Basking Ridge Homes For Sale

Below are some everyday jargons used in describing homes for sale. Be on the lookout for cautionary descriptions that may cover up something undesirable on the home.

Description #1

Flexible floor plan

This may mean the home was custom designed, when it was built. It could also mean that the home has had additions or modifications that don’t match the original floor plan. Watch out for a hodgepodge!

Description #2

Low maintenance yard

This could be a nice way of saying the yard is the size of a postage stamp! It could also mean that there is a lot of rocks and very little grass. It might also mean the foliage is on the wild side.

Description #3

Model home condition

You can assure this means the home is decked out with amenities. This might mean the Seller overpaid the Builder for fancy features and they are now trying to compensate the expense by listing the house higher than it’s realistic market value.

Description #4

Original condition

That’s a nice way of saying the 1978 kitchen cabinets are not only fashion challenged but not very functional.

Description #5

Needs TLC

It may mean that the previous owner(s) ignored the regular maintenance on the house and let the place spoil faster than if they kept the place cared for. When you have a Licensed Inspector come out, make sure to ask him to look beyond the visible TLC and check for signs of costly, and major areas of deferred maintenance on the home.

Description #6

Convenient location

This could be good or bad. It could mean you have all your shopping, churches, schools etc close by for easy transportation. Or it could mean the house sits right on the busiest street in town with a train running through the backyard. Make sure to go back to the house on different days and different hours.

Description #7

No Home Owners’  Association (HOA)

This could mean that there may not be cohesiveness in the area. If the exterior care looks bad that can mean that your property and neighborhood will lose value and status. Ask the neighbors about the community and listen carefully.

Description #8

Sweat equity opportunity

It may mean that you will be working on your home every weekend! Get out the elbow grease and tools on this home!

Ask Adrienne Francis, your Basking Ridge real estate professional to give you more guidance on this subject.

Below are some tips to help you decide whether or not to accept the offer on your Basking Ridge Home:

Here are a number of things to consider when you are looking at the price and terms of the offer:

1. What is your net profit after seller costs. Adrienne Francis, your Basking Ridge real estate expert, can give you the seller costs you will incur.
   
2. Unemotionally, is this what the current market will bear for my home price? Your home is only worth what the current market conditions are in your area. Your buyer will have an appraisal on the home, from the bank. The bank will not lend more money to the buyer than what the current market prices reflect. Ask Adrienne Francis about the current market prices. She has a lot of market knowledge of Basking Ridge homes and their values from area to area.
3. Consider that if you take this offer, you don’t have to wait any longer to move on with your new life and next home.
4. Are they asking for any personal property that I might need in my next home?
5. What does my Realtor think about the buyer’s pre-qualification letter? There is nothing worse than a buyer who cannot perform and your offer falls through before you get to the closing table.
6. Do I have enough time to move out of this home before or after closing? If you stay for a short period of time after the closing of the home, usually about 30 days after the accepted offer, you will have to pay the buyer for “renting” your own home. They are paying a mortgage from the day of closing. You would have to give them the “rent” so they can apply it to their mortgage. This is a bargaining chip though. Perhaps they want the house for a lower price, but you can negotiate for you to stay in the home, after closing, for no “rent” money. Consider the options and ask your Realtor, Adrienne Francis. She has Basking Ridge home strategies that work effectively for each situation.
7. Are there any contingencies? Do you they have to sell their home first? That is a type of contingency and can tie your home up and off the market, while they work on selling their home.

Ask, Adrienne Francis, to give you more tips on considering the offers on your home. Be prepared before the offers are submitted, so you can be well prepared. Call 201-259-4449 now!

Open Houses are a good time to get potential buyers and agents to see the inside of your home and fall in love. Some buyers live for Open Houses! They have their checkbooks ready and are in the mood to make decisions about buying a Basking Ridge home. Below are some tips to help you have a productive open house:

Tip #1

Clear away any items such as jewelry, coins or coin collections, check books, credit cards, and prescriptions.  Put away mail and any other important documents that you don’t want people to see.

Tip #2

Clear all clutter, shine hardwood floors, vacuum and dust. Clear leaves, mow the lawn, or shovel all walks if it is winter. First impressions last!

Tip #3

Open up curtains, blinds, and any other window coverings during the open house and also leave all the lights on.

Tip #4

Get some soft-scented candles, mild-scented plug-ins or potpourri appeals to get the buyers attention.

Tip #5

Soft and soothing music also helps ambiance.

Tip #6

The areas people look at the most are the bathrooms and kitchen. Make these rooms sparkle to get the attention of the buyers.

Tip #7

Plan the day away from your home and let your Basking Ridge real estate agent do the job. Relax, have fun and don’t think about it until you get back. Your Realtor will report any interested parties and if there are any offers.

Tip #8

Plan on at least one Open House as soon as the house goes on the market and one a month.

Open Houses are just a part of the selling process. Be prepared and you could sell your home that very day! Call Adrienne Francis today at 201-259-4449 for more information about selling your home in Basking Ridge.

Below are going to be some money saving tips for you to use while saving money for buying your Basking Ridge home:

Tip #1

Go to a bank and get a special interest-bearing savings account. Money is only allowed in, and you can’t take any out. Call it the “Home Fund” and let all your friends and family know that you accept donations to the Home Fund!

Tip #2

Take 5, 10, or 20 percent out of your paycheck and put it into your savings account. But you must figure out, on your own, how much you can afford to put in into your account to save up for the house. You can even ask your employer to put aside the same amount every time that you get a paycheck.

Tip #3

Any bonuses or surprise income, tax returns and gift money goes right into your special savings account.

Tip #4

Only go shopping for clothes, food, and other items when you NEED something. Put the WANT list aside for now until you get the home of your dreams. When you plan to go shopping make a list and make sure to stick to it.

Tip #5

Make sure to cut down on outside entertainment and eating at restaurants. Instead, stay at home, rent a video and ask people to come over for a potluck.

Tip #6

Let friends and family know that you are saving up to buy a home and that gifts and things will be at a minimum while you are saving up.

Tip #7

Remind yourself that every penny counts during your saving time. You can put spare change into a bottle and then at the end of the month put it into your savings. You will be surprised how much money you have from just loose change.

Tip #8

Plan ahead and don’t move all your junk to your new home. Plan and implement a garage sale in order to get rid of stuff you don’t need. Even ask your neighbors in the neighborhood to get into it to then you will have better luck at the garage sale. The nice thing about a garage sale is that you get cash for your unwanted things and it will be less to move.

Tip #9

Get the kids involved! Have the kids keep the lights off when they are not in a room and any iPods or cell phone cords unplugged when they are not using them.

These are just a few tips to save money for your next home. Make a list and I bet you can think of many other ways to come up with a hefty down payment! If you would like to receive information about the Basking Ridge real estate market, call Adrienne Francis today at 201-259-4449.

Many people feel intimidated about closing on a home they just bought. Have Adrienne Francis go over the entire closing process BEFORE you even buy. It will give you confidence you need when you purchase a home in Basking Ridge.

Tip #1

• Review all the documents.
• Ask for a closing package 2-3 days before closing so you can have time to review it with an real estate attorney.
• Analyze all the estimates that were given to you and be sure that the loan is the one that you agreed to.

Tip #2

• Make sure to get the final estimate from the title company you are working with and discuss the money required to cover all the other remaining down payment and closing costs.
• A Cashier’s check needs to be filled out to pay the funds.

Tip #3

• Make sure all inspections, work and repairs are completed before you sign any documents.

Tip #4

• Walkthrough the property for a final review of the property before closing.
• Be sure everything you agreed to is completed to the specifications of your contract.

Tip #5

• Make calls to the phone, water, garbage, gas, and electric companies and make sure the service is in your name.
• You should do this approximately a week before the closing.

Tip #6: The Day of the Closing

• Make sure to have your closing money in Cashier’s check, proper identification and your file of the transaction with you.
• Children should not be present at closings. Find a sitter for the children for at least 3-4 hours.
• Arrive on time. The title company, mortgage company, Realtors and sellers cannot start without you.
• Review all documents once more with the closing officer.
• Sign all documents as directed.
• The sellers of the home will be present for the closing. This is a good time to obtain keys, garage door openers, user manuals and as much information about the mechanicals about the house as you can.
• Exchange all contact numbers with the sellers, for future questions. You may also have some of their mail still coming to the house and you will want to forward it on.

That’s it! The house is yours! Enjoy your new home and really live in it. Make memories with your family and be proud to be a homeowner in America! Call Adrienne at 201-259-4449 for more information on Basking Ridge real estate.

The world of mortgaging has changed faster than any other time in the history of lending money. Interest rates are definitely at an all time low. Adrienne Francis can save you time and money with guidance and counseling. She has been a Basking Ridge real estate professional for years. In addition, here are some tips below to help you.

Tip #1: Get Your Credit Report Before You Look, Before You Apply and Definitely Before You Buy!

Forget surprises. Find out your credit score before you do anything else. Lenders have much stricter guidelines than in recent years so your credit is very important.

This is the only way to know your buying power.

Tip #2: Choose Wisely Who You Ask for Your Loan.

You are dedicating to many years to one company and paying them big bucks!  It’s vital to meet someone face to face and get all the facts. Internet mortgaging companies come a dime a dozen, but will they give you the truth about your loan? There are many good lenders in the Basking Ridge home buying area, so shop around.

Your own bank or savings and loan, where you do your banking, may present a more attractive package for existing customers..

Tip #3: Listen Carefully. It Could Mean Tons of $$$$ In or Out of Your Pocket.

Pay attention to all the small costs, terms of the loan and details in small writing.  Make sure you have a loan officer who is knowledgeable and explains in great detail.

Nothing says you can’t get 10 different bids from 10 different lenders. Shop for the best price but remember to compare apples to apples and look for hidden fees.

Tip #4: Choose the Type of Loan

A conventional mortgage is the safest way to go, if you want to be able to predict what your payments will be each and every month. Adjustable mortgage rates can typically start out with a lower rate of interest but can change. The balloon payment is another option. This is when early monthly payments are lower and after a few years, a large payment is required.

Tip #5: Calculate what is affordable for you

The length of the term on your mortgage can be between 15 and 30 years. A 15-year plan lets you buy the home quicker in less the time, but of course the monthly payment will be higher. The plus factor about a 15-year mortgage is that you will save tens of thousands of dollars in interest down the road. A 30-year mortgage is the most popular due to the lower monthly costs.

Tip #6: Pay Attention to Closing Costs!

Closing costs can vary widely so remember to nail down what your closing costs will be now, not when you get to the closing table.

Tip #7: Review Your Good Faith Estimate!

Before signing for a loan, review your Good Faith Estimate in great detail. Lenders are required to give a detailed breakdown of all costs before you commit to the loan.

The old “Bait and Switch” game was very common in the past and very illegal. The lender would quote you certain costs on the Good Faith Estimate, but when you arrived for the closing, their numbers had increased. If your credit is the same when you applied and when you are ready to close, there should be no reason for the costs to drastically jump.

Remember down the road:  You are entitled to see your closing documents a couple of days prior to closing.

Buying a Basking Ridge home is a rewarding experience. Tread cautiously and learn everything you can before making the big commitment, and you will succeed!

Paying off your mortgage loan is not the only way to build equity in your home. Home equity is the difference between your home’s market value and the mortgage you owe. To build the equity you need to get rid of the debt as fast as you can. Below are some tips on how to build equity in your home.

Tip #1

Start your Basking Ridge real estate quest with a thought on the equity of your down payment. It definitely doesn’t disappear after closing, this is what becomes part of your home equity. Make the biggest down payment you can afford right up front.

Tip #2

Stay up to date with all the repairs and maintenance. If you renovate it may backfire and cause you debt instead of value on your home.

Tip #3

Make sure to pay off your home as soon as you possibly can. Paying extra on the monthly mortgage payment helps pay the debt off faster, and leaving you with equity in your home. Drink less lattes and put whatever you can on the mortgage principal. Make sure when you pay the extra amount, that the bank understands to put it towards your principal. Check the balance often to be sure.

Tip #4

Get a shorter mortgage. Most common mortgages last 30 years, but it is not a requirement to buy a home. You can take one set out for 10-15 years, for example. Payments will be higher but you will be building equity in your home.

These are just a few tips to building equity on your Basking Ridge home. For more information on great tips on your investment, call Adrienne Francis at 201-259-4449.