NJ First-Time Home Buyers

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Gloucester County, NJ First Time Home Buyer Series: Home Buyer Timeline

Gloucester County, NJ First Time Home Buyer Series: Home Buyer Timeline (Part 4)

Basic timeline for buying a home in Gloucester County, NJ

HomeStep one: Get Pre-Approved. This will help you determine what you can afford, what you qualify for, and what terms need to be negotiated when making offers on homes.

Step two: Start looking at homes. Search online, have your agent send you MLS listings, and take time to drive through neighborhoods you may be interested in.

Step three: Make an offer on a home(s). This should be done through the agent that represents you as a buyer. Making an offer on a home via the agent listing the home will most often put you in a compromising situation, which is not in your best interest.

Step four: Negotiate terms to purchase a home. IMPORTANT: If you are asking for the seller to pay any of your fees/closing costs, this is the time to arrange this, NOT after you come to a price/terms.

5 weeks prior: Sign contracts and updated mortgage application. Once the buyer recieves a copy of the fully executed contract (signed by all parties), attorney review begins. This is the time when buyer has an oppurtunity for an attorney to review the contracts. Attorney review is 3 business days.

4 weeks prior: Order appraisal, inspection(s), survey, and titlework. You will need to pay for the appraisal upfront ($300-$400). Your lender will order the appraisal. The buyer arranges for the home inspection and termite inspection. A home inspection also requires payment upfront, made directly to the inspection company of choice.

3 weeks prior: Mortgage loan approved as supporting documents requested are completed such as the appraisal, title, and job verification.

2 weeks prior: Clear up any outstanding issues, documents, verifications. Some loans require "outside" approvals such as USDA loans or NJ state first time home buyer loans. Your loan should be sent out to these offices at this point as to not delay settlement.

1 week prior: Call utility companies to transfer utilities (gas and electric are most important).

Several days before: Obtain certified funds needed for settlement costs. Estimate a little on the "high" side. For example, if you believe you need $5,000 for settlement, get certified funds for $5500. Overall you shouldn't have any surprises, but be prepared to possibly reimburse the seller for some items such as oil in an oil tank, water and/or sewer bills they have prepaid.

Day of settlement: Bring your certified funds, photo ID, and any other important items to closing, such as other verifications, reports, or items requested by your lender or real estate agent.

 


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Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Comment balloon 5 commentsStephen Kappre • August 25 2009 12:12AM

Comments

Steve - Excellent series !  It is important to really know the timeframe as a consumer and as an Agent or Mortgage pro, to help communicate that to our clients ahead of time for sure !

Posted by The Somers Team, Real People. Real Dreams. Real Estate. (The Somers Team at RE/MAX Access) over 9 years ago

Chris - It is good to have a timeline wether you are a first time buyer or a 30 year vet. Nothig wrong with a good checklist - if you do the same thing every time, why force it to memory?

Posted by Stephen Kappre, Helping You Home (KW Hometown) over 9 years ago

Great steps and great timelines.  People can do things quicker, but let's be real.....fail to plan = planning to fail.  Can't afford that with buying a home.  Great words Steve.

Posted by Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001) over 9 years ago

Steve - great job of breaking down the process.  Setting the proper expectations makes a world of difference.

Posted by Karl Peidl, Accredited Loan Consultant over 9 years ago

Great tutorial on a timeline!  Educating our clients (and as Karl mentioned) setting expectations makes for a smoother transaction process.  If there is a "glitch" they know how to act and react and be proactive when they understand the intricacies of the transaction!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 9 years ago

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