FAQ

Q. What is the BuyING process like?

A. Typically we will start off by discussing agency relationships, your financial wherewithal, and set achievable goals based on affordability and market inventory. We will discuss in detail what’s important in terms of a home and community. It’s a good idea before meeting to seek pre-approval from a lender if you plan to finance the home purchase and to get an idea of what you can afford factoring in mortgage payment, taxes and insurance. I would then present options, preview the options if necessary, and schedule home tours weekly. During this time I will continue to monitor inventory on and off market, and “coming soon” listings. Once we find a home where there is a high level of interest, it will be time to make an offer. During this period we will prepare an offer with initial terms and purchase price - deposit will generally come later in the transaction, usually at a mutually agreed upon date after attorney review and inspections are completed. If the initial price and terms are accepted, you will have the opportunity for attorney review - usually about three days. If all goes well during attorney review, you’ll be under contract, will then schedule inspections, and start the loan process, if financing. I would be present for all inspections and may further aid in helping to resolve any issues depending on the results of the inspections. Once the commitment letter is received from the lender, the attorney will order title. The closing date will be set, and a list of funds needed for closing will be provided.  In New Jersey, you’re entitled to two walk throughs - prior to closing and on the day of closing.

Q. What is the seller process like?

A. I will first go over the agency relationships and provide you with a comparative market analysis (CMA) of homes that have recently been sold in your area. I will provide a range representing the current market value of the home and develop a listing price strategy in line with market conditions and your expected moving timeline. We will discuss the marketing plan and work with you to make the property attractive to potential buyers and real estate professionals so that it has the best chance of success. We will also go over the transaction documents, required by the State of New Jersey, disclosures, and the brokerage office specific documents for compliance purposes. Once an offer is accepted, and moves successfully through attorney review, we will work together to resolve any issues that come up to everyone’s satisfaction, coordinate inspections, appraisals etc., and do our best to keep the transaction on track for a successful closing.

Q. How do I find an Attorney?

A. You can ask associates, friends who have been through a real estate transaction or I could provide some recommendations, and of course, there is also the internet. For practical purposes, it is suggested that the attorney you choose spend at least 50% of their practice on real estate.  You can find this percentage information on Avvo.

Q. Should I try and sell my home myself?

A. No. Work with an agent. Why? It will save you a lot of time and aggravation. Our job is to make the process less overwhelming and get the most buyers and real estate professionals interested in your home. The rigorous real estate course required for licensing and countless hours in continued training and on the job experience prepare us for Federal and State compliance, safety, and a wide range of scenarios. In our market center we have access to a huge brain trust of highly experienced real estate professionals that can weigh in, if necessary, on whatever hiccups arise.

Q. I’M GOING TO RENT MY FIRST APARTMENT, WHAT SHOULD I DO?

A. In addition to saving funds for first month’s rent, security (no more than 1.5 month’s rent), and agent commission, if applicable (in NJ tenant usually pays this fee unless otherwise stated), I recommend first checking your credit score to make sure it’s solid, and gather references. If your credit score is not high, then work on bringing it up. Why? Typically landlords will ask for a background/credit check and references. Since you’ve never rented before, you can ask friends you’ve known for a long time, professors, an employer and/or respected colleagues to say some nice things about you in the form of a letter.