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Randi Bennett & Tracy Warsaw: Keller Williams Prosperity Realty - Montville DivisionRandi Bennett & Tracy Warsaw: Keller Williams Prosperity Realty - Montville Division
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The Key to Buying a Home This Year: Questions to Ask Your Real Estate Agent

If you are thinking of purchasing a home this year, you are not alone. In today’s competitive market, when it comes to buying...

  • Tracy Warsaw
  • January 26th, 2022
  • 5 min read

If you are thinking of purchasing a home this year, you are not alone. In today’s competitive market, when it comes to buying a house, you must have an “in it to win it” mentality. You need the right people on your team and the right leader in charge of your game. Without a doubt, having the right real estate agent is the key to successfully landing the home of your dreams.

One of the best things about employing a real estate agent is that you can get a straight answer about anything you need to know regarding purchasing a home. Here are a few examples of common questions that many people ask their real estate agents.

What’s the First Step to Buying a Home?

Before you get too excited and start hunting around for a home on the Internet, the first steps you should take before buying a home are threefold.

It should begin with you checking your credit score, to give you an idea of what type of home loan you might qualify for. Next, you need to take an honest look at your finances and calculate how much house you can afford. Getting pre-approved for a home loan will also put you one step ahead of the crowd.

After you have a solid figure in mind, allow the real estate agent that you have chosen to help guide you through a list of possible homes within your price range. Be sure to select a real estate agent that you trust and communicates well.

Discuss with him or her what aspects of your ideal home are most important to you. Perhaps you desire a specific neighborhood or school district. Or, you might wish for particular aesthetic characteristics. Whatever the case may be, real estate agents specialize in locating what you desire, and making magic happen for you.

Can You Recommend a Good Lender, Inspector, or Appraiser?

When purchasing your first home, you will need to utilize various professionals during the process. Real estate agents often have an extensive network of connections.

If you haven’t already gotten a pre-approval loan, getting a recommendation on a lender from your real estate agent may really help bring you up to speed. When you find a home you are interested in, it will be very helpful to have both an inspector and an appraiser ready to go - especially in this hot market!

What Are the Closing Costs on a House?

Some people don’t realize that a down payment isn’t the only thing they need to bring to the table when purchasing a home. Closing costs are also part of the equation. They are essentially processing fees that you are required to pay to your lender. Closing costs may comprise as much as 3% to 6% of the cost of your home. This money owed is separate from your down payment.

Common types of closing costs include appraisal fees, attorney’s fees, and inspection fees.

How Do I Compete to Win in a Bidding War?

Many buyers wonder what to do when they have found their ideal home but find themselves in a bidding war over it.

To begin with, if possible, offer the seller cash over financing. If this isn’t a possibility for you, make sure you can show proof that you are pre-approved to buy the home.

Another thing you can do is limit inspections, and we are starting to see more and more buyers waive all or part of the appraisal if possible. We would be happy to review the pro's and con's with you, to help you make the best decision. While some contingencies are needed to protect yourself as the buyer, there are some that we may be able to do without. Your real estate agent will be able to advise on the best path forward here.

Another smart move to win a bidding war is to offer earnest money. This is a deposit that you give the seller. Giving the seller earnest money shows that you are committed to purchasing the home.  

What Are the Next Steps After an Offer Is Accepted?

Logically, after your offer was accepted, you may be ready to jump for joy! Before you do, let’s get real about what could happen next.

First of all, don’t be surprised if everything doesn’t go exactly as planned. You need to prepare yourself for the possibility that the house could have issues, you can’t obtain the type of financing you want, or your house was not appraised high enough to justify its price. Being prepared for possible outcomes will help you overcome any challenges that may happen throughout the process.

With that being said, here is what the schedule is like after your offer is accepted. To begin, your initial deposit is transferred. Next, all inspections on the home will be completed. Your lender will then choose a certified appraiser to assess the property.

Your loan approval deadline will then approach. You will do the final walkthrough of the home, followed by signing all of the documents and transferring the rest of the down payment. In the final step, the property deed is stamped and the house legally becomes yours.

Now it's time to celebrate! 

Buying a home this year can be quite a complicated and arduous task. Trying to navigate the waters of home buying on your own is not something that anyone should attempt. Having a real estate agent on your side to guide you and negotiate for you is an absolute necessity.

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About the author

Tracy Warsaw

(973) 722-8801
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Tracy Warsaw has become a trusted name in the Montville, NJ and the surrounding areas of Morris, Essex, and Passaic counties. She is dedicated to facilitating the purchase and sale of properties with a client-first approach. Her engaging demeanor and commitment to service excellence have consistently placed her among the top real estate professionals in the area. Tracy's positive outlook, clear communication, and ambition to surpass client expectations mark her as a preferred agent. Known for her diligent work ethic, Tracy provides a stress-free experience for her clients, ensuring they proceed with confidence. Her decisive, analytical mindset and formidable negotiation skills mean that she's always ready to address any questions or obstacles that arise during the real estate process. While Tracy's professional accolades speak to her success, her life outside the office is equally rich, filled with family, fitness, and travel. A Montville local, she embodies the community spirit, enjoying outdoor activities, engaging with social media, indulging in the local culinary scene, and savoring life's finer moments. Tracy's unwavering dedication to achieving your real estate ambitions, combined with her extensive market insight and experience, makes her a reliable partner for all your property needs in Northern NJ.

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Randi Bennett & Tracy Warsaw: Keller Williams Prosperity Realty - Montville Division

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630 Main Road, Towaco, NJ 07082

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973-404-0563

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[email protected]

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