Home Buying Process In NJ
*It’s ideal to have a mortgage pre-approval letter prior to viewing homes, since it necessary to have the pre-approval before submitting an offer.
*Once we identify a home that you would like to purchase, we will provide you comps for the property and have a discussion about presenting the offer.
*We will put together a written offer and submit to the seller within 24 hours after you sign the offer.
*Generally, the seller will come back within 24 hours for a counter (multiple offers would be a different scenario and process).
*Once they accept your offer and both parties have signed the contract, we will have an executed contract and go into attorney review. If needed, we will recommend 3-4 attorneys for you, and you would hire one of them. You will need to consult with your attorney for any legal advice. At this point, your good faith deposit is also due to the seller attorney.
*During attorney review, your attorney will go over the contract and send out an addendum to the seller’s attorney (copying us). This could take 3 to 5 days or longer.
*Once we conclude the attorney review period, you have 10 days to submit your 10% deposit and 14 days to do home inspection. We will recommend 3 inspectors for you to pick from (the inspection will depend on if the home is built or not).
*During inspection, your inspector will point out any major concerns that need to be addressed, and you can go over the items with your attorney. During the 14 days period, we also consult with a specialist(s) to examine specific items, if needed. It is ideal to schedule a home inspection as early as possible, so there’s time to consult specialists when necessary.
*You have approximately 30 days to secure a mortgage. You will also get in touch with your mortgage company to schedule an appraisal. If needed, we can provide 3-4 mortgage provider options. Your attorney will also order a title search and survey if they don't have one available.
*Your attorney will send out the inspection list and the report to the seller/ builder. The seller/ builder has the right to repair or give you a credit towards closing cost or reduce the purchase price. We would need to conclude the home inspection contingency before you could close on the property.
*We also would need to conclude the mortgage contingency, if you are taking out a mortgage and the property would need to appraised at or above the purchase value.
*Your attorney will do a title search and to make sure you have clear title before we closed.*One week before closing, you need to call all of the utility companies and transfer them into your name.