The Buying Process

#8 The Home Inspection

Once you and the seller have agreed upon price, you are ready for a formal inspection of your potential home to detect defects or problems. Typically, a clause in the sales contract states that the offer is contingent upon a home inspection.

A home inspection typically takes between 2-4 hours depending on the size of the home and the number of rooms, features and amenities. Many potential problems can be uncovered during the inspection.

#7 Getting Your Mortgage

Researching and talking with mortgage companies prior to submitting an application is important. Find out what their loan programs are, requirements for down payment and any fees or incentives available. You are in essence paying the lender for the use of their services—ask questions and make sure you get the answers that you need.

Mortgages may be obtained through a mortgage company, bank or credit union. Your real estate agent can provide you with a list of reputable lenders or refer you to a specific lender that will suit your individual needs. 

#6 How Will You Pay For Your New Home?

Paying Cash for Your Home

Paying cash for a home has advantages and disadvantages. You will need to weigh all of these factors to determine if and how paying cash will impact your home purchase in the short and long run. A qualified financial adviser may assist you in determining if a cash purchase is the right choice for you.

Suburban Realty Professionals  ♦  Princeton Office  ♦  96 Wall Street  ♦  Princeton, NJ 08540  ♦  877-221-8787