343 Nassau St, Princeton, NJ 08540
343 Nassau St, Princeton, NJ 08540
Buying a Home
Purchasing a home can be intimidating. You want to be certain that you are starting off on the right foot. The key to getting there? Knowing the home-buying journey. Here are a few steps that cover the home buying process from start to finish.
Organize your Finances
Oh sure, everybody wants to jump right into open houses. But before you even set foot into a foyer, you should identify your list of “musts” and “wants.” Obtain a copy of your credit report and familiarize yourself with what potential lenders are viewing in your history.
Find a Great Realtor
Your relationship with your real estate agent is the foundation of the home-buying process. In addition to buyer representation and proper price negotiation, a Realtor’s expertize allows them to identify long term value properties. He or she is the first expert you’ll meet on your journey, and the one you’ll rely on most.
Determinate what you can afford
Once you’ve found your agent, ask him or her to recommend a mortgage lender that meets your financial needs.This is another big step, as you’ll be working with your lender closely throughout the home-buying process.Now that you have both an agent who knows your housing preferences and a budget, it is time to get serious about viewing homes. Get clear about where you want to live. Consider all factors. Your agent will provide listings you may like based on your parameters like price range, school system, features and amenities. )Then comes the fun part: Open houses and private showings, which give you the unique opportunity to evaluate properties in a way you can’t online.Focus on imagining yourself in every house you view and how calling it home would feel.
Submit an Offer
Once you find the home you want to buy, you will work with your agent presenting an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.
Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negociate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.
Complete a Home Inspection
If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a certified home inspector to inspect the home for needed repairs. This mitigates your risk of buying a house that has major issues lurking beneath the surface, like mold or cracks in the foundation.
When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed-upon purchase price, you’re one step closer to settlement.
Settlement involves the simultaneous exchange of documents and funds required to complete the transaction. You pay the purchase price to the seller with a combination of your down payment, your own funds, and the proceeds of your loan. In exchange, the seller gives you a deed and other transfer documents, and clear title to the property.This is when you sign the final ownership and insurance paperwork and make this whole thing official.
When it’s all said and done — break out the rosé. You’ll have the keys to your new home!
Back to all posts
Doug worked with us to get our first home. He clearly understood our requirements and would give his impartial opinion after each viewing with his rationale. The detailing helped us in narrowing down our options. He is extremely patient and is highly responsive. His negotiation skills are par excellence which helped us get a good deal. He has a great team of people to work with right through the process. Overall highly positive experience and I would recommend Doug to any prospective buyer.
We have worked with Anna both as sellers and buyers on numerous occasions and would not use any other Realtor! Her knowledge of the neighborhoods and market as well as her unique marketing efforts make her a tremendous, well-rounded agent. Anna recently helped us navigate through a purchase of an investment property and her experience played an important part in making it a smooth transaction as well as a sound investment. Thank You Anna Shulkina!
Very professional, honest, knowledgeable. Jim was able to explain me a lot of details that entailed the business transaction. He was always patient and thoughtful when sharing his knowledge with me. I was always able to count on his best advice and professional judgment I am grateful for all the help Jim provided me in the process of getting my new home.