Finding the Home Thats Right for You

With all the choices in today's market, how do you go about finding the right home? It seems the more research you do, the more confused you get.

It's important to understand your needs and plan for them. Know what you want in a home, what's important to you, and what you can live without. Many of us start out with a champagne taste and a beer pocketbook, so it's important to be realistic.

Where and what you buy will affect you for as long as you live in the house, If you make the wrong purchase that may seem like a very long time. Get your priorities in order before you start looking or even talk to a real estate broker or sales associate.

For first-time home buyers this is a new experience, so it's especially important to do your homework. Ask people who have previously purchase a home about their experience, but don't ask for advise.  Only you can know what you really want and how much you are willing to pay for it.  If you currently own a home, you know exactly what's lacking. You may need another bedroom or bathroom, or a good school nearby.

First, decide where you want to live. A big part of the answer hinges on where and how you earn a living. If your job requires a lot of reading or is quite stressful, public transportation may offer valuable time to sit quietly. Regardless, you should practice the commute at the time you would be traveling before you make a commitment. A 15 minute drive on a Sunday afternoon may be a 60 minute stop and go during rush hour.

People with children have other major considerations: school and safety. If you plan to send your children to private schools, you can live where you want assuming you can easily arrange transportation. Call the local Board of Education and arrange a tour of the school you children will attend, preferably during school hours.

Obviously, lifestyle is an important consideration. People who frequently dine out, go dancing and attend the theater probably belong in the city or a close-in suburb,  make sure you're in close proximity to the things that matter most.

It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse, condominium or apartment condominium or co-op. 

In condos and other such communities, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company handles that.

On the other hand, you'll pay fees for these services. In addition to checking the documents and financial soundness of the homeowner's association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room. Another consideration, if you are using an FHA mortage is if the develpment is FHA approved.  Not all complexes qualify for FHA funding.

Affordability can be a factor not only in the type of housing, but whether it's new or an existing home. Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. They generally sit on landscaped lots with mature trees and grown bushes.

New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. Make sure you're dealing with a reputable builder, and have an attorney review all documents,

Selecting a real estate professional is an important first step in beginning your search. Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service. Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.

If you are searching for a home in the Northern NJ area I would be happy to help.

Gail Vinnal                                                                  Accredited Buyer Representative (ABR)

My new designation

Today I received a new designation through the National Association of Realtors, I am now an Accredited Buyer Representative (ABR).  What this means is that I have attended continuing education classes geared specifically to a Real Estate Agent who works with the buyer end of a Real Estate Transaction. 

As a Buyer Representative I offer a higher degree of service to a homebuyer making the buyer the center of the sale.  Working with buyer's is my favorite part of the Real Estate Business and finding them the perfect home is a game I always like to win.  Some agents prefer the listing side of the business but, although I do take listings and am very good at working them, my favorite part of the job is matching up a buyer's wants and needs with properties currently on the market. 

Although all agents can and do work with both buyers and sellers most transactions lean to the side of the seller, after all, the seller is the one who has the property, sets the price of the home and pays the Real Estate Commission out of the proceeds of the sale.  In the past the general feeling has been that all agents work for the seller because that is who pays them.  The educational materials we received  in this class point out that at a closer look the seller may possess the property but the price is actually set by the buyer, The seller has the option of accepting or refusing an offer but if he wants to sell his home he has to negotiate with what the buyer offers him.  The same with the Real Estate Commission, the commission is paid out of the proceeds of the sale according to the terms of the listing agreement but, the commission is based on the sale price that was offered by the buyer and, in normal sales the only person actually bringing money to the closing table is the Buyer so, although the seller negotiates the sales commission the buyer really pays it.

If you or anyone you know is thinking of buying or selling a home, or if you just have questions about the process feel free to contact me.

Gail
gailvinnal@verizon.net

Thought You'd be Interested

Thought You'd be Interested Recent sales in Clifton, NJ

Problems with the home your selling-disclose

Sometimes sellers believe if they just put on a good face, no will know what's going on behind the scenes. These days, it's a crime to lie about things that are wrong with your home. While the buyer still has to prove you knew or should have known about these items, the damages (not to mention the defense) can be costly.

In the paperwork you receive from your realtor when you list your home, you are asked to fill out a seller's disclosure.  This is a form which asks about the current condition, past problems, repairs and improvements that have been made to the home over time.  Your are asked to check yes, no or unknown.  Sometimes your response requires and explanation and if you don't know the answer (what year was the roof replaced) unknown is a perfectly acceptable response.  This form should be filled out as completely and honestly as you are able.  It will be signed by the seller and the buyer and is a part of the real estate contract.  This disclosure relieves the seller of responsibility if a problem arises and it is addressed in the disclosure.  If the buyer has knowledge of a problem and purchases the home anyone he is accepting the conditon of the home.

If you're honest and upfront about past problems and steps you've taken to correct them, your seller disclosures will be a whole lot easier. If the house has current issues, tell the broker and the buyer what you're doing to correct them. Or, make it clear that the purchase price reflects these problems. Either way, honesty pays.

Making an Offer

When you make an "offer" or "bid", the seller of the home can accept or reject it, make a counter-offer or not respond.

If the seller rejects your offer, makes a counteroffer or doesn't respond, your options remain open. You can accept the counteroffer, make another offer or reject it and keep looking.

It's important that you think through your decision before you make an offer. You won't be able to think it over more you have come to a meeting of the minds.

Once both parties have signed the offer the contract is sent to both attorneys for review.  The attorney review period is approximately 3 days or, until both attorneys are satisfied with the wording of the contract.  During the attorney review period either party can cancel the contract for no particular reason.  Once the attorney review period of over the contract is binding.  At this time you will be given a time frame in which inspections must be done and deposit money delivered to your attorney.  The contract will also contain a mortgage commitment date which is when you must have confirmation from your lender that you are indeed qualified for the mortgage you applied for and the lender is committed to lending you that money.

What is a good offer

Once you've found the right home , you'll need to know the real value of the house so that you can make an educated offer.
A home's value is determined by the following:

• Sale Price History: Pay attention to trends in appreciation or depreciation on the home.
• Home Characteristics: The number of bedrooms and bathrooms, square footage and other characteristics of the home. 
• Similar Home Prices: Prices of comparable homes in the neighborhood.

I always offer to create a market analysis of the property for my buyers, this is something that is done for the seller when they put the house on the market and it helps position the home to sell quickly.  It will help a buyer make and informed decision as to what a particular house is worth to them.  Some things to keep in mind when making an offer:

If there are multiple offers on the house be careful of the "I want to win" mentality, I've seen buyers overpay because they get caught up in the heat of the bidding war.

The final price, regardless of what other homes have sold for, is what a ready, willing and able buyer is willing to pay for a property, so, the buyer is really the one who sets the value of the home.

Home Buyers Need to Take Notes

House hunting can become slightly overwhelming.

You might forget one house from the next. You may get frustrated that you haven't found your dream home or get so excited you forget to focus on your wants and needs.
Its a good idea to write down simple description of the homes you see.  I usually give my buyers a copy of the MLS sheet so they can write on the back.  After you see a few homes they all start to look the same and frequently you start remembering the good points of a few homes as features of the same home.  Some buyers are very disappointed when they go back to the home they think they want to make an offer on only to find they had blended a few homes together in their mind. 

The key to keeping the facts straight when viewing a number of homes is to write down the pros and cons of each home next to the address.  If the seller will allow it, pictures help.