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Teresa Dente
Mobile Phone:
973-568-2235
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Teresa Dente
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Mobile Phone:
973-568-2235
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Buyer FAQs
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Home Purchase Guide
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Home-Buying Mistakes
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Selling for Top Dollar!
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Real Estate Glossary
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Category Title > Article Title

THE HOME BUYING PROCESS

 

 

THE HOME BUYING PROCESS

 

 

 

1) THE FIRST STEP IS TO HAVE YOU PRE-QUALIFIED TO SEE WHAT PRICE RANGE WE SHOULD BE LOOKING IN SO YOU HAVE A MORTGAGE PAYMENT YOU ARE COMFORTABLE WITH.

2) NEXT WE START PREVIEWING HOMES YOU ARE INTERESTED IN.

3) ONCE YOU DECIDE ON A HOME WE WILL WRITE UP AN OFFER, WITH YOUR OFFER WE WILL NEED A “GOOD FAITH DEPOSIT” WHICH SHOWS YOU ARE A SERIOUS BUYER. THE GOOD FAITH DEPOIST IS NORMALLY $1,000. OR MORE DEPENDING ON THE SITUATION. IF YOUR OFFER IS REJECTED THIS IS IMMEDIATELY RETURNED TO YOU. IF ACCEPTED IT WILL BE HELD IN AN ESCROW ACCOUNT UNTIL CLOSING.

4) I WILL THEN PRESENT THE OFFER, NEGOITAGE FOR YOU TO GET YOU THE BEST PRICE. NORMALLY BUYERS START LOWER THAN THE ASKING PRICE TO SEE HOW THE SELLER RESPONDS. THE SELLER WILL NORMALLY COUNTER OFFER AND THIS PROCESS GOES ON UNTIL WE CAN MEET ON A PRICE. IF YOU ARE IN A MULTIPLE OFFER SITUATION THEN YOUR STARTING PRICE SHOULD BE MORE AGGRESSIVE THAN IF YOU ARE BIDDING A HOME WITHOUT OTHER OFFERS.

5) ONCE ALL PARTIES AGREE ON THE PRICE THE SELLER WILL SIGN THE OFFER WHICH NOW BECOMES THE OFFICIAL CONTRACT.

6) AT THAT POINT I WILL SEND THE CONTRACT TO BOTH THE SELLER AND BUYERS ATTORNEY’S. YOU SHOULD HAVE A REAL ESTATE ATTORNEY, IF YOU DO NOT HAVE ONE I CAN SUPPLY YOU WITH A LIST OF LOCAL ATTORNIES THAT ARE RECOMMENDED BY ME AND MY OFFICE.

7) ATTORNEY REVIEW BEGINS, WHICH IS NORMALLY A 3 DAY PERIOD, BUT CAN BE COMPLETED IN ONE DAY IF ALL AGREE ON THE TERMS. THE ATTORNEY WILL CONTACT YOU TO GO OVER THE CONTRACT.

8) ONCE ATTORNEY REVIEW IS COMPLETED YOU WILL BE “UNDER CONTRACT” – THE 2nd DEPOSIT IS NORMALLY DUE 10 DAYS FROM THE DATE YOU GO UNDER CONTRACT.

9) THE HOME INSPECTION IS THE NEXT STEP – IF YOU DO NOT HAVE A HOME INSPECTOR I CAN GIVE YOU A LIST OF LOCAL HOME INSPECTORS

10) YOU WILL HAVE TO DECIDE ON A MORTGAGE COMPANY AND START THE PAPER WORK WITH THE BANK/MORTGAGE COMPANY

11) THE MORTGAGE COMPANY WILL ORDER A BANK APPRAISAL TO MAKE SURE THE HOME APPRAISES.

12) THE ATTORNEY WILL TAKE CARE OF TITLE WORK AND THE SURVEY AND ANY OTHER ISSUES TO DO WITH THE DEED.

13) IF THERE ARE ANY HOME INSPECTION ISSUES THEY WILL BE WORKED OUT AT THIS POINT.

14) THE MORTGAGE COMMITMENT IS ISSUED – ONCE THAT IS RECEIVED AN OFFICAL CLOSING DATE IS SET.

15) BE SURE ANY FUNDS THAT ARE BEING BROUGHT TO CLOSING MUST BE AVAILABE IN YOUR ACCOUNT AND IN CERTIFIED FUNDS. THE ATTORNEY WILL TELL YOU THE EXACT AMOUNT AND TO WHOM THIS IS PAYABLE TO.

16) I WILL BE ASSISTING EVERY STEP AND KEEP YOU INFORMED AS TO WHAT IS GOING TO BE THE NEXT STEPS.

 

 

Any questions or concerns, please do not hesitate to contact me, I am here to help!

 

I LOOK FORWARD TO WORKING WITH YOU.

 

REGARDS,

TERESA DENTE

CELL: 973-568-2235

EMAIL: TDENTE@WEICHERT.COM

WEBSITE: WWW.TERESADENTE.COM