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Representing Home Buyers

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in Northern New Jersey


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Home Buyer's Guide
   Step 4. Making Your Offer & Negotiating the Contract

1. Getting Organized

2. Mortgage Financing
Pre-Approval, Appraisal, Commitment

 

 

 

3. Searching for a Home

 

 

 

 

 

 

4. Offer & Negotiations

 

 

 

 

 

 

5. Home Inspection

 

 

 

 

 

 

6. Closing

 

     7. Move-in

Signing Your Contract on a New Home in New Jersey

 

When it's time for you to make an offer and have us negotiate the contract of sale for you, there are a lot of things we need to go over with you besides just having you sign the offer sheet.  We need to:   

  • Develop a comparative market survey to evaluate the property's current market value (vs. the list price) which includes considering any defects or problems observed regarding the property you are interested in purchasing.

  • Advise you on the choices available in preparing your "offer to purchase" with regard to:

    • time requirements (mortgage commitment date, closing date) and various deadlines (additional deposit due), 

    • down payment amount ($ amount or %),

    • additional deposits,

    • homes inspection (and potential other inspections - oil tank, well water, septic tank, asbestos, etc.)

    • various contingencies under the contract, etc. 

  • Evaluate:

    • how badly you want the property (determine your price points),

    • and, the Seller's possible motivation to sell.

  • Help you develop the basic financial requirements related to your offer:

    • Initial good faith deposit:

      • due upon issuance of your offer

      • approximately $1,000 to $10,000 depending on the purchase price.

    • Additional deposit:

      • due within approximately 2 weeks of both parties agreeing on the offer and after "Attorney Review" is completed,

      • approximately 50% of your total down payment less your initial good faith deposit above.

    • Inspection costs:

      • due at the time any inspection is performed - typically within 2 weeks of the end of "Attorney Review"

      • ,
      • approximately $400 to $900 depending on square footage, age of property, etc.

    • Financing costs (application fee, commitment fees, points, appraisal fee, etc.)

    • Closing costs:

      • due at closing

      • ,
      • vary depending on the transaction (typically 3 - 5% of the total purchase price).

    • The remaining balance of your down payment:

      • due at the closing,

      • approximately 50% of your total down payment.

  • Advise you to seek legal counsel, when and if appropriate.

  • Develop negotiation strategies including possible pre-set limits and/or key points (items included or to be repaired) for negotiation with the Seller.

  • Prepare a written "offer to purchase" including the proper terms and disclosures: 

    • Conditions and contingencies,

    • Items included and excluded,

    • Tenants/leases/rentals/security deposits,

    • Financing,

    • Required inspections and timing,

    • Key contract dates (attorney review, inspections, mortgage commitment, etc.),

    • Closing date and location,

    • Negotiable items,

    • Deposits/Down Payment and Related Dates, and

    • State required disclosures.

  • Present and negotiate your offer with the Seller and/or Seller's Agent.

  • Evaluate/prepare any counter offer(s) with you.

  • Present /negotiate any counter offer(s) with the Seller and/or Seller's Agent.

  • Ensure completeness of the final executed contract copies and signatures.    

 [Back to Step 3]     [To Next Step 5]


Serving Northern New Jersey
 Passaic, Somerset,  and Union County

For Help With Your Home Purchase - Call
(201) 823-1990 or  Email  

  "FIVE STAR" Agents/One of NJ's Top Realtors  - REBAC Accredited Buyer Representatives
 
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