The process of buying your home
Your offer has been accepted and a contract has been drawn up, but there are still a few more steps in the process and some tips worth remembering:
1. ATTORNEY REVIEW. The contracts will be given to the attorneys for their review This should be completed within 3 business days. Ask your attorney to copy the Realtors with any addendums or riders. Your $1,000 initial deposit will be placed in the Re/Max Properties Trust Account.
2. INSPECTION. During the Attorney Review, start contacting home inspectors and try to set up a time and day for the inspection preferably immediately following the Attorney Review. The sooner we get this done, the more time we have to assess the inspection report.
The day of the physical inspection, one of us is usually there at the start and at the end of the inspection. By the end of the inspection, we should have a rough idea of what the problems might be. Let your attorney know right away how the inspection went, and have everything resolved within 3-7 days. Please make sure once again that the Realtors get a copy of any correspondence.
3. BALANCE OF DOWNPAYMENT. The balance of the 10% deposit is due within 10 days of the contract signing or 10 days from the end of the Attorney Review period, depending on what date the attorneys agreed to. Please make sure it is delivered to the Attorney promptly.
4. MORTGAGE. You will need to apply for a mortgage in a timely manner. The mortgage processing time is usually 30 days. Sometimes sooner, if needed. Make sure that we have the name of the mortgage company and representative you have decided to use. They will be calling us to have the home appraised.
As soon as you have your mortgage commitment, please let your attorney know and give him/her a copy. You will have to decide on the exact closing date. Once again please make sure that we are informed when this is.
5. UTILITIES REMINDER: Once you have your closing date, remember to call the utility companies to have everything placed in your name at the time of closing.
6. WALK THROUGH. Within 24 hours prior to closing, you have to do a walk through of the home. Let us know what time is good for you and we will arrange this with the homeowner/listing broker.
And through it all, the Cleary Team will be by your side to help ensure that the experience of buying your home will be as smooth as possible!
Contact us today to help you find your dream home in NW Bergen County!