Are You Ready to Buy a Home?

Check out our tips before you get started

Whether you're in the market for your first house or fifth, entering the home-buying process can be nerve-wracking. Thankfully, you don't have to go it alone.

Nick Flips NJ will walk you through the entire process and help you find a home that will give you a good return on investment. Set up an appointment with our team today to start looking for your dream home.

Buyer's Guide: The Real Estate Process

Step 1: Offer

  • In order to submit an offer, you must have a pre-approval letter from a bank or Mortgage Company
  • There is no exchange of money in the event of submitting an offer
  • The seller can either
    1. Counter offer
    2. Wait for other offers
    3. Call for Highest and Best offer- during a multiple offer situation some sellers will give a date and time where all buyers are able to submit a final offer and the seller will pick the “best” one
      • If you do not know a mortgage lender, our team can recommend a few for you to consult with

Step 2: Attorney Review
  • Once your offer is accepted you will be in attorney review
  • Attorney Review is the period after an offer is accepted that the attorneys on the buyers and sellers side will make changes to the contract of sale
  • During this time, another buyer is able to submit a higher offer so it is important to get out of attorney review as quickly as possible
  • The attorney will make these changes in order to protect you during your purchase/sale
    • If you do not know of any real estate attorneys, our team can recommend a few for you to consult with

Step 3: Under Contract
  • While under contract, the property is safe from other buyers
  • Within five days of being under contract a deposit (Ernest Money Deposit) must be either mailed or delivered to the seller’s attorney
  • While under contact, you are recommended to schedule a House Inspection and submit your inspection requests within 15 days after the conclusion of Attorney Review
    • If you do not know an inspector our team has a few that we can recommend
  • While under contract you may not breach the contract, break the contract for no reason other than inspection, appraisal, and obtaining a mortgage
  • After the inspection is conducted, we will renegotiate with the sellers and try to either
    • Have the seller fix the defects
    • Obtain a credit for the buyer to fix the defects
      • Please note that not all sellers will give a credit or fix anything (this is negotiable!)

Step 4: Closing
  • At the day of closing
    • Bring your ID
    • Cashier’s Check of the remaining balance due at closing (the title company will give you this figure)
    • o Make sure that all of the utilities are switched into your name to avoid the disturbance of service

What I will need to pay for in order to purchase a house:

(All fees below will vary depending on which mortgage company, attorney, and inspector you use. A good rule of thumb for closing costs is a house from 250k-400k has an average closing cost anywhere from $8,000- $12,000. Please speak to your mortgage representative to get a more concrete closing cost estimate)

Home owner’s insurance: (around $100 per month)

Attorney fee: ($950- $1,500)

Inspection fee: ($550- $650 depending on inspector and size of the property)

Appraisal fee: ($500- $600 depending on mortgage company)

Down payment:

HOA dues (if living in a condo or townhouse)

Closing Costs: (for a house 250k-400k the average is $8,000-$12,000 depending on when the taxes were paid etc.)

PMI: (if you put less then 20% down) ($100-$200 per month)