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.
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|
Rita Sisti is the founder and principal of Style Counsel, the home-staging partner of Hudson Place Realty. In 2005, Rita decided to make the leap from casual designer to building a thriving business. She attended NYU’s interior design program and from there began an endeavor that has partnered Rita with commercial and private clients, as well as developers needing design assistance imagining their next construction project. During this time, Rita was a working member of the Bloomfield Historic Review board, advising on local historic district issues, a position she would hold for nine years. “I considered it a civic obligation — an opportunity to improve the community through the conservation of our historical treasures.”Rita selected the name Style Counsel to signal her approach to the interior design process. Her practice is to counsel, not to decree. “The name confirms my advisory role,” she says. ” Making that known upfront allows clients the freedom to articulate a vision of their ideal homestyle. My goal as a designer is to help them achieve the best possible realization of that vision.”
More recently, Style Counsel’s focus has been on assisting clients who are preparing to sell their homes. As a stager, Rita’s goal is to be an objective voice, helping the seller over-come the challenge of preparing their space for the market. Intelligent staging is an important component of an effective listing and marketing process. By solving staging issues, “a stager allows the agents to focus on other details and more importantly, helps buyers gain the best possible perspective of the space they are considering.” And, there’s ample data to show that a well-staged home sells faster and at higher prices. “I’m proud of the very tangible results my work adds.”
Style Counsel’s method is to educate often over-whelmed sellers, helping them identify aspects of their home that might be distracting to buyers or evoke unfavorable impressions of the home. “Sometimes I hold hands,” she says, “and sometimes I take charge – whatever the client needs to get the job done.” For Rita, it’s very satisfying work. ” I get to use my creative energy and resources to help relieve some of the burden on sellers during what can be an emotional time for them.”
When there’s down-time, Rita heads Long Beach Island, where family and friends have gathered for years to celebrate life. She’s a cultural maven, and enjoys the abundant performance and visual art events the region affords.
Testimonials from a few of Rita’s clients:
“Rita’s suggestions for staging our condo are derived from her wealth of experience that she has in the field. Her staging directions are clear, inexpensive, direct and at the same time not intrusive. In short, thanks to Rita’s efficient staging of our condo, we were able to sell it within days of getting on the Hoboken real estate market at an extremely competitive price.”
– Sarah V.
“After Rita Sisti staged our apartment it so looked so terrific that I did not want to move. Too bad, we sold it on the first day that Hudson Place Realty showed it!”
– Doug W.
“We had never sold a home before and were unsure how to best present it to the market, but Rita made the process easy, fun and profitable. She taught us reasonable strategies to reduce clutter and offered great ideas to create a warm and welcoming environment. Her good eye for design really made our place look fantastic, and in the end it sold for over the asking price. We couldn’t have done it without Rita!”
– Elizabeth P. & David B.