Congratulations! You’re thinking about buying a home in Essex County, NJ.
Here are some basic steps to consider when buying a home in the Montclair area:
How much can you afford?
Your very first step is to consult with a mortgage professional. It’s easy and it’s best to get this done as soon as possible so you can enjoy shopping in the price range in which you should be looking. A mortgage professional will be able to tell what that price range is. It is incredibly disappointing to get excited and fall in love with homes that do not meet your budget. And when you’re ready to put an offer in on a property you do fall in love with – you’ll be ready! You won’t be able to put that offer in until you’re pre-approved so it’s best to do it at the very beginning.
The Mortgage Broker’s Role
The mortgage broker will inform you as to how much down payment and monthly payments you can afford based on your income, savings, etc. They will inform you about the various mortgage programs currently available and which ones you are eligible for. This determines your buying power.
Now, when you find your dream home, you’ll be ready! Timing is sometimes everything and in this market, there are often multiple offers on properties. Some properties will have offers accepted even before a public open house takes place. So when you do fall in love with your dream home that you’d like to put an offer in on, you’ll be qualified and able to do so.
Find Your Dream Home!
There are so many options, but where do you begin? Start by making a wish list of your wants and needs. Close to train? Short distance to stores? Remodeled kitchen? Number of bedrooms? Is a large yard important? Community? School system? Utilize the resources that LivinginMontclair.com provides for all communities in Essex County, NJ, so you can target your search more efficiently.
And then – when you fall in love with a home, be prepared to make an offer! Chances are, if you find something that is perfect for you, it’s perfect for someone else too. Don’t let the opportunity pass you by. Sure, there are deals to be had in any market, but if you wait for the perfect deal, the market could pass you by. My advice – if you find something that you love – don’t wait. If you do, chances are it will be gone sooner rather than later. You are probably looking to live in your home for a number of years, so buying one that you love is going to be the real deal in the long term.
Make an Offer!
The better the offer is put together – the more chance it has of getting accepted. True.
Once the Offer is Accepted…
Congratulations! You’re offer has been accepted – now the fun begins! While it isn’t required in the State of New Jersey, it’s highly advisable that you send the sales contract to an attorney for review. This attorney review period can last for 3 days. After attorney review is completed, the property is officially “Under Contract.” Your deposit is due and a Home Inspection needs to be scheduled.
Home Inspection Contingency
You should be present for your home inspection, after which your attorney will review the report. If necessary, you can ask for repairs on the property to be done, or a credit for repairs at closing. If you can’t come to a compromise with the Seller, you can walk away from the home. In any situation, your attorney can advise you and your Realtor is there as a key member of your team.
Now too is the time to get your financing completed through your lender. There will be papers to sign and an appraisal on the property.
Prepare to Take Ownership!
Closing day will approach. On the day, you typically will take a walk-through of the property to make sure everything is in order. And then both parties will meet in your attorney’s office. The remainder of the down payment is due, documents are signed, and you will be given the keys to your new home which is now officially yours! You will most likely take over the utilities that the Seller is using such as electric and gas and can get those transferred into your name that same day after closing.
Your Advocate in the Essex County, NJ Real Estate Market
Buying a home in any area, especially in the New York metropolitan area, can be a daunting and time consuming process.
Working with the right professional team can make all the difference to the experience – and investment – you are going to make.
I provide service at the highest level for buyers and sellers of properties throughout Essex County, NJ. I will help you find the perfect home in the right community to fit your budget, lifestyle and needs! Whether you’re searching in Montclair, Glen Ridge, Maplewood, Essex Fells, Nutley, The Caldwells or in The Oranges, you’ll need an expert to show you around and provide the resources that can help you determine where you might like to live.
My team of preferred vendors ranges from attorneys and home inspectors to lenders – everyone to help make the buying experience a pleasant one.
I take pride in the outstanding services I offer, from our very first meeting where we’ll discuss options and ways to help you target your search more efficiently, through to where search ends and negotiations begin, helping you every step of the way through the process to acquire your dream home.
Please give me a call if you have any questions about buying a home in Montclair, Glen Ridge, Essex Fells, Nutley, The Caldwells, Maplewood, West Orange, Bloomfield, Verona or elsewhere in Essex County or northern NJ. Or even easier – just drop me a note right here. I look forward to discussing your real estate needs with you!
Essex County, NJ real estate including, but not limited to:
Laura Sulborski knows Essex County, NJ Real Estate.
Superior Results in Real Estate Services for Homebuyers and Sellers in the Montclair NJ area