BUYING a home involves many steps, and the process can often get overwhelming. Knowing what to expect ahead of time can remove some of the mystery.

Below is an abbreviated step by step guide to the process.  Of course, I will always be there to help you through.

MORTGAGE PRE-APPROVAL 

It is highly recommended, and usually required, that buyers be "Pre-Approved" prior to starting the home search process. A pre-approval is not a final loan commitment. The pre-approval letter is usually shown to listing brokers when submitting an offer on a home. It shows your financial ability to proceed with a purchase. This information is important to owners since they do not want to accept an offer that is likely to fail because financing cannot be obtained.

PREVIEW HOMES FOR SALE 

I have several tools available such as the Home Finding Needs Worksheet and Home Finding Evaluation Sheet to help with the process of looking for and finding a home. I can provide detailed information on almost any property currently listed for sale, whether it is listed by a Prudential or another real estate company.

PLANNING THE OFFER 

Once we have found a home that meets your needs, it's time to "make and offer". Negotiating the purchase agreement is part of every transaction. Preparation lets us negotiate the best price and terms obtainable.  I have the training and experience in developing negotiating strategies and techniques to plan the approach to be taken.

DETERMINING THE OFFER PRICE/FIRST DEPOSIT

Once you have found a home that meets your needs, you are ready to make an offer.  I will prepare a Comparative Market Analysis (CMA) of homes similar to the one you have chosen, which typically includes homes that have recently sold, are still on the market, are in attorney review or under contract. Your purchase offer will be prepared and presented to the owners. Because cointer-offers occur quite often, it is important you remain in close contact with me during the negotiation process so any proposed changes can be reviewed quickly. 

ATTORNEY REVIEW BEGINS
 In New Jersey, it is not mandatory, but it is highly recommended to hire an attorney for the closing of real estate.  An offer which has been accepted by the seller becomes a legally binding contract. During the attorney review period, either party can cancel the contract. Once attorney review is completed, you have a binding contract to purchase the home.

HOME INSPECTIONS ORDERED AND PERFORMED
As a buyer, it is your right to have a home inspection performed. You are responsible for hiring and paying for a home inspection.  The home inspection is usually performed within 10 -14 days of the contract being signed. This time frame will be specified in the contract of sale.

MORTGAGE COMMITMENT AND SECOND DEPOSIT 
You already have been pre-approved for a loan, and must now obtain a final mortgage commitment.  Typically, this can take up to 30 to 45 days, with a target date for obtaining the mortgage commitment specified in the purchase agreement.  Additionally, between 7-10 business days after a contract is signed by both buyer and seller, the balance of the initial deposit is due.

THE WALK THROUGH AND CLOSING
A walk-through inspection is scheduled and usually occurs the day of closing. The walk-through lets you confirm the condition of the home before the closing takes place.
At closing, the necessary paperwork needed by both buyers and sellers to complete the home sale is signed. The buyer receives the keys and the seller receives payment for the home. Any other closing costs are usually paid at this time as well.  Deeds, loan papers, and other documents are prepared, signed and filed with the appropriate record offices.

ENJOY YOUR NEW HOME !!!