What is involved in the home buying process?
When you buy a home, it can be quite a lengthy process. The average time to close on a property is 45-60 days if the buyer has a mortgage, but it can take much longer depending on the circumstances of the transaction. The process should be fun and enjoyable, although intensive in the process. As a rough guide, the home buying process can include:
- First and foremost, if applicable, you should retrieve a mortgage pre-approval for your future home. This can help realtors view you as a more serious buyer and even help you find a home quicker when sellers see you have the first steps of financing in order;
- Find a reputable real estate agency to help you find a property;
- Tell your agent what you’re looking for in your future home;
- View homes with your agent and attend open houses;
- Place a bid on a home;
- You may have to negotiate with the seller to come to an agreement for a purchase price;
- After the negotiations are done and the seller has accepted your final offer, send a copy of the contract to your real estate attorney.
- Next, begin the actual mortgage process by submitting a copy of the deal to the mortgage company or your broker.
- Proceed with scheduling a home inspection;
- Negotiate any repairs or concessions resulting from the inspection;
- Your attorney can have a title company run a title search and acquire title insurance for the property;
- Find an insurer for your home owner’s insurance;
- Complete all mortgage contingencies;
- Review a good faith estimate with your attorney;
- Complete and review a HUD-1 with your attorney and/or mortgage broker;
- Go to the closing table!
While this is not an exhaustive list of steps in the home buying process, this can help a buyer understand what to expect when buying a home. Being prepared can make the process more enjoyable and overall less stressful.
If you are purchasing a home in New Jersey, you should consult with a real estate attorney. An experienced real estate attorney can guide you through the home buying process, straight to the closing table.
Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.