Thank you! I’m delighted to work with you as your Buyer Agent.

I’ll assist you all along- for quite some time, protecting your interests.

The Search:

• We’ll need to discuss what you’d like in your next home-what type of location; how many bedrooms and baths; what budget you’re working with; and any other particulars.
• I’ll be checking the ‘Garden State Multiple Listing Service (GSMLS) “Hotsheets” daily for you +/or
• I’ll set up ‘Auto E-Mail” notifications of ‘New Listings’ that are tailored to suit your needs.
• You’ll get ‘Qualified for a Mortgage’ +then have a Pre-Approval. You and your Mortgage Lender will determine the amount of money you can spend on a new home.
• We’ll look at any number of homes and find you your ‘best’ home!

An Offer Contains – (in the form of a contract with all of your terms):

• Purchase price,
• Initial deposit and the date of the 2nd deposit,
• Amount of cash,
• Type and amount of the mortgage and ‘contingency’ date,
• Mortgage commitment date,
• Home inspection timetable,
• Closing date
The above 7 items are ‘terms’ of your offer.
• You’ll sign the contract,
• Include your initial deposit,
• Contact your NJ Real Estate Attorney- let them know that you’re getting ready to purchase a new home. I can recommend a few attorneys for you to choose from, if necessary.

Contingencies:

• The mortgage and home inspection are contingencies.
• Frequently, the purchase of a home is ‘contingent upon’ the buyer obtaining a mortgage.
• Sometimes the buyers’ contingency will include needing to sell their present home.
• Settling of home inspection issues- frequently another contingency.

Negotiating to an ‘Accepted Offer’:

• Rarely is an ’initial offer’ 100% acceptable- usually the seller replies with counter offer(s).
• Discussing, negotiating and compromising on the terms of the offer with the buyer and seller through their Real Estate Agent is essential.
• All of the ‘terms’ become acceptable.
• You’ll reach an agreement and once you’ve signed the updated contract, you’ll have an Accepted Offer.

Attorney Review:

• Attorney Review begins once you’ve agreed to the terms, have signed the contract, and now have a Fully Signed Contract.
• Attorney Review can last 3 days or less if the terms are simple- or longer than 3 days if the attorneys need to iron out complicated details of the contract.
• When the attorneys discuss the contract and terms are agreed, Attorney Review is complete- both parties are legally bound to the contract, you’re Under Contract.

Inspections:

• Buyers schedule their Home Inspection. I can recommend Home Inspectors, if necessary.
• Your (the buyer’s) Home Inspector and your Realtor (me) will meet at the house.
• Your Home Inspector will evaluate the structure and integral systems of the house.
• The Inspection Reports are quickly forwarded to you and your attorney.
• There’s usually a 10 day to 2 week window to request repairs from the sellers.
• From the report, you and your attorney will discuss and then strategize which repairs (if necessary) require further negotiation –
The inspection is often used to negotiate repairs or monetary credits which are given at closing. When repairs are made, it’s essential for your attorney to receive the paid invoices from the sellers’ attorney for proof of completion.

Under Contract:

• You’re ‘Under Contract’ when Attorney Review is complete-
Your 2nd deposit has been put into one of the attorney’s (escrow) trust accounts.
• If you are paying cash and the sellers and their agent and attorney have seen your ‘proof of funds’ documents, you won’t need to concern yourself with a ‘Mortgage Commitment Date’.
• For most buyers, ‘The Mortgage Commitment Date’ is when the contingency for their mortgage (which will finance most of the house) expires.

Financing:

• Your ‘Mortgage Lender’ orders + schedules an appraisal.
• The ‘Mortgage Lenders’ Underwriting process begins. Please make a file and keep a copy of everything that you send to the bank/mortgage lender for their Underwriters. Monitor the progress of your mortgage commitment. Confirm that they’ve received all of the necessary documents and that the appraisal has been received and accepted. Also, double check with your mortgage lender that your interest rates’ lock-in period is secure and that you can extend it beyond your tentative closing date, if need be.

I monitor the progress of the mortgage commitment, paying attention to the ordering of and the completion of the appraisal, and all other documents that are ‘conditions’ for you attaining your mortgage from the lender.

• Obtaining Homeowners Insurance (and flood insurance etc.) is one of the biggest conditions. Plan ahead and be sure you have it lined up.
• Your Mortgage Commitment is issued.
• Maintaining great ‘credit’ and proof of your current employment, are other important conditions that their Lenders’ Underwriting department will have to approve.

Pre Closing:

• The Certificate of Occupancy and a Fire Inspection certificate will need to be ordered, paid for, scheduled, and delivered for the closing.
• Packing and Movers scheduled.
• Home Inspection repairs completed.
• The Utilities will need to be transferred to your name (from the sellers’) I’ll have a list of the phone numbers for you.
• Your attorney will have ordered the survey, title search, and title insurance. The Title search and insurance insure that the home you are buying is free and clear of liens- and the interests of anyone else.

The Closing:

• Your closing is scheduled through the attorneys.
• The walk through is scheduled by the buyers’ realtor just prior to the closing.
• On Closing Day, during the pre-closing walk through you are checking to make sure that the house is delivered as expected- in clean condition with all personal belongings removed from the house- the vacant house should be delivered to you in “Broom Clean Condition.”
• The preparations for the transfer of the utilities to the buyers’ names should be complete.

At the closing or before the closing, your attorney will review all of the pertinent documents with you. The exact closing costs will be determined right before the closing- the detailed itemization of your closing costs, transfer fees, exit taxes if necessary, commissions, and the balancing of the homes’ expenses are presented to you for your review in the form of a HUD- RESPA statement.

In the final moments of the closing the documents to transfer title are signed and the keys and garage openers etc are given to you for your new home!