Buyers: How’s your credit?
There’s a lot of competition out there for homes, so review your credit report and correct any questionable statements. If scores are below 620 or so, a conventional loan will be a difficult. But if it is anything under 740, you still might not get the best rates. Many buyers get a prequalification letter from the lender, but you can one-up them with a preapproval. A preapproval letter shows the seller that you’re good to go.
Buyers/Sellers:
Choose a knowledgeable agent.
“At Orange Key Realty, we take pride in the sales professionals who truly understand our local market and will always work hard to be a champion for their customers,” says Ofir Hillel, broker/owner. Always choose an agent who is web savvy and uses mobile technology, because at least four in five buyers view their homes first online. Your Orange Key Realty agent will be a proven performer in your submarket and will be willing to walk you through the financial aspects of your deal. The more the agent knows about schools, commutes, etc., the better. Once a trust is built, it is to your advantage to accept your agent’s advice on pricing, marketing and negotiation.
Buyers: Keep expectations in check.
“Lowball offers are off the table in this environment and could eliminate you from consideration. Respond to counteroffers quickly to keep other buyers from entering the picture; you don’t want to encourage a bidding war. If one breaks out, be prepared to get fewer concessions and, likely, you will have to pay more money,” says Michael Matthews, broker/owner.
Buyers: Ask the right questions
Sellers are not always obliged to disclose all things. Included, in most states, may be information such as on-premises felonies, suicide, murder. Don’t be afraid to thoroughly question the selling party in writing before signing the contract. Some questions: Is there a cell tower, water tower, or other non-residential construction scheduled to be built in this neighborhood. Is there commercial zoning on nearby vacant land? Is the yard prone to flooding? Are train whistles, loud neighbors, dogs or other unexpected noises?
Now go and make your dream happen!
Orange Key Realty’s staff of sales professionals can be reached at either: 863 Georges Road, Monmouth Junction (732- 297-6969) serving Middlesex County and 60 E. Main St., Freehold (732-863-6969) serving Monmouth County or www.orangekeyrealty.com.