For Bergen County Home Buyers

1. Mortgage Money is Flowing

Before we actually start looking at homes, we'll need to have a working conference. This gives you the chance to focus clearly on what you want and need in a home, and helps both you and me get a clear picture of what you're looking for. We'll talk about:

After narrowing down the parameters of our home search, the legwork begins! If we're looking in communities unfamiliar to you, I'll want to drive you through the community, so that you can get a feeling for the area. I can also provide you with information on local real estate values, property taxes, schools, recreational facilities and the like. The communities I show you will be ones I know very well, so feel free to ask me whatever you'd ask any "future neighbor".

If you're interested in communities outside my area of expertise, I'll introduce you to one of my colleagues in the office serving those communities, who will take over as your associate there.

Never hesitate to ask me any questions you have about any home we see. If I don't have the answer myself, I will do my best to get the answer for you. if I am aware of any known material defects or conditions, I will disclose them so that you can make an informed decision.

I also want you to keep in mind that we can always go back to a home you like for another look - or as many "second looks" you feel you need. After all, that's what I'm here for - to help you find the home you will be happy with!

We may not find the right home in our first few outings. Don't get discouraged. new listings come on daily. I am going to watch the market closely; and will call you the instant I come across a new listing I think is worth your time seeing.

Be Sure to Call Me Whenever You See a Home You Like - If you happen to drive by a home that looks good to you...or see a home advertised by another realtor that you'd like to take a look at, call me right away so that I can tell you all about it and take you to inspect it.

Remember; I can show you any home on the market! - When you find a home I'll guide you through the sales contract and its contingencies.

Making the offer - You're euphoric! Then tense. You've found "your" home and now you're ready to make an offer. As your professional REALTOR®, my role is to present to the sellers whatever offer you choose to make, at whatever terms you decide.

Should you "low ball"? That's up to you. Some sellers will react with a counter offer; others might dismiss your offer outright and wait to see if you come back with something more in line with what they are asking. In an active market, you may lose out on a home by making a low bid.

I will present you offer in writing. To show that your intentions are serious, it is customary to submit the offer with a deposit. If your offer is accepted, your deposit check will be placed in a trust account. If you and the seller are not able to reach an agreement, your deposit will be returned to you.

If the seller counter offers, you may agree to that price, or make your own counter offer. Once you and the seller agree to a price, both sides initialize the final price.

The final contract will specify the terms in the home included or excluded in the sale, as well as any additional provisions either side wants to have as part of the contract. Dates for contingencies such as obtaining financing are also filled in before the contract is signed.

Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. Title insurance should then be ordered.

Mortgage contingency - Unless you are an all-cash buyer, as part of your sales contract, you agree to obtain financing within a secure specified period. This period may be extended with the seller's agreement. If you are unable to secure financing the contract becomes null and void.

Inspections - Some inspections are required. Mortgage lenders, for example, will require an inspection for wood-destroying insects. Other inspections may be required by state, county, or local regulation. Your contract also gives you the option to have additional inspections conducted, as indicated in the contract.

Other than those government mandated and the responsibility of the seller, these inspections are paid for by the buyer and must be done within a specified time frame, as indicated in the contract.

You will need to bring to the closing/settlement the following:

- Homeowners insurance policy.
- Certified check for closing costs.
- Your checkbook. Have handy for any incidental costs.

Prior to your closing/settlement date, your attorney or title company will advise you as to how much you will need for closing costs.

The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. I will accompany you on this final inspection, which give you one last opportunity to make sure that the home about to be turned over to you is in the condition that you and the seller mutually agreed to in the sales contract.

Should a problem be apparent, I will contact the seller or the seller's representative to let him or her know what the deficiency is. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing settlement. If the seller does not agree to the repairs, I can act as a go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.

At last, the closing/settlement
The day you've been waiting for arrives! At the closing/settlement, the mortgage and other documents are signed, adjustments are made for such things as property taxes, the seller is paid...and you get the title or deed and the keys to your home!