| g your Basking Ridge, NJ home should be a wonderful | | | | so much in the last year, you can’t imagine! |
| experience. It does not have to be stressful. Here | | | | With all the talk about foreclosures and short sales |
| are a few tips that should help to make your next | | | | the media has scared a lot of buyers and told you to |
| home buying experience one you will want to | | | | not buy now and if you do, make a low, low offer. |
| remember, not want to forget. | | | | This can backfire on you. Sellers are human beings |
| 1) You have heard the term location, location, | | | | complete with emotions, yes, just like buyers (who |
| location! Do your homework before you go looking | | | | are often sellers at the same time). If you make a |
| for your new home. Even if it is everything you have | | | | very low offer, particularly without stats to back it |
| dreamed of, is the home located in an area that is | | | | up, it is likely the sellers will be offended. I have seen |
| convenient to schools, shopping, perhaps a train line | | | | sellers that received very low offers and refused to |
| to NY and the interstate and is the area positioned | | | | negotiate or submit a counter offer. On the other |
| to hold it’s value? can help you with the | | | | hand I have seen buyers make a "reasonable" offer |
| resources to analyze the areas you are considering | | | | and get a good deal on a home. Many homes are |
| based on your children’s school needs and | | | | already priced at rock bottom prices. Making LOW |
| where you work. Today, more than ever, location, | | | | BALL offers way below these already low prices |
| location, location prevails. | | | | could backfire on you. Again, a professional Realtor |
| 2) You are not just buying a home, you are buying | | | | will do an analysis for you and you can see where a |
| an area, and a community and you can’t do | | | | particular home is priced comparable to other homes |
| better than Basking Ridge. With some of the best | | | | that have sold or are pending. You absolutely cannot |
| schools in NJ and close proximity to major highways | | | | get accurate information from the internet. Only an |
| and an hour by train to New York, it’s a | | | | agent familiar with the area that really knows the |
| great choice! So you think that you have found the | | | | inventory, but also knows the area well and can help |
| perfect home? Get in your car and drive around the | | | | you compare homes accurately and make the right |
| entire area within a square mile or so. What do you | | | | offer. After all, do you want to buy a home or loose |
| see? Is there anything that concerns you? Too many | | | | a home? You need someone who has your very |
| buyers focus on just the home but the area and | | | | best interests before their own. |
| what surrounds it can have a lot to do with the | | | | 7) That's O.K. "I will buy the home in “as |
| growth of your area and the resale of your home. | | | | is” condition". Wrong! I have heard too many |
| Where are the schools? Is school bus service | | | | buyers tell me they are O.K. with a home they have |
| provided for your home? Is it included in your taxes | | | | made an offer on and don't need a professional |
| or are there additional charges? What other services | | | | home inspection completed. The most common |
| does the town provide? Which are private and which | | | | problems that can become major problems are often |
| will cost you money each and every month along | | | | unseen to the average person, like structural issues. I |
| with your taxes? What about trash pickup, sewers? | | | | have seen furnaces that are barely functioning, mold |
| 3) Does the town have private septic and well water | | | | in newer homes. The $350-$550 you will spend on a |
| or do you have public sewers and town water? Many | | | | private home inspection is the best money you can |
| parts of Basking Ridge have septic systems and well | | | | spend on your soon to be home. Not only will the |
| water. These are things not everyone thinks about, | | | | inspection disclose flaws of the home, a good |
| but you should, and you should know the differences. | | | | inspector will give you sound advice on maintaining |
| If you are buying in an area with septic and well | | | | your home for the years to come. Also, please |
| water those should also be inspected and are | | | | remember that relatives and friends have good |
| separate from a general home inspection. Radon is a | | | | intentions but they are not professional inspectors |
| big issue today too and most towns have it! Be sure | | | | and could end up costing you money if you allow |
| the radon levels of the home you are going to buy is | | | | them to do your inspection. |
| checked during your inspection. | | | | 8) Let's go buy that new furniture now that we |
| 4) Every buyer needs a “buyer’s | | | | have a home under contract! Hold Everything!! If you |
| agent” to represent them. The | | | | have made an offer on a home and your closing is |
| “seller’s agent” represents the | | | | pending, the absolute last thing you want to do is go |
| seller. You need representation too, so get your own | | | | create any new debt before closing. Remember, your |
| agent. Have her show you the area, review your list | | | | mortgage lender has approved you based on your |
| of properties and then show your final choices to | | | | current income/debt ratio (among other factors). If |
| you. When you find the “right” home, | | | | you go out and splurge on new furniture or even a |
| she will give you comparables to help you find the | | | | new car, you have changed your income/debt ratios, |
| right offer price and will help you negotiate and follow | | | | and the result could be that you do not qualify for |
| up on the “dozens” of closing details | | | | that home now, so don’t do it. |
| that you could never do yourself. The seller pays | | | | 9) The $8,000. first time home buyer’s tax |
| both agents so be sure to get one that represents | | | | credit has been the greatest thing since sliced bread |
| YOU. | | | | to new buyers that have been “on the |
| 5) Advice is good but who's is it? I have worked with | | | | fence” about buying (as the sales results for |
| many buyers over the years - have found the | | | | last month have shown) and it seems Congress is |
| perfect home for them and then they asked the | | | | going to give them an EXTENSION. There is also talk |
| advice of parents or their siblings or some other | | | | of stimulus for the moving up buyer so stay tuned |
| friends that ultimately gave them poor advice. Very | | | | and lets hope they pass these bills. Between record |
| few parents, siblings or other friends are | | | | low home prices, almost record low interest rates |
| professionals when it comes to buying a home. They | | | | and the tax stimulus, it’s a windfall for |
| act more on emotion and they almost feel like they | | | | anyone in the market to buy a home. There has |
| have to find something wrong with the home or the | | | | never, ever been a better time to buy! |
| area to gain your respect or to feel they have | | | | The home buying process can be an informative |
| contributed. If you have done your homework and | | | | learning experience. Follow these tips, find yourself a |
| worked with a professional REALTOR, you should | | | | good agent and you will be well on your way to |
| have faith in your decision. | | | | having the home of your dreams. |
| 6) Let's make a LOW BALL OFFER! I have heard this | | | | |