Everything You Need To Know About The Process Of Buying A New Home.
Let's win your bid and move in, stress-free.
We’re not afraid to go above and beyond to ensure you find the home of your dreams and ensure you will have an excellent customer service experience. These are some of our services to ensure your home buying success:
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Pre-qualifications give you an estimate of what you can borrow based on verbal information provided
to the lender. Pre-approvals tell you what you can actually borrow based on documentation provided to
the lender . A pre-approval states the specific loan amount that you're eligible for with an exact
purchase price and tax amount.
The following items are needed to start the pre-approval process:
In New Jersey, closing costs typically range from 2%-5% of the purchase price. There are fees that are
paid before closing and at closing. See below for a breakdown of what to expect.
Pre- Closing Expenses
Closing Expenses
According to Federal Housing Administration (FHA) guidelines, an FHA loan requires a minimum 3.5%
down payment for credit scores of 580 and higher. If you can make a 10% down payment, your credit
score can be in the 500 – 579 range depending on additional factors your lender may need to take into
consideration.
We recommend to do as many inspections as needed before you purchase a property.
The most common inspections are as follows:
Additional Inspections are available as needed (Asbestos, Structural, Mold, Septic, etc.)
An offer in not legally binding until all parties sign the document. Once it has been signed then your
attorney will review the contract and make the necessary changes. Keep in mind that the NJ Standard
Sales Contract is subject to changes during the attorney review period.
An earnest money deposit is also referred to as a good faith deposit. When a buyer purchases a home, they
provide a deposit to hold in their agents or attorney escrow account. The primary purpose of this deposit
is to show a seller you are serious about purchasing their home. The amount that is deposited is
subtracted from the final figure that you pay at the closing table. In most cases, the larger the deposit, the
stronger a purchase offer looks to a seller.
Once the offer is accepted and fully signed by all parties, the attorney review period begins. You will be
advised to hire an attorney who will review, and modify a purchase and sale agreement as needed in
order to represent your best interests. (See Transaction timeline for more details).
Buyers do not pay a commission, the seller is responsible for this fee at closing in most transactions.
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We strive to become your go-to Real Estate Advisors. Book a free consultation today and let’s get started with a buying or selling plan for your home customized to your unique timeline.