6 Stages To The Home Buying Process
1: Attorney Review
During attorney review your attorney and the seller's attorney will make changes to the contract that you have both signed. They will also solidify things like inspection contingencies, deadlines and the closing date. This typically lasts anywhere from 3 - 7 days but can go longer if needed.
2: Under Contract
Once Attorney Review is concluded you are officially under contract. This means all deadlines, inspection dates and contingencies have started. This also means the sellers can no longer accept any other bids!
3: Inspections
Typically the sellers will allow 14 days to complete all inspections and provide requests. There are several types of inspections to have on a home. The most common being a full home inspection, an underground tank sweep, radon gas, termites and septic (if not sewer). Then we negotiate credits or repairs based on the reports received.
4: Appraisal
If you are purchasing with a mortgage the bank will order a third party company to conduct an appraisal on the property. This will determine the current market value. The bank will never allow you to "overpay" for a home in the current market. If you are buying cash you can still get an appraisal, but it doesn't dictate the outcome of the sale. Unless otherwise noted in attorney review.
5: Mortgage Commitment
This is where your lender will give you a commitment letter. It states that they will now fund your loan as long as you complete the conditions on the commitment. These can range but are most commonly updated paystubs, verification of employment etc. To learn more you can speak with our lender here.
6: Closing
It's closing time! You get to conduct your final walkthrough of the home and head to your attorney's office to sign the closing papers. Keep in mind this is just a quick run through of what is involved. Always be sure to interview and choose a local experienced Realtor to guide you through! You can schedule your buyers consultation here.
WE ARE
Authentic.
We're dedicated to doing things the right way - with the utmost integrity and transparency. We treat your decision to buy or sell a home like our own and we take our role as your guide seriously - we get to know you, understand your needs, support you and treat you like part of our family.
Committed.
We believe in community and we're always willing to lend a helping hand to you and to each other because the best businesses serve others.We are committed to our agents and their clients and will always do the right thing.
Driven.
We know that buying or selling your home is a big life transition, and our team is here to help you at every step of the way. We're innovative and passionate about what we do, adapting quickly to an ever-changing market to get the very best result for you and your family. Strong relationships are the foundation of our success and fuel our growth for excellence.
CONTACT INFO
111 Howard Blvd. Suite 202, Arlington, Jersey, 07856, United States