OH MY.. this looks SO confusing!
and this doesn’t look much better!
Let us break it down…
This is probably the biggest investment you will make and the most involved undertaking…so it’s scary! There are so many factors involved and things to do, it seems overwhelming. But we can assist you every step of the way.
Although there seems to be an endless number of arrangements and details, no matter what graph you look at, you will not only have Team Ellenbogen to assist you, but you will have a loan officer and an attorney also on your side to guide you.
If you have not bought a home in several years believe us, the home buying lending process has changed immeasurably. Be prepared for following through with all tax returns, copies of statements showing checks cashed/deposited, W-2’s, etc. to your mortgage lender promptly. Get it done and yes it is like a part time job but the rewards at the end will make you smile. Remember it is the home you want to buy.
So let’s review most of these phases in the Buying Process:
Choose Your Buying Agent
It’s very important to choose your own buying agent to represent you through the process for many reasons. View the reasons why this should be your first step here.
How should you chose an buyer’s agent? What questions should I ask them? View the list of important questions here.
We believe one of the most important aspects of choosing an agent is to chose one you trust! You should trust the agent because you should rely on them to assist you with finding that perfect home and navigating through the buying process. If you don’t trust them, then when the time comes to listen to their advise, you be hesitant and you could ultimately lose out on the home you really wanted.
Set Your Priorities – Make Your Wish List
What exactly are you looking for in your dream home? Does it have to be move in ready or are you willing to invest some time and effort to fixing it so it becomes your dream home in a few years? Is a formal dining room important to you or is a finished basement more a priority? What about location? Do you mind being further out in the country or do you like the convenience of being right near a downtown with shopping and restaurants? Is transportation to New York City important to you?
Your buying agent, hopefully Nancy!….will assist you with creating the “Must Haves” vs “Would Like To Have” list of features and options that you are looking for in your dream home. And these may change as you begin to look at what is available in your price range in the neighborhoods you want to live in. View a list of features to consider here.
Let’s Start Shopping!!…WAIT…Obtain a Pre-Approval vs a Pre-Qualification
While your figuring out what you really want in your new home, it is imperative that you obtain your pre-approval. This is one of the most important steps to take BEFORE you begin your search. Not sure what a pre-approval is and why you need one before you start looking for that dream home? Why can’t I just get a Pre-Qualification, you ask? Read about why obtaining a pre-approval is mandatory before you start to view homes here. Then read about what you need to provide to the mortgage officer to obtain the pre-approval here.
Nancy will begin the home search after you have obtained your pre-approval.
That’s IT!!! That’s the Home!
You’ve found the perfect home…now what? It’s time to submit an Offer in writing to the seller’s agent. Alan will assist you with creating the necessary documentation which includes a contract and a copy of that important pre-approval. The offer will be written on a standard Berkshire Hathaway HomeServices New Jersey Properties Contract form. Alan will suggest any special wording that may assist you with winning the bid and discuss with you how to make the offer as strong as possible. For some insight into the art of creating an offer, read this article.
You will need to chose an attorney who will represent you should the offer be accepted, so this is a good time to decide on who that will be.
For further information regarding the additional list of things to do, go to our page “What Else Do I Need To Do?“