I'm purchasing a home in jersey for no money down...i'm a 1st time buyer...?

Question

Could some one give me a step by step walk threw about the buying process, also do you pay the inspector at time of inspection or is it paid by seller... i'm nervous and a little scared to jump into the market.

Answer 1

just be care full, cause my friend bought a house with no money down, and her payments are high, and she cant refinance her house for at least (2) years ,she tried to refi , but was declined cause of her credit,, so check it out first, I know that you want your house but first prey on it , prayer does work...good luck...

Answer 2

scared is good it means you should find out as much as you can and then take action! it doesnt mean you shouldnt do something that is positive (like some people suggest).

if you are interested in getting a true FREE grant for your downpayment (if you qualify) you can check out www.libertygrant.com.

to answer your first question you pay for the inspection. i dont know of any realtor (or at least one that is worth anything) that would pay that for you and why would the seller pay they already own the house. you need to remember you are the buyer ... that means you pay.

to the ones that suggest that it is a way of negotiating with the seller that would be true if something is majorly wrong with the house but if you nit pick a seller very often you end up losing a house that you really wanted.

may i suggest that when you buy the house you invest in a home owners warranty. they can usually be obtained through the broker you are working with. in my opinion this is the best thing you could INVEST in. think about it you can buy something as little as a toaster and it comes with some sort of warranty, you buy a (resale) house and you get nothing! what the warranty does it protects all major systems and appliances for a year after closing which means they will repair or replace the broker item for almost nothing, usually a $100 deductable per occurance and it is relativelly cheap (around $500). it also can renewed.

think about it this way and inspector tells you it is working today but it may not work tomorrow a warranty says if it breaks tomorrow you are covered!

feel free to email me or call me at 1-877-472-6810 for more info.

good luck

Answer 3

Use a quality lender--major bank or company---Home inspections are paid for by the buyer. Hire a good Real Estate agent to help you. If you buy a property that is listed in MLS, the agent gets paid by the seller not you and the guidance is invaluable. Step 1--hire an agent Step 2--get prequalified for a mortgage--step 3 find the house, step 4--make mortgage application--costs vary--you will pay for application and appraisal-step 5 -schedule and attend home inspection--step 6- negotiate any home inspection issues step 7 call insurance agent to purchase home owner's insurance step 8---make sure attorney has contract step 9 get final mortgage commitment---tip(don't make any large purchases--car etc while you are waiting for mortgage commitment) step 10 do a final walk through of the property and CLOSE.

Answer 4

The buyer pays the inspection at the time of the inspection unless you make other arrangements with the realtor. The cost should be between $150 and $300. You can use the inspector's findings to force the seller to make necessary repairs or negotiate a lower selling price to make them yourself.

Answer 5

Jersey in England or New Jersey USA?

I do real estate closings in New Jersey and I work with first time buyers all the time.

When the contract is signed, you have 3 days to get to an attorney to begin attorney review if a broker prepared the contract.

If the contract was prepared by a lawyer, do NOT sign it until you have your own attorney review it.

Once you hire an attorney, they will guide you through the process step by step.

In NJ, the buyer commonly pays the inspector.

Answer 6

Real estate is a big investment, but people do it every day, so knowledge will take away the fear.

I could give you a general idea, but even in my own state the details of the walk through differ according to the customs in each county.

You should contact an attorney. It's always best to start with an attorney, before you sign a contract, because (as was pointed out in a previous answer) you have a time limit on getting it reviewed by one after it is accepted; you don't want to spend that time finding one that does real estate transactions, and has the time for yours.

I'm willing to give my clients that walk through, even before they start looking for property. You can find an attorney in your area that will do the same, but it may take longer than the three days allowed in the contract. Start by finding the attorney to represent you.