Buy Home in New Jersey
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The Home Buying Process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home.
 
1. How much you can afford?
 
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment.
 
2. Where do you want to live?
 

Most buyers know where they want to live, mainly close to work, friends and family, and in homes that testify to their hard work and success.

Everyone wants

  • Good school districts (even if there are no children, good schools mean high resale values.)
  • Low to zero crime rates
  • Rising property values

Typically, several neighborhoods will meet most requirements...

  • At different prices and at different resale values
  • A good real estate agent can help in selecting specific neighborhoods.
 
3. Shop for a loan
 

Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.

Most buyers want to look at homes... they shop for a mortgage loan only after they've fallen in love with a house.

Potential Problems:
.Your dream house gets sold to another buyer while you wait for mortgage loan approval.

.Sellers refuse to consider your offer because without a pre-approved mortgage loan you can't prove you have the financial resources to purchase a home.

.You pay through the nose for mortgage loans you could have gotten for thousands of dollars less if you had taken the time to shop.
 
4. Selecting Home
 
Before you start looking for your new home, it's best to do some careful thinking. How do you want to use your home? Do you want to entertain a lot? Do you prefer small gatherings or lavish parties? Are you a barbecue nut? Do you want to be able to host family and friends for overnight or week-long stays?

All these questions suggest very different needs in terms of space. If you like to host frequent small dinners, for instance, a big eat-in kitchen or separate dining room might be a priority. If you want to throw a huge bash periodically, a big living room and, during warmer seasons, a landscaped garden or deck with plenty of room for seating would be an asset, as would a highly functional, professional style kitchen. A barbecue nut absolutely needs a big backyard; and hosting relatives requires extra bedrooms (or rooms which could be quickly converted into guest rooms) and definitely more than one bath.
 
5. Negotiating Price
 
Okay !
You found a house you love in your target neighborhood. Now what?

Let's assume some numbers so we can discuss the situation:
You found a 4 bedroom house at 134 Harbor Pl., 10 years old and 20 minutes from your job.
The asking price is $155,000.
You have $33,000 cash in the bank.
You've been pre-approved for a $120,000 mortgage loan.
You've done your homework and set your price range at $130,00 to $150,000
At $155,00 the asking price is $5,000 above your price range but you really want the house.
You could offer your top price of $150,000, but what do you do if the Seller refuses that offer ?

Steps to establishing a negotiating position
Evaluate the Seller's asking price.
Ask your agent to prepare a Comparable Market Analysis (CMA) to review neighborhood selling prices.
HomePrice .Net provides a comprehensive analysis of home prices, plus school, crime and other neighborhood information.
Consider other negotiating points.
Decide how much to offer and on what terms.
 
6. Closing and Moving In
 

Closing day is typically 30 to 45 days from when the Seller and Buyer agreed to terms and signed a final Purchase Agreement.
Events between Acceptance of an Offer to Purchase and the closing day are covered under Finishing Details

Items paid by the Buyer and items paid by the Seller are summarized on the Settlement Statement,
The Settlement Statement is the main focus of attention on Closing day.

  • Get a copy of the Settlement Statement at least a day before the closing.
  • Review every item with the help of your real estate agent.
  • Demand changes if items the Seller should pay have been charged to the Buyer.
 

 

 
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