© 2020 All rights reserved.Power by Arthur Zhao
The AZ Edge
- Provide you with a survey commonly known as comparative market analysis, which consists of intimate knowledge and an intense study of property value considering appreciation, supply and demand, presentation, price-per-square foot comparison, and image.
- We will conduct all searches for properties that work with your criteria and will suggest a number of options to satisfy your housing & lifestyle needs, including types of property, different neighborhoods, types of amenities, and layout configurations.
- We will recommend an attorney, or work with yours to make sure an appropriate contract is prepared and signed promptly.
- If you haven’t pre qualified for a loan, we will recommend and coordinate all activities regarding your financing of the prospect property
- Evaluate your budget – know what you want to spend for a down payment as well as monthly expenditures
- (i.e. real estate taxes, monthly mortgage payment, utilities, etc)
- Obtain mortgage pre-approval
- Select an attorney who specializes in Residential Real Estate
- Prioritize your needs – space, light, bedrooms, baths, fireplace, etc.
- Identify your timeline for moving
- Explore different neighborhoods to identify your preferred needs
- Research schools in the selected neighborhood(s)
- Evaluate access to transportation in the selected neighborhood(s)
- Work closely with your broker to gather support materials for you mortgage application
- Once property has been selected, write sup on offer with us.
- Seek pre-approval for a mortgage: Typical time frame: 1 – 2 days
You must know how much you can spend before you spend it.
- Find a Property: Typical time frame: 1 week – 2 months
Depending on what you are looking for, the length of your search will vary. The average person sees 10 homes before deciding on one. Internet-savvy buyers save time by doing their ‘homework’ before their search. The average number of homes viewed before buying by our internet buyers is 4-5.
- Review Offer Terms
- Negotiate on the Property: Typical time frame: 1-2 days
- Sign a Contract: Typical time frame: 1 day
Generally, in a sales transaction, a New Jersey real estate attorney represents each buyer and seller. The realtor draws up the contract for the buyer, it is presented to the sellers agent and upon acceptance, both parties enter into “attorney review”
- Possible contingencies: financing, Inspection, closing dates (see our list of closing costs associated with buying and selling condominiums and cooperatives.). The quicker the contract can be signed, the better. A contract is binding only after both parties sign it.
- Apply for a mortgage: Receive Commitment Letter from Lender. Typical time frame: (5-7 Days with Condition) 1 – 3 weeks
Mortgage applications cannot be processed without an executed contract.
- Schedule a Closing: Typical time frame: 1-2 weeks
After board approval managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.
Typical time frame from the time an apartment is found, to the time an apartment closes: 1 – 4 mos.