Eastern Bergen County Board of REALTORS®: Buyer Tips

Buyer Tips

Buying a home can be a real headache. We realize that you don't have much time to decide on all the little things that make a home a dream home. So let us help you and find you the home that's right for you and make your dream home real.

Decide to Buy.

Are you ready to buy a home? Ask yourself these questions:

What are your personal reasons: growing family, want to move closer to work or school?

How long do you plan to own this home?

Do you have enough cash for a down payment, closing and moving costs?

Can you afford to carry a monthly mortgage and still pay your bills?

Do you need the tax break?

Get Organized.

It pays to get organized. Put your finances in order, get pre-approved for a loan, and you'll know what you can afford to buy.

Credit data: Check your credit and correct any credit problems you may have before the lender gets your credit report.

Loan documents: Gather financial information the lender will request: Copy of the purchase contract, last two tax returns, pay stubs for the last 30 days, etc.

Real estate listings: Use Find A Home under the Buyers section to get New Jersey Real Estate Listing online.

Inspection reports: An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, kitchen, bathroom, roof and interior.

Insurance Information: Choose insurance wisely and cut your insurance costs.

Get Pre-Approved: Gives you an estimate of how much you can borrow and puts you in a better position to buy.

Protect Yourself.

When ready to write up an order of purchase, make sure you include a few contingencies, or conditions, in the contract that will allow you to cancel the sale and get your money back if something goes wrong.

A Financial Contingency: It cancels the sale if you are unable to get a loan after making a good-faith attempt to get one.

An Inspection Contingency: It cancels the sale if an inspector uncovers serious problems or you can't reach an agreement with the seller to make needed repairs.

A Title-Inspection Contingency: It puts the duty on the seller to provide clear title to the property in order for the sale to go through.

Open Public Records Act (OPRA): Buyers who wish to make an offer on a property should request the property's records from the municipality in which the property is located. These records are open to inspection through the Open Public Records Act; there is a minimal cost to obtain copies of the records. For frequently asked questions on OPRA, click here. To visit the OPRA website, click here.

Buyer Tips

Decide to Buy.

Get Organized.

Protect Yourself.

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