying Process: Inspections

So now the attorney review period is over and this is not an “as-is” property, therefore you have 10 days to do your inspections. Depending on the homes location will vary the type of inspections. It is always recommended at the very least to have a general home inspection and pest inspection. In other cases well, septic, oil tank, bulkhead, etc might be suggested. These inspections will be done and generate a report.The reports will be used to request any repairs you would like made prior to settlement and a negotiation process will be made for this. An addendum will be drawn up to acknowledge these repairs.

The Home Buying Process: Lender Docs

Other things going on between now and settlement may also be request of things needed by your lender to process your loan. All of the contracts will also be sent to a title company who will began the process of getting ready to settle on your purchase and insuring clean and clear title, to which you may hear from this representative if they need any additional information. And finally, in some situations you may be involved in the repairs undertaking. But otherwise its a slight waiting game till the big day!

The Home Buying Process: Walk through & Settlement

Prior to settlement you will do a final walk-thru. This will be the last time you see the property before you own it. You will have a check list of things to do and look for, including any repairs that should be made. You also will receive a list of to-dos from the title company that include making sure all utilities are switched over to your name to avoid interruption and fees. You should always do this at least 2 business days prior to the scheduled settlement.
And then, you are off! Time to buy your home!!!

buying a home in South Jersey

Buying a Home in South Jersey for the First Time

You are buying a home in South Jersey, for the first time. It’s the biggest, probably most expensive purchase of your life. And unlike buying a car or furniture or even a puppy, you don’t just pick it out, ring it up and pay for it. So what do you do???

What to do when buying a home in South Jersey for the first time

First step to buying a home in South Jersey... DO.NOT.PANIC. We help first time buyers all the time, and trust me when I say, you’ve got this. And besides, what is the most important purchase of your life should also be the most exciting.

Second step to buying a home in South Jersey is find out how much you can spend. It’s a very simple process of contacting a local lender, or even your bank or credit institution. Tell them you are considering purchasing a home and they will help you come up with the price point you should look at. They will take into account your income, your debt, your credit score, your savings accounts and more. Then they will give you a pre-approval letter that will be used for making offers. If you need a lender most realtors have a handful they would recommend too.

Third step to buying a home in South Jersey is to compose a realistic list of what you are looking for. Now that you know how much you can spend, where do you want to spend it? What kind of home do you want; single family, townhouse, condo, rancher, etc? Do you want a move in ready home or would you like to invest in a home you can fix up a bit yourself. Do you need a garage? Basement? Any preference on yard size or particular neighborhoods? The more details the better. And if you are purchasing a home with another person, talk with each other and get on the same page as much as possible for your list.

Final step to buying a home in South Jersey, armed with your pre-approval letter and your list of must have items, contact your local realtor. (((drop subtle hint here))) I know a pretty good one if you are looking, give me a call and I will get you touch with her or just call 609-923-2735. Subtle, right?

Truthfully, you should interview realtors, ask them questions regarding their experience, how long they have been doing this, how many transactions they have a year, etc. You want to feel comfortable with your realtor, feel like your best interest are of utmost importance to them, and have personalities that jive. Remember this is the most important purchase you are making and it should not be left in the hands someone that you feel uncomfortable working and communicating with.

So once you find that realtor they will most likely set you up on a “drip”. This will provide you with an automatically generated list of daily updates of any homes that meet what you are looking for. They can be sent directly to you and from there you can start your shopping!

Stayed tuned for our next blog regarding what happens when you find that perfect home in South Jersey