6 Stages of the Home Buying Process by Experience NJ Team
If you prefer to read through the 6 Phases, we've included them below for you! Phase
1: CREATING A PLAN
The Buyer Consultation is the very first step of the home buying process This is where we create a comprehensive plan that considers all variables of your situation and will serve as the road map going forward. Before we start looking at houses, it is important to sit down and go over the process, timing, costs involved, your criteria and general market conditions. This can take place in person our office, over coffee or over the phone – but it is a critical step in the process!
Phase 2: BUILD YOUR TEAM
Why us? Who you work with matters!
We’ve helped hundreds of families over the past 10 years. When you choose to work with us, we commit to helping you create an excellent team that will support you throughout the process. A real estate transaction involves a team of professionals, including a lender, an attorney, home inspector, appraiser and title company. We will introduce you to great professionals who have helped many of our clients over the years. We will have an initial conversation about their roles so that when it comes time for them to step into the process, you are prepared and feel comfortable with your choices.
Also important is to start gathering relevant documents that your lender and attorney will need in advance - this will save you time and stress later on! If you don’t take phase 1 and 2 seriously, it will impact the rest of the process. Preparation is key!
Phase 3: THE SEARCH
The fun begins with exploring your favorite towns and the houses for sale that meet your needs. We will give you an in-depth tour of the towns and neighborhoods in which you are interested and discuss all the aspects of the local lifestyle. We live and work in these towns and our past clients have found our town tours very insightful! Up for discussion will be the:
Various style homes and the features you can’t live without
- Different commute options
- Town amenities
- Schools districts
- Recreation areas
Generally speaking, as it varies from family to family, a home search can last 30- 90 days. Discussing your timeline with us is important so we can best structure your search. And remember - having fun during this process is essential to keeping the process light and enjoyable! We provide the necessary support in managing all these decisions.
Phase 4: MAKING AN OFFER
When you finally find THE ONE - we analyze comparable sales and market statistics with you and create an offer strategy around the best price, terms and timing. We are well versed in how to put together a winning offer package, especially in multiple-bid situations. We always negotiate the best possible price and terms for our clients.
Phase 5: GOING UNDER CONTRACT
There are 2 crucial stages in navigating the transaction to closing. Attorney review is the first. Once your offer is successfully negotiated and officially accepted, your real estate attorney will thoroughly review the terms and conditions of the contract to ensure you are legally protected. This can last 24- 72 hours, depending. Once attorneys on both sides approve the contract, you will officially be Under Contract.
- The first step in doing our due diligence is to have the house inspected by a certified Home Inspector & negotiate any necessary repairs needed.
- You will work closely with your lender to get your official mortgage package in and order the property appraisal.
- We will remind you of important dates along the way.
- You will work closely with your attorney and your title company to ensure clear and proper title prior to closing.
- In the final stages, we will help you select a home insurance provider and movers as well as give you all the information you need to set up your utilities.
Phase 6: CLOSING DAY
On closing day, we will do a final walkthrough of the property to ensure it is in the same condition as when you made your offer and had your inspection. We will then head to your attorney’s office for you to sign all documents, pay the balance and receive the deed and keys.
The house is then officially yours and it is time to move in and get settled!