Basking Ridge Homes For Sale

Some very good information here because it’s tough out there!!! Selling a home today takes some very strategic planning and staging to get your home sold fast and for the highest price possible. No brain surgery, just a great agent. And of course, once you read this and you are considering selling, CALL ME!

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Home Selling 101: Selling in a buyer’s market, with an oversupply of homes and/or falling home values, does not occur often, but certainly presents challenges. My top ten tips listed here should help you and most tips are applicable in any home selling environment. The final net sales proceeds may not be what you wish for or need or what a neighbor received 2-3 years ago, but, will most likely be what the market dictates now.

Is My Home Priced to Sell? | Is My Home Ready to Sell?

1. Prepare Yourself for Market Conditions – the “market” sets the final sales price and terms. Prepare yourself mentally for fewer probable showings and a longer “time on market” and possible future price reductions. Also, if you can, put your home on the market in the spring. I’ve seen some sellers drag their feet during the summer and put their home on the market just as summer ends.
2. Make a Good First Impression – It starts outside… I’ve had many buyers say “NO” just when we pull in front of a home if it is not neat. That first few seconds in front of a home can make or break a possible sale. Typically, the good indicator is that if the home is not neat outside, it’s probably not neat inside. Mow the grass, get rid of weeds, rake the leaves, plant or exhibit colorful flowers or shrubs, trim back excessive or low hanging limbs and branches on trees that block the home, trim shrubbery down and away from the home, trim or cut limbs hanging against the home or roof, clean the front door, clean or paint railings on the front porch, replace the worn out welcome mat, put away the bikes and children’s toys, clean gutters, clean the walkway for a clear path to your door!. Okay, now you have done the front yard, check out your backyard and give it the same attention.
3. Prepare Your Home for Showing – CLEAN the inside, paint where necessary, clean windows, apply or have applied a pest control treatment if necessary, eliminate odors, clean or replace air filters, clean the air filter returns, clean the dust off ceiling fans (they do get yucky), really clean the kitchen and bathrooms, organize, remove clutter, straighten up or put away children’s toys, clean and organize the garage, make your home look like Mr. & Mrs. Clean live there!
4. Hire an inspector – Very few sellers do it, but, a home pre-inspection may be of great assistance to you in determining what’s wrong and what needs to be repaired in your home. You may not have been under your home or in your attic in a long time (or ever). Things change and things happen. These items WILL be found when the Buyer does a home inspection or termite or HVAC inspection. If your home has some age, you may want to do this before you put your home on the market to eliminate these concerns from the start. You can take care of major items at the start rather than in a time crunch running up to closing. You can also provide the home inspection report and any associated repair invoices to show that issues have been found and taken care of as a selling bonus. Consider doing a home inspection, HVAC inspection and termite inspection.
5. Make repairs – Make repairs that are profitable or will be necessary for the sale of your home. Oftentimes, I see rotten wood on the outside of a home or water damaged ceilings for example. A home inspection will most likely require that these be repaired anyway, so do it now. Be sure to make NICE and professional repairs. I’ve seen some repair jobs that look they needed repair. Replace cracked floor or counter tiles, patch holes in walls, fix leaky faucets, fix doors that don’t close properly, consider painting your walls neutral colors (especially if you have grown accustomed to purple or pink walls), replace burned-out light bulbs.
6. Special touches inside the home – If you smoke inside your home, stop now. Most folks will stop at the door if they smell smoking odors inside a home. Add seasonal touches or flowers. Give your home a nice aroma with a cinnamon candle, freshly baked chocolate chip cookies or a faint pine scent. But don’t overdo it, as buyers might wonder what you’re trying to cover up. Turn on some classical music or soft jazz at LOW volume. If you know home buying prospects are due to arrive (or may arrive) for a showing, be sure to turn on some lighting and open blinds especially in the fall and winter.
7. Select the Best Selling Agent – Make a good effort to select a professional selling agent. Is the sales agent actually a Realtor (try asking them what the difference is between a sales agent and a Realtor – if they stumble on this, move on!). Ask for a list of closed transactions during the past year. Do they hold additional certifications – this shows commitment to the profession and on-going education. Will they provide you with a detailed and written market analysis? Do they have a marketing plan to provide in writing? Do they have an Internet presence and does this website have strong content and easily found in search engines? Do they provide a listing tour or virtual tour? Will they provide you with the MLS listing sheet after the home is listed? I’ve seen many listing sheets with many errors (wrong square footage, wrong number of bedrooms, bad directions, minimal agent contact information) and all of these may contribute to a home not getting sold in a timely manner. Most importantly, what is their procedure (if any at all) to provide you with timely (weekly) follow-up on showings?
8. Set a Competitive Price – Your home is in a competition… to SELL! Set your price competitively. If your home isn’t moving, check the price first—too high, and potential buyers may not even consider it. It’s best not to waste time on the market, so set your home price right from the beginning. Rely on an experienced Realtor to provide you with a written market analysis package. This market analysis may include current active listings and recent closed sales that are similar to your home. The best and most important “comps” are recent closed sales. The most important and best selling period for your home is during the first 30 days of your listing. If there are any questions about your home value, for a unique home for instance, have a professional appraisal performed as another indicator of possible value. With adequate marketing and an appropriate time period, the “market” is the best determinant of value. For Columbia, South Carolina in late 2007 if you had a home to sell at $175,000 (about the average home price in Columbia), you had 596 other homes for sale within 10% of $175,000 (that’s just in the most sought after school district areas too). That’s a lot of competition!
9. Offer a Home Warranty – I typically negotiate for a Buyer to get a home warranty paid for by the Seller and typically this negotiation strategy works. Offer a home warranty from the start and get an extra marketing advantage. A home warranty gives buyers additional confidence in a real estate transaction—they know that a good warranty stands behind the covered systems or appliances in the house. If they break down, buyers are covered for repair or replacement (subject to any deductible and applicable coverage). An added benefit to the seller is that buyers will be calling the home warranty company with their problems—not you. Also, the Seller typically has some degree of coverage during the listing period at no additional cost. Homes with a warranty are more attractive to buyers.
10. Be Flexible and patient – Follow the suggestions of your Realtor related to showings. Try to always accommodate showings of Realtors and sales agents. Use showing feedback from your sales agent to improve or make changes during the process of marketing your home for sale. If the home is not getting sufficient showings after a reasonable period of time and with adequate marketing, review comps again and consider a price reduction.

If I can help you with any of your home buying or selling needs, please visit my websitewww.AdrienneFrancis.com or contact me at 201 259-4449. I look forward to helping you.

Tags: Selling a Home in Basking Ridge, Selling your Basking Ridge Home // Add Comment »

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Buying a home is one of the most important investments an individual or family will probably make in their lifetime. Homes provide the center point for ones life. A home is a place of fun, rest, sleep, eating, protection, and security. Homes also are ‘real’ objects and therefore hold there value. Homes are also extremely expensive compared to any other consumer product most individuals will buy. Lastly, homes do not typically depreciate faster than they appreciate like almost all other consumer products. With the super high price tag, most home buyers do not have the money saved up to pay cash for a home at the time they are in the market. Because people need homes and the money is not typically readily available, a strong industry for lenders interested in lending to home buyers is available.

The great thing about investing in a home is that it is typically low risk. If a lender can find a person to lend to who fits what traditionally shows they will repay all of there debts on time, then the lender will benefit greatly by having a lot of interest paid out over an extended period of time.

The fist step to being able to get a loan and therefore into a home, is to have a great credit history. Having a great credit history is important for almost all ages. At even a young age, teenagers will qualify for a credit card. As we move throughout life, most individuals can get student loans, a car payment, put the rent and utilities in ones own name. The most important thing that one can do growing up is to use their credit card responsibly by either paying it off each month or making the minimum monthly payment.

Along with keeping an individuals credit score high is the job history. The lenders will want to know that an individual or a borrower will keep a job and therefore be able to continue with their mortgage payments.

The word ‘mortgage’ comes from Roman roots where it meant ‘pledge unto death.’ One reason why credit history and consistent jobs are so important to a lender and not how much money the investor puts in of their own money up front is because a mortgage is typically paid back over a long period of time. Most mortgages are thirty years to repay at a fixed interest rate. This means that a lender is almost betting that an individual will work hard and keep the payments coming in every month for up to thirty years.

Different lenders have different preferences when it comes to how much an investor puts into the loan. The majority of lenders will want five, ten or twenty percent of the homes initial cost invested into the home at closing. The catch is, the less money the investor puts into the home at closing, the more risky the lender will view the investor and will therefore charge more interest as a consequence. Interest is simply the fee the lender charges for lending out their money. The less invested a borrower is, the more likely they will default on their loan, and therefore the lender will charge more in terms of interest.

Buying a home is one of the most important investments an individual or family will probably make in their lifetime. Homes provide the center point for ones life. A home is a place of fun, rest, sleep, eating, protection, and security. Homes also are ‘real’ objects and therefore hold there value. Homes are also extremely expensive compared to any other consumer product most individuals will buy. Lastly, homes do not typically depreciate faster than they appreciate like almost all other consumer products. With the super high price tag, most home buyers do not have the money saved up to pay cash for a home at the time they are in the market. Because people need homes and the money is not typically readily available, a strong industry for lenders interested in lending to home buyers is available.

The great thing about investing in a home is that it is typically low risk. If a lender can find a person to lend to who fits what traditionally shows they will repay all of there debts on time, then the lender will benefit greatly by having a lot of interest paid out over an extended period of time.

The fist step to being able to get a loan and therefore into a home, is to have a great credit history. Having a great credit history is important for almost all ages. At even a young age, teenagers will qualify for a credit card. As we move throughout life, most individuals can get student loans, a car payment, put the rent and utilities in ones own name. The most important thing that one can do growing up is to use their credit card responsibly by either paying it off each month or making the minimum monthly payment.

Along with keeping an individuals credit score high is the job history. The lenders will want to know that an individual or a borrower will keep a job and therefore be able to continue with their mortgage payments.

The word ‘mortgage’ comes from Roman roots where it meant ‘pledge unto death.’ One reason why credit history and consistent jobs are so important to a lender and not how much money the investor puts in of their own money up front is because a mortgage is typically paid back over a long period of time. Most mortgages are thirty years to repay at a fixed interest rate. This means that a lender is almost betting that an individual will work hard and keep the payments coming in every month for up to thirty years.

Different lenders have different preferences when it comes to how much an investor puts into the loan. The majority of lenders will want five, ten or twenty percent of the homes initial cost invested into the home at closing. The catch is, the less money the investor puts into the home at closing, the more risky the lender will view the investor and will therefore charge more interest as a consequence. Interest is simply the fee the lender charges for lending out their money. The less invested a borrower is, the more likely they will default on their loan, and therefore the lender will charge more in terms of interest.

If I can help you with any of your home buying or selling needs, please visit my website www.AdrienneFrancis.com or contact me at 201 259-4449. I look forward to helping you.

Tags: Buying a Home // Add Comment »

I love some of these accents. Hope it gives you some good ideas.

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Unusual Shapes

 
• Break up the accent wall with wood strips and molding, and paint them in the trim color.
• Draw a large geometric shape on your wall (square, rectangular, half-circle, etc), fill it with an accent color and then outline it with strips of molding for a more finished look.
• Leave a 20″ wide vertical gap of white space in the middle of your accent wall, then hang artwork down the center.
• Moving in a clockwise direction, paint 1/3 of one wall and 2/3 of the adjacent wall, wrapping the corner in an accent color. This cool trick will help you create an architectural emphasis where one doesn’t exist.

Dimensional Finishes

 
• Instead of using regular paint and a solid color for painting your accent wall, try faux painting finishes likevenetian plaster, antique crackle, stone imitations or denim.
• Adding a mural to the accent wall will make the room come alive and will create a unique theme and mood in the room.
• You don’t have to use paint in order to create an accentwall - wallpaper is a great alternative to wall painting and is just as versatile and beautiful.

Decadent Colors

• Consider a gold, silver or copper leaf finish for your feature wall – the result can be breath-taking. A cheaper, faster and easier way is to use metallic paint – it will look subtler but will still add a dazzle.



• One of the boldest wall painting ideas (not for the faint of heart) is a black accent wall. Most people are afraid of black color and think it will look goth and depressing. But when done right, a black accent wall can look absolutely stunning and even fresh, positive and inviting. But the key to pulling off the black is to keep the furniture, flooring and ceilings light.

If I can help you with any of your home buying or selling needs, please visit my website www.AdrienneFrancis.com or contact me at 201 259-4449. I look forward to helping you.

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If you want to buy a house with bad credit, the drop in housing prices over the last few years may be a little frustrating.  Real estate is on sale but it may be tough to get approved for a home loan with bad credit. It doesn’t mean that you absolutely won’t be able to buy a house, but it does mean that you will face some challenges and need to work on improving your credit.

Bankruptcies and Foreclosures

If you have a low credit score, with no bankruptcy or foreclosure, you might be able to purchase a home now. You will have to pay a higher interest rate, and you might not get the best loan terms, but you probably won’t have to wait — as long as you have a large down payment and a credit score above 500. (If you have a small down payment, you might not be able to get a bad credit mortgage with a score below 580.)

Waiting periods apply if you have had a bankruptcy or foreclosure. Most lenders won’t offer you better rates until a bankruptcy is four years behind you and it has been at least two since a foreclosure. In order to qualify for a FHA loan, you have to be at least two years away from a foreclosure, and you can get a loan with as little as a 3.5% down payment.

Improving Your Credit to Buy a Home

So what should you do if you don’t have any recent bankruptcies or foreclosures and would like to buy a home but have bad credit?  Your first move should be to try and improve your credit score. Here are three ways to begin improving your credit score:

1. Make your payments on time and in full.
2. Pay down your debt, reducing your debt to income ratio.
3. Avoid applying for very much new credit.

One way to build a history of making regular payments is with a credit card, but you may not qualify for one if you have bad credit.  One option is to open a secured credit card, where lenders are willing to give you a credit card if you provide collateral in case you don’t make your payments.

As long as you use it responsibly, making regular purchases and paying down the balance each month, this can be a fast way to help your credit score.

Other things that can help you improve your qualifications for a home loan include:

Earn a regular wage. Self-employment offers a different challenge. If you are self-employed, you should be able to show tax documentation of regular earnings. However, self-employment income isn’t going to be viewed by lenders as favorably as a salary. Show that you have been steadily employed for at least a year or two.

Save up for a down payment. If you have poor credit, you can improve your chances with a down payment of at least 10%. If your credit score is lower, approaching 600 or below, you might need 20% down. If you have a credit score of less than 500, there is a good chance that you will need a 35% down payment to qualify.

Letter of explanation: If you have a compelling explanation for your low credit score, a letter of explanation might be required. You can explain extenuating circumstances (such as job loss or medical catastrophe) that led to your poor credit. You can also describe what you are doing to improve your financial situation.

When you have bad credit, it is still possible to buy a house. However, you will need to work hard to improve your credit score at least a little, and you may have a couple other hoops to jump through.

If I can help you with any of your home buying or selling needs, please visit my website www.AdrienneFrancis.com or contact me at 201 259-4449. I look forward to helping you.

Tags: Buying a Home // Add Comment »

You can find out for free on my website http://www.adriennefrancis.com/free-home-evaluation.html. Or just go to the home page www.AdrienneFrancis.com and click on the “What’s my Home Worth” widget.

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If you are one of the fortunate ones that  still has a  job but are being relocated to this area, wouldn’t you love some help navigating your way around? Where do I want to live? Which towns should I be considering? What are the best schools? I can help you answer all these questions and more. You can also visit my website which has a ton of information about the different towns in Morris and Somerset Counties. You can search for all homes on my website, not just my listings. Any and all homes listed on the Multiple Listing site are available to you. And if you decide you need some guidance and advice, don’t hesitate to contact me. I have lived here a long time and know the area and inventory well. Happy Hunting! 201 259-4449. www.AdrienneFrancis.com

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Tags: Selling a Home in Basking Ridge, Selling your Basking Ridge Home // Add Comment »

This article is jam packed with information – all the information you will ever need on buying your first time. Everything except, that is, the down payment! If you hae any questions, don’t hesitate to call or email me for additional information.

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1. Why should I buy, instead of rent?
   • Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.

   
   

2. What are “HUD homes,” and are they a good deal?
   • Answer: HUD homes can be a very good deal. When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible. Read all about buying a HUD home. Check our listings ofHUD homes and homes being sold by other federal agencies.
     
3. Can I become a homebuyer even if I have I’ve had bad credit, and don’t have much for a down-payment?
   • Answer: You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-fundedhousing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are anylocal homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
     
4. Are there special homeownership grants or programs for single parents?
   • Answer: There is help available. Start by becoming familiar with the homebuying process and pick a good real estate broker. Although as a single parent, you won’t have the benefit of two incomes on which to qualify for a loan, consider getting pre-qualified, so that when you find a house you like in your price range you won’t have the delay of trying to get qualified. Contact one of the HUD-funded housing counseling agencies in your area to talk through other options for help that might be available to you. Research buying a HUD home, as they can be very good deals. Also, contact your local government to see if there are anylocal homebuying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
     
5. Should I use a real estate broker? How do I find one?
   • Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, the broker can save you hours of wasted driving-around time. When it’s time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don’t have to pay the broker anything! The payment comes from the home seller – not from the buyer.By the way, if you want to buy a HUD home, you will be required to use a real estate broker to submit your bid. To find a broker who sells HUD homes, check your local yellow pages or the classified section of your local newspaper.  

 

6. How much money will I have to come up with to buy a home?
   • Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money- the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 – $2,000.The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That’s why many first-time homebuyers turn to HUD’s FHA for help. FHA loans require only 3% down – and sometimes less.Closing costs – which you will pay at settlement – average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won’t be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.
      

7. How do I know if I can get a loan?
   • Answer: Use our simple mortgage calculators to see how much mortgage you could pay – that’s a good start. If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer. But before you give up, why don’t you contact a real estate broker or a HUD-funded housing counseling agency? They will help you evaluate your loan potential. A broker will know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you’ll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.
     
8. How do I find a lender?
   • Answer: You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders. Shopping for a loan is like shopping for any other large purchase: you can save money if you take some time to look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. Talk with several lenders before you decide. Most lenders need 3-6 weeks for the whole loan approval process. Your real estate broker will be familiar with lenders in the area and what they’re offering. Or you can look in your local newspaper’s real estate section – most papers list interest rates being offered by local lenders. You can find FHA-approved lenders in the Yellow Pages of your phone book. HUD does not make loans directly – you must use a HUD-approved lender if you’re interested in an FHA loan.
     
9. In addition to the mortgage payment, what other costs do I need to consider?
   • Answer: Well, of course you’ll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate broker will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. You’ll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. Again, your broker will be able to help you anticipate these costs.
     
10. So what will my mortgage cover?
    • Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you’ve borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, you’ll pay far more in interest than you will in principal – sometimes two or three times more! Because of the way loans are structured, in the first years you’ll be paying mostly interest in your monthly payments. In the final years, you’ll be paying mostly principal.
      
11. What do I need to take with me when I apply for a mortgage?
    • Answer: Good question! If you have everything with you when you visit your lender, you’ll save a good deal of time. You should have: 1) social security numbers for both your and your spouse, if both of you are applying for the loan; 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years’ income tax statements; and the name and address of someone who can verify your employment. Depending on your lender, you may be asked for other information.
      
12. I know there are lots of types of mortgages – how do I know which one is best for me?
    • Answer: You’re right – there are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. There are several government mortgage programs,including the Veteran’s Administration’s programs and theDepartment of Agriculture’s programs. Most people have heard of FHA mortgages. FHA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. Talk to your real estate broker about the various kinds of loans, before you begin shopping for a mortgage.

    
    

13. When I find the home I want, how much should I offer?
    • Answer: Again, your real estate broker can help you here. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You probably want to get a professionalhome inspection before you make your offer. Your real estate broker can help you arrange one. 3) How long has the home been on the market? If it’s been for sale for awhile, the seller may be more eager to accept a lower offer. 4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.
      
14. What if my offer is rejected?
    • Answer: They often are! But don’t let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn’t normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember – don’t get so caught up in negotiations that you lose sight of what you really want and can afford!
      
15. So what will happen at closing?
    • Answer: Basically, you’ll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you’re signing. After all, this is a large amount of money you’re committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you’ll have to supply at closing, and a list of documents you’ll need at closing. If you don’t get those items, be sure to call your lender BEFORE you go to closing. Be sure to read our booklet on settlement costs. It will help you understand your rights in the process. Don’t hesitate to ask questions.
      
16. More information?
    • Answer: See our 100 questions and answers about buying a home.

 

If I can help you with any of your home buying or selling needs, please visit my website www.AdrienneFrancis.com or contact me at 201 259-4449. I look forward to helping you.

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