• It's easy to get sticker shock, so find out what you can afford before you begin your search.
• Having a mortgage pre-approval or commitment letter allows you structure an Agreement of Sale advantageously.
• Get pre-approved.

• Your first consideration should be the neighborhood. Study the area by reviewing maps, touring neighborhoods, researching schools and determining the proximity to work.
• School reports.
• Determine the general area you'd like to live. The desirability and resale value of your home-to-be depend more on location than any other single factor.

• List the features that you want in a home before you start shopping, and share this list with your realtor.
• Look for homes that meet your needs first, and fulfills your desires second.
• Home Search

• Research what your money can buy in different neighborhoods.
• Is it a sellers or buyers market? It's very important for you to understand who has the current advantage, and that knowledge will ultimately determine how you’ll structure an Agreement of Sale.

Narrow Your Search

• Review information and photos from Home Search, allowing you to conveniently see every home in your price range - this can save you time and energy.
• A good realtor has an in-depth knowledge of current housing inventory and continually updates that knowledge by touring new listings as they become available for sale.
• In a Seller's market, it's important to see all new listings as soon as they become available. Being there first is often the key to getting the home you want. Check out the latest listings by joining the VIP Buyers Club.

Hire The Best Realtor You Can Find

• Familiarize yourself with the New Jersey rules of Agency in a real estate transaction, and make sure your interests are protected.
• From finding the right home, to selecting a mortgage to negotiating the best price and terms, an effective realtor is a huge advantage. A good realtor has the knowledge and experience that come from years of helping both buyers and sellers. He or she also has a team of other professionals - lenders, lawyers, home inspectors, movers, etc. Most sellers are certainly going to have professionals assisting them. Having the right pro on your team ensures that you receive the best deal possible.
• Select a realtor who specializes in and is very familiar with the area that you’ve selected.
• Make sure that you and your realtor have instant communication access - this is especially important in a fast moving Seller’s market.

When You Find What You Want

• Structuring your offer will depend upon the state of the market - is it a seller’s or buyer’s market?
• Obtain a property disclosure from the Seller.
• Analyze comparable sales of similar homes in the area to help determine your offer price. Take into consideration the length of time the home has been listed for sale, property condition, home improvements, market conditions and seller motivation.
• You’ll probably want to include contingencies in your agreement, including: Home Inspection, Wood Infestation, Radon, Septic, Pool, Mortgage and Appraisal. In a seller's market, these should be minimized. To evaluate which are appropriate for you, contact Lorraine or Jeff.
• Submit a "Buyer Profile" with the offer, describing you, your family, etc. - this helps personalize you and may be the difference in a competitive bid situation.

Closing The Sale

• Following-up on all the necessary details during the in-contract period. Pay careful attention to all of the timelines for inspection contingencies, deposit due dates & mortgage approval dates.
• Title insurance and property insurance must be in-place at the time of settlement.
• Arrange for home utilities, including electric, telephone, cable, water, etc. Prudential offers a Home Essentials Program which can be helpful with these tasks.
• A pre-settlement walk-through is important to ensure that there have not been adverse changes to the condition of the property.
• Make certain that you receive an estimate of closing costs in advance of the settlement in order to familiarize yourself with all the costs to be incurred.

The state offers a first time buyers program, which feature a below-market interest rate. There must be at least a 3% down payment that must come from the borrower’s assets, although certain closing cost may be gifted by family members. Loans are 30 year fixed rate. For more information feel free to call or email us and we will be more than happy to answer any questions.