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Buying Services for Home Buyers
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home in Newark or elsewhere in New Jersey. |
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Frequently Asked Questions About Buying a Home
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What is a Buyer's Agent?
In 1983, a Federal Trade Commission study revealed that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them homes. As a result, laws requiring agents to disclose exactly who they represent have been passed all over the country. When consumers became aware that most agents worked for the seller, they began demanding their own representation. This is how the Buyer's Agent came about.
Myth: Any agent representing the seller can represent me just the same with the same loyalties.
False. The listing agent signs a written listing agreement with the Seller which outlines their fiduciary obligations to the Seller. They are obligated to tell the Seller anything about the buyer that they know of and to always keep their client in the best negotiating position possible. The listing agent is responsible for getting the most money for their client possible and with the terms most favorable to their client.
What Costs Are Involved in Purchasing?
I’ve prepared this information to help you understand what is financially involved in purchasing a home so that you can plan ahead and be ready. These figures are closely estimated and are typical fees associated. Not all fees are mandatory. Check with your lender regarding loan application fees, loan origination fees and homeowner insurance requirements since this will be a large part of your costs. These are not required in all cases, but to avoid surprises, they should be expected.
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Description |
When Collected |
Cost |
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Loan Application Fee |
Usually a fee is collected in order to begin processing your loan and covering the costs associated with your credit report and the lender appraisal of the property. |
At loan application, once an offer is accepted. |
$300-$400 |
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General Home Inspection |
One-time fee paid to your inspector for independent service. |
At time of inspection |
$250-$375 |
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Earnest Money |
Min. required $1,000 at time of drawing up offer, helps strengthen your offer and is applied toward your financing or refunded at closing. |
At time of offer |
$1000 |
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Homeowner Insurance |
Lenders require proof of homeowner insurance on the property, paid in advance for one full year, in most cases. |
1-2 weeks prior to closing. |
$400-$500 |
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Closing Costs |
Title search, title insurance, lender and recording fees. |
Before close, at signing. |
Varies |
FREE BUYERS PACKAGE!!
Use this guide to help you with all the details of maintaining, owning and making your new home your own. Click here to download package! |
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