Attention home buyers in South Jersey…Especially those in Atlantic County, Cape May County, and Cumberland County…

“Buying a house, townhouse, or condo in South Jersey is confusing and stressful without help from the right real estate agent .”

Don’t let problems in the mortgage industry scare you from buying a house, townhouse, or condo in South Jersey. We are in a little protected area of South Jersey that seems to be doing well despite what is happening in the rest of the country. So, if you're ready to enjoy the benefits of home ownership such as the tax benefits and growth of net worth, let’s talk. There are lots of mortgage financing options available to you but it takes a professional Realtor to help figure out the best choice for you.

Never before has the time been so right in the South Jersey real estate market to purchase a home - to be a Buyer! Let me explain - Because of the recent mortgage lender troubles, homes that have been on the market at higher asking prices are still on the market. As these "stale listings" sit on the market, other more realistically priced homes come on the market. This creates a large inventory of homes for sale. Sellers of the high priced properties are being forced to lower their asking prices to compete with the new listings. This means that homes are more favorably priced for today's Buyers. And, you probably know that the Federal Reserve has lowered lending rates to unbeleivable prices, which trickle down to mortgage lenders, which trickle down to Buyers - like you.
Take all this into consideration, and what do you have, the best time in history to purchase a home because... inventory of homes is high, property prices are low, and interest rates are low!

The average home buyer in South Jersey has a lot of questions about buying a home and the process of buying real estate. First Time Home Buyers have even more questions. This is my area of expertise. So, you can relax knowing that I'll be handling all the details along the way, as well as educating you during the process.

Here are the 5 questions I am asked most often about buying a home in South Jersey:

How does buying a home work? I don’t know where to start. This is the main question asked by First Time Home Buyers. A good Realtor will take the time to walk you through each step of the process. But, don't try to remember them, it will get too confusing. I'll guide through each step, educating and advising you, and letting you know what's next.

Usually a home Buyer has several thousand dollars saved, and wants to use this money as a down payment. Now, don't panic if this isn't you! Some Buyers have no money available to them because of situations they are going through. I can help you with this, too.

The home buying process is a multi-step process that first includes figuring out your “purchasing power” (or how much house you can actually afford…you’d be surprised). Determining your purchasing power is done by a mortgage lender. The lender will review your annual income amount, your current debt, and your credit score/s to determine your purchasing power and issue the Buyer a "mortgage pre-approval".

You can use the mortgage calculator to give you an approximate idea of a mortgage loan repayment amount. You need to know the amount you want to borrow and a recent interest rate number to plug into the calculator. The monthly mortgage payment that is returned to you is just an approximate dollar figure that consists of only the loan principle and interest. To this amount the property tax and home owners insurance must be added to give you a total mortgage payment amount. But, use the calculator to get you started with what you can afford to pay each month.

Next, you start shopping for the home that’s right for you (this is the fun part and begins after you figure out how many bedrooms you need, how many bathrooms, where you want to live, and other details).

Once you find a place you like, you work with a Realtor to determine the best offer to make the Seller. Sometimes your first offer is not accepted, if it’s turned down then we start negotiating.

Once you come to an agreement on price, the contracts for sale are drawn up. You have three days for an “attorney review” period, this gives you the time to have an attorney look over the documents and make sure everything is OK for you. Do you need a lawyer? Well, some people don't think so, and some people do. I am not an attorney and cannot give you any legal advice. It's really up to you to decide whether or not you need one. Personally, I think you're "better safe than sorry" as our moms used to say.

A purchase typically depends on a clear home inspection, a termite inspection/certification and an appraisal by the lender. Once these are done, you will receive a mortgage commitment or approval from your lender. If anything arises from the inspection, it's my job to ensure these problems are completely resolved before we go to closing. Then, we go to settlement, and you move in.

Where do I go to get a mortgage? How does that work? OK, that was two questions but since they’re related I’ll let you slide and lump them together.

You contact a few lenders (either banks, credit unions, or mortgage companies) who will ask you a series of questions about your income, current debt, and credit history. They’ll use that information and run a credit report to determine the amount of loan you qualify for (your "purchase power").

You can go to the bank or credit union you normally bank with or I can put you in touch with several secure, reputable lenders that I’ve worked with recently and who have taken great care of my clients.

How can I get a mortgage if my credit is not exactly perfect or I don’t have money for a down payment? Many potential people that could be Buyers think that since they have no money for down payment that they cannot purchase a home. This is not the case. I’ve worked with many other clients in this same situation. I’ve got experience finding the help you need in this situation. There are several state and private programs that I know about and have used to help other Buyers. I will point you in the right direction, not to worry about this situation.

Since the market is a little tough right now, making a “low ball” offer is a good idea, right? Well, I don’t recommend this strategy. If the home is truly priced at what it’s worth you run the risk of offending the sellers who could then flat out reject your offer and refuse to talk to you further. Not good. Even worse, you could lose out on a home you really love because someone else could come along and make a full price offer. I always gather information on recent market transactions to determine the best offer price for my Buyers. I don't want Buyers to lose the house they love - while I also don't want them to pay too much!

When do I actually get to move in to my new home?
Well, you have to go to settlement first. That’s when you actually get the keys -- assuming you’re buying an existing home. If you’re buying a brand new home that’s just been built or is being built, you’ll have to wait until you get a Certificate of Occupancy.

This is a lot of information to digest. And, there is a lot more for you to know. However, you can be confident in my skills & experience to get you the home you love at the best possible price, while having the best possible home buying experience.

Are you ready to Buy a new home? Contact me and we'll talk about your situation.




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