| 1.
|
Make
an Offer. All offers must be in writing. As your
Realtor, I will present you with a contract for you to sign.
The contract includes the price you are willing to pay, the
method you will be paying (most commonly an initial deposit
with a mortgage to follow,) and when you will provide final
additional payment and take possession (closing.) |
| 2.
|
Write
a Check. Offers are accompanied by a check from you,
the buyer, called the initial deposit or “Earnest Money”.
This is usually in the amount of $1,000 (or more in multiple
bid situations.) This deposit shows your intent to purchase
the home at a stated price and fulfill the contract. The check
is made out to the buyer’s broker (or agency, e.g. Coldwell Banker) and deposited into an escrow account once your offer is accepted.
|
| 3. |
Prepare
to Negotiate. Quite often you will offer an amount
either above or below the “list” price. The seller
may come back with a “new list price”. He/She
may also want to negotiate dates and contingencies (e.g. closing
dates, inspections, contingency for closing to occur when
seller buys a new home, etc.) This is where the negotiating
begins. I will assist you with this entire process. Once both
parties have agreed on a contract, the seller will sign the
document and you will initial all changes. You now have a
contract. Now for the contingencies… |
| 4. |
Attorney
Review. In New Jersey, you have the option of hiring
an attorney who handles real estate. Within three days of
receiving a contract of sale, the attorney must review the
contract. He will then make any changes and deliver the final contract
to the seller’s attorney. Once both attorneys agree
on a final contract, the contract is valid. |
| 5. |
Mortgage
Approval. You will now instruct your lender to begin a formal
application for a mortgage approval. I will ensure a timely
approval as well as date and location of closing. |
| 6. |
Home
Inspection. I will assist you in scheduling a home
inspection. A licensed home inspector will give a thorough
inspection of the seller’s home while searching for
pest damage, asbestos, radon and other potential concerns.
I will then assist you with resolving issues with the seller. |
| 7. |
Appraisal.
In cooperation with your lender, I will schedule an
appraisal to confirm the value of the home for financing. |
| 8. |
Home
Insurance. If necessary, I can assist you in finding
an insurance company to cover your new home. |
| 9. |
Additional
Deposit. According to your contract, an initial deposit
was made at the time of offer. Any additional deposits are
payable within a certain timeframe (usually 10 days after
attorney review.) |
| 10. |
Municipal
Certificates. I will schedule all necessary town
inspections (e.g. certificate of occupancy, smoke detector.) |
| 11. |
Moving
Company/Transfer of Utilities. I can assist you in
finding a moving company and with utility transfer. |
| 12. |
Final
Walk Through. This usually occurs the morning of the closing.
It allows you one last view of the home before you take official ownership. |
| 13. |
Closing/Settlement.
All checks are presented for final payment. Mortgage documents
are signed. I will accompany you to the closing to ensure
that all last minute concerns are addressed. This is the time the
title (or deed) and keys are handed over. You are now the
proud owner of a new home! |
