Congratulations on your decision to purchase! Whether it’s your first Hoboken area home or moving onto your next investment, we know the process can feel overwhelming. Hudson Place Realty is here to help make sense of all of the information out there and guide you, the buyer, through the buying process from start to finish.
Key Steps in the Purchasing Process
FIND AN AGENT
It is important to choose a real estate agent carefully. Your agent will be your advisor through the home buying process so it is important to choose someone that, in addition to knowledge and expertise, you can trust.
Once you have determined your budget, you should speak to a mortgage lender to obtain a pre-qualification letter. Your Hudson Place agent can recommend lenders that will suit your needs. Pre-qualification is an important step because it will give you a clearer understanding of your budget and establish your credibility as a buyer when you are making an offer to purchase a home. It will also familiarize you with the necessary documentation required to apply for a loan.
FIND YOUR HOME
Finding your home may take a few days and sometimes even a few months. The timeframe to find your next home can vary greatly on availability so be sure to give yourself some time when searching. Open communication with your agent will help through this period. Many times it is best to come up with a list of the top items that your next home must have. This list of special requirements will go a long way in narrowing down potential home prospects.
OFFER & NEGOTIATION
Now that you have found your next home, your agent will guide you through the offer and negotiation process. While we understand that price is a large factor during this time, it is also important to consider closing dates, contingencies and other factors that can affect the outcome of the sale.
CONTRACT & ATTORNEY REVIEW
Once you and the seller have agreed upon the general terms, your agent will prepare a standard form real estate contract for you and the seller to sign. Once the contract is signed it will be sent to your attorney to begin more formal negotiations. The attorney review period helps to avoid misunderstandings of the contract and once concluded, the contract becomes binding. Typically, this period lasts 3 to 5 business days but can last longer.
APPLY FOR A MORTGAGE
You will need to finalize your loan application and provide your lender with detailed financial documents. There will be quite a few documents requested to verify your income and assets.
HOME INSPECTION & APPRAISAL
A licensed home inspector will need to be hired to examine the structural integrity, electrical, plumbing, heating and cooling systems of your new home. During the inspection, you will be advised of any items that may need attention or repair. The inspector will prepare a full report to send to your attorney. In addition to the home inspection, an appraisal will take place. This is required so your lender can evaluate your new home to determine how much to lend.
Once you have provided your lender with the financial documents required and the appraisal has been completed, you will receive a mortgage commitment. A commitment is typically issued within 30 days of completing attorney review.
The process from an accepted offer to closing averages 60 days, but may take anywhere between 30 to 90 days. Toward the end of the process you should secure homeowner’s insurance for your new home. A closing will be coordinated and a final HUD statement will be issued shortly before closing. Carefully review the HUD statement with your attorney and agent and be prepared to bring final deposit monies to your closing.
Congratulations on your new home!
Closing costs will vary depending on whether you are purchasing or selling a home. It is important to have additional money set aside in addition to your down payment for closing costs.
BUYER’S CLOSING COSTS
These are only estimates. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
|Attorney||$1,000 – $1,500 and up|
|Recording Fees||$200 – $300|
|Title Search & Insurance||(speak to your lender or attorney for more detailed information, but estimate 0.5% of your purchase price)|
|Origination Costs||0 – 3% of your loan|
|Appraisal||$400 – $600|
|Credit Report||$15 – $35|
|Homeowner’s Insurance||1st year premium paid in full|
|Homeowner’s Insurance Escrow||2 – 6 months|
|Property Tax Escrow||2 – 6 months|
|Private Mortgage Insurance (PMI)||up to 1% of loan if down payment is less than 20%|
|PMI Escrow||2 – 6 months|
|Home Inspection||$300 – $650|
|Working Capital (Condominiums)||2 – 4 months of maintenance|
|Move-In Fees (Condominiums)||$100 – $500 (some are refundable|
|Mansion Tax||1% when purchase price is over $1,000,000|
At Hudson Place Realty, we realize that every home is unique and tailor our marketing campaigns to meet each seller’s individual needs. Utilizing multi-platform marketing strategies and leveraging decades of experience, HPR provides sellers with an unparalleled competitive advantage.
Recognized for consistently delivering unmatched client service, HPR agents are here to guide you through each step of the selling process with the care and attention that your greatest asset deserves.
From preparing your home for sale to helping you understand current market conditions, buyer mind-set, and pricing the property correctly; our core concentration is to adopt and maintain a partnership with each seller and place intense focus on achieving our seller’s goals. The net effect of our personalized marketing campaign is a “launch” that captures the attention of motivated buyers and compels them to view your home early on… and that is only the beginning.
For a complete and customized marketing campaign, please contact Hudson Place Realty at 201-420-7393.
Hudson Place Realty can assist you with your move whether it is across the country or around the globe. As a member of Leverage Global, Hudson Place is aligned with the most prestigious independent real estate brokerage firms in over 145 world markets, creating a global network of professionals that serve the relocation needs of homebuyers and sellers, nationally and internationally. Within each market, the consumer and brokerage communities alike have direct access to the President of each exclusive Global Partner.
Unlike other relocation services, exclusive Presidential access ensures the appropriate match between client and broker is achieved and that personal attention and accountability is preserved. All Partners are vetted for their high standards of exceptional client service, as well as their local market expertise and presence, further defining the care and consideration for each prospective client.
Rest assured that no matter where life leads you, you’ll have a friendly agent waiting to help you on your way home. Contact an HPR agent to discuss how our Leverage Global partnership can help you with your sale, relocation or next purchase.