How to Close on a Home Quickly in Nutley NJ

Congratulations! You’ve finally found the house of your dreams in Nutley and submitted an offer. Now on to the tricky part – getting your loan approved.
How Long Should it Take from Purchase to Closing on a Home in Nutley NJ?

Homes for sale in Nutley NJ

Once your offer is accepted by the seller, your loan application will be submitted to an underwriter for approval or disapproval based on your financial and credit standing. This process, which can take as short as two weeks or as long as two months, is often the most stressful time for a new homebuyer.

It is common for a new buyer to be excited about their home purchase only to hear horror stories that their loan may be denied or the offer may fall through. This anxiety or uncertainty can also be heightened if the buyer needs to move quickly, and has to consider a temporary rental until the house closes. While this situation is never ideal, there are certain steps that can help move the closing process along. Here are a few tips and quick close solutions:

Know what you can afford. Knowing how much house you can afford is a crucial part of getting approved for a home loan quickly. Consider your monthly bill obligations and income. What are you currently paying for rent and how much more could you afford or be willing to pay for a mortgage?

Know your credit score. Before deciding to purchase a new home, you should make sure your credit is in good standing. There are many free resources to pull your annual credit report without a fee, and you should do this before getting too far involved in a home purchase.

State all financial information upfront and truthfully. This may go without saying, but if there’s something with your work or credit history that may raise a red flag to a lender, it’s better for them to know ahead of time. Many buyers are given pre-approval to purchase only for a lender to overlook a detail in their employment or credit history which can cause their loan to be denied.

Provide paper and electronic copies of all financial documents. Make sure your lender has a copy of your recent tax returns, bank statements and other asset information. If you own any other property or vehicles outright, make copies of the titles for the lender to know what assets you have.

Ask the right questions and think ahead. Regularly ask your lender if there is anything else you can provide to help your portfolio. Chances are they are swamped with paperwork and may not have time to be thinking ahead about your underwriting and escrow. By politely asking, ôWhat’s next?ö you may help create a sense of urgency that can help speed the process and get you into your new home more quickly.

If you’ve done your buyer homework, crossed all your T’s and dotted your I’s, your home will be more likely to close in a desired time frame. However, if you’re still in escrow and need to move quickly due to a lease expiration or other unforeseen event, you may find yourself looking for a temporary rental. According to associates at the David Morris Group, the best advice in this situation is to plan for the short-term. If you have a lot of furniture and belongings, you may want to put them in storage for a month or two while you find a smaller month-to-month rental. If you’re unable to find a temporary living arrangement, you can also consider staying with family and friends during this time. This ômoving to moveö may cause an unneeded headache, but at the end of the day, you will be much happier you decided to wait out your loan when you’re able move into your new house and call it home.

To find homes for sale in Nutley NJ, come by my Web Site and search all Nutley Homes

MATTHEW DEFEDE- “Your Online Connection To Your Real Estate”

Matthew De Fede SFR

COLDWELL BANKER Residential Brokerage

The Best Web Site For Nutley Real Estate, Clifton Real Estate, Belleville & Bloomfield NJ

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    What is the Average Time to Sell a Home in Nutley NJ

    In recent years, the average time to sell a home has dramatically increased. This is largely due to the unemployment rate and credit crunch, which are limiting the number of first time home buyers entering the market, as well as the increasing number of short and foreclosure sales. According to the Accredited Seller Agent Council, the average time to sell a home in the U.S. is 10 months. However, there are many factors that can impact how quickly your home will sell.
    Factors Affecting the Average Time to Sell a Home

    Home listing price – An asking price that is either too low or too high can dramatically reduce the chances of selling your home on a timely schedule. Your agent should be familiar with the local market and provide you with local comps (comparable homes that have recently sold) to help determine what your asking price should be. Whether you take or ignore this advice is a contributing factor to the length of time the house will remain on the market.

    Condition of home – The condition of your home during viewings or appraisals is also a contributing factor. When anticipating a showing or other appointment, your home should be spotlessly clean and tidy with no visible flaws. Nail holes, carpet stains and other defects must be patched, cleaned or corrected. Many agents also suggest you ôdepersonalizeö your home by removing personal items such as photos, memorabilia, etc. If you own pets, they should be contained in a separate area of the house with no evidence they live on the premises. Home buyers need to be able to envision themselves living in the home – the less clutter or distraction, the more likely it will sell.

    Location of home – Location is always a top factor in the desirability of a home, especially in a soft or surplus market. A home that is adjacent to a busy road, a messy neighbor, or a busy shopping center will be more difficult to sell than a home with open range, unobstructed views, or better school districts. If your home is not in a desirable location, it may take a price reduction as well as additional time to sell.

    Region – Home markets vary from city to city based on the employment rate and inventory of available properties. For that reason, the average time to sell a home can vary by months depending on what city or market it resides in. According to ClearCapital, the average time to sell a home for soft markets such as Miami, Las Vegas or Detroit could be 10 to 12 months, whereas in a healthier market such as Washington D.C. or Houston, it can take as little as one to two months.

    Home Seller Flexibility – A flexible seller who is willing to accept spur-of-the-moment or random viewings may be more likely to receive an offer than those who limit the schedule or frequency of potential buyers to view the property. Likewise, a seller who is flexible on the price of the property will be more likely to accept a reasonable offer. The seller needs to be realistic and understanding that, in order to sell a home, compromises are needed.

    Type of Home Sale – The type of home sale is also a contributing factor in how quickly a house will sell. If the property is a short-sale or foreclosure, the process can take six months to a year (or more). However, if it’s a traditional home sale with a quick close, it can take as few as two to four weeks. Unfortunately, in these scenarios, the seller has little control over how long the process will take, as the majority of acceptance and paperwork lies with the lender and title companies.

    Clearly there are a variety of factors that affect the average time to sell a home. Being aware of these factors, making the necessary adjustments, and having flexibility and patience will help smooth the process and bring your home to a close within a desirable time frame. If you want to get a better estimate of how long it will take to sell your particular home, let me know. Agents are happy to take these requests even if you aren’t sure you are selling your home.

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      Home Appraisal versus Home Inspection in Nutley NJ

      The mortgage settlement process, often referred to as the mortgage closing, can sometimes seem confusing and a little overwhelming. Whether you are buying a new home in Nutley or refinancing an existing home in Nutley, there are various fees to be paid and steps to go through. Two steps that are often confused by homebuyers are the home appraisal versus home inspection.
      Remember the Difference: Home Appraisal versus Home Inspection in Nutley NJ

      One easy way to remember the difference between an appraisal versus a home inspection is that a home inspection is for your protection. A home inspector will not estimate the value of your home in Nutley.

      Typically, home appraisals are for lenders; home inspections are for buyers.
      What is a Home Appraisal?

      A home appraisal is a document that provides an estimate of a property’s price, otherwise known as its market value. Your home will serve as collateral for the mortgage, so a lender will require an independent appraisal on the property prior to the approval of your mortgage loan application. This is to ensure that the mortgage loan amount is not more than the value of the home and lot you want to purchase or refinance. Most lenders will loan you no more than 95 percent of the appraised value of the home or purchase price, whichever is less.

      The person who conducts the home appraisal is called an appraiser. This person will consider several factors in developing the home appraisal, including location, square footage, recent sales of similar properties, and construction quality to estimate the property’s market value.

      There is a fee associated with getting a home appraisal. Some lenders and brokers will include the appraisal fee in the loan application fee; you can ask the lender for a copy of the appraisal. If you are refinancing and have a recent appraisal of the property, some lenders may waive the requirement for a new appraisal. If you are in this situation, you could save a few hundred dollars by using the existing appraisal.
      FHA Loans Appraisal

      Many mortgages are insured by the federal government through the Federal Housing Administration (FHA.) The FHA requires lenders to get an FHA loans appraisal on properties prior to loan approval. According to the FHA, they require appraisals for three reasons:

      To estimate the market value of the property.
      To make sure that the property meets FHA minimum property requirements/standards for health and safety.
      To make sure that the property is marketable.

      An FHA loan appraisal document will indicate property defects that are easily noticeable and found not in compliance with U.S. Department of Housing and Urban Development’s minimum property standards. These defects may not be the same as those items noted in the home inspection report. The estimated cost of a property appraisal is $263 to $444, with a nationwide median cost of $292.
      What is a Home Inspection?

      There are two types of home inspections, those required by the lender and home inspections initiated by the buyer.
      A Lender’s Home Inspection

      A lender, especially one that offers Veteran’s Affairs (VA) or FHA-insured mortgages, may require a home inspection and an analysis by an engineer or consultant to check for things like water damage, termite damage, and the structural condition of the home. In rural areas, lenders may want a test of the septic system (if applicable) and a water test to make sure the well and water system will maintain an adequate supply of water for the house. These water tests usually will check for water quantity, not quality. The health department of the local city government may require a water quality test as well, but this might be done outside of the mortgage settlement process and require a separate payment. Keep in mind that a lender’s inspection is for the benefit of the lender, not you. You may want to ask for a buyer’s home inspection to make sure the property is in good condition. The cost of a lender’s home inspection will likely be between $300 and $500.
      A Buyer’s Home Inspection

      Often, a buyer will make the purchase offer of a home contingent on the results of a home inspection. You will have to pay for this inspection. The cost varies by region, but spending hundreds of dollars could save you thousands.

      When you make a purchase offer, sometimes called a binder, contingent on the results of a home inspection, it allows you to cancel closing on the deal if an inspector finds problems with the home or property. If deficiencies are found with the home, you may want to renegotiate for a reduced price or require the seller to make repairs to the home. If you are getting a VA or FHA loan, you will need a certificate from a qualified inspector stating that the home is free from pests such as termites and rodents. In this case, you can also make your purchase offer contingent on pest inspection results.

      Similar to the lender’s home inspection, an inspector should examine the home for structural soundness, water damage, and pests. In addition to these basic home inspection criteria, you may want to have the home inspection include an examination of the condition of the roof and the plumbing and electrical systems. It is also wise to have the home tested for environmental hazards that may not be visible to the casual observer. This may include testing for radon gas emissions, water quality, asbestos, lead-based paint and other toxic materials. If you are making your purchase offer contingent on the results for environmental hazards, make sure this is stated clearly in the conditions of your offer.

      Remember, the easiest way to know the difference between an appraisal versus a home inspection is that an inspection is for your protection!

      Sources

      http://www.federalreserve.gov/pubs/settlement/default.htm

      For more information about buying or selling a home in Nutley NJ

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        Matthew De Fede SFR

        COLDWELL BANKER Residential Brokerage

        The Best Web Site For Nutley Real Estate, Clifton Real Estate, Belleville & Bloomfield NJ

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            Real Estate Transactions & Stress

            Handling The Stress of Selling and Buying a Home

            Part of my specialty as a real estate agent is managing stress for my clients.  It means a lot to me when clients tell me at closing, “Wow, Matt, I can’t believe how smoothly everything went.”  It’s a badge of honor for me when I hear things were “stress free” or “low pressure” from my clients’ perspective.

            Even in the best case scenario, every real estate transaction comes with a little stress.  If you consider WHY most people are buying or selling a home, the motivation usually comes from either positive or negative life change.  Marriage, the birth of a child, the death of a spouse, divorce, a new job, downsizing… all are common reasons people buy or sell a home.

            It’s no surprise that these major life changes are also listed on the “Holmes and Rahe stress scale,” a list of 43 life events which can contribute to illness (http://en.wikipedia.org/wiki/Holmes_and_Rahe_stress_scale).  The ability to manage the stress associated with these events isn’t just about feeling good… it’s also a crucial component of maintaining our health along the way.

            Since I’m always on the lookout for ways to reduce my clients‘ stress levels during this time of transition, I was thrilled to find this excellent article from Reader’s Digest called “37 Stress Management Tips” to share with you:

            http://www.rd.com/health/37-stress-management-tips/

            Enjoy! If you’re looking for an agent to help you with a stress-free real estate transaction, drop me a line today:  973-846-0065 or got to http://www.HomesInNutleyNJ.com

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              Advice for First Time Home Buyers in Nutley NJ

              Buying a home can become a very overwhelming task from picking the right town to picking the right real estate agent, hopefully this article we give you some insight as what to expect when your searching for your first home in Nutley NJ.

              Lets look at Nutley and why it’s a great place to buy a home and raise a family, first off the homes are very affordable these days because of the market itself it truly is a buyers market in Nutley, also Nutley is located about 10 miles from NYC and very commutable from town, you have your choice bus, train, car whichever you choose Nutley is a great town for working professionals who commute to NYC.

              Nutley boasts one of the best Town home complexes on the North East, Cambridge Heights, where you can find a town home from $295k-$500k a gated community with a pool, tennis courts and transportation to New York City, Nutley also is very family friendly from the top notch school system to the wonderful parks the town has to offer.

              The first thing you will need to do is find out what type of home you can afford, my web site has all the tools you need to figure that out also you can view every home available for sale in Nutley.

              The next thing to do is to find yourself a Nutley real estate agent you can work with, meet with them ask them all the questions that you may have about the home buying process, while your doing that you should be reviewing your credit and also ask your agent about mortgage companies and if your agent has any recommendations or any mortgage representatives you can consult with before you start viewing homes.

              That is the first step to home ownership in Nutley NJ, if you would like more information you can go to http://www.HomesInNutleyNJ.com and contact me for more information about the home buying process.

              Your Can Search For Homes In Nutley NJ Below

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                  Cambridge Heights in Nutley, Townhomes for Sale & Rent

                  As a local Nutley Professional Realtor I have my finger on the pulse of the current market place and even in today’s home selling environment our agency has had much success in marketing properties in Nutley, Belleville, Clifton and Bloomfield, I realize that communication and exposure, exposure, exposure will get your home sold in the quickest way possible. If you list with me I also give you a weekly progress call so you are always kept in the loop on the sale of your home. I do have a very aggressive marketing plan with a very strong on-line presence combine that with the National Brand of COLDWELL BANKER and you have a winning combination, so if you ready to sell call me at 862-228-0554 and we can set up a NO OBLIGATION marketing appointment.

                  Coldwell Banker Residential Brokerage is your source for Nutley, Belleville & Clifton real estate. If you own real estate that you’re thinking of selling, I would be happy to provide you with a FREE Home Evaluation.

                  I Specialize in Town homes & Condos for First Tome Buyers, Some of the complexes I work in are:

                  Cambridge Heights in Nutley
                  Cambridge Crossings in Clifton
                  Essex Park in Belleville
                  Riverwalk in Clifton
                  And may other local town home communities

                  In today’s competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Nutley, Belleville & Clifton with my New Listings Notification.

                  Whether you are buying or selling a home in Cambridge Heights, Essex Park, Riverwalk or Cambridge Crossings, hire someone like me, who wants to earn your business. I invite you to contact me as I’d be happy to assist you with this important transaction.

                  In addition, if you have any general questions about buying or selling real estate in Nutley New Jersey, please contact me as I’m more than willing to help.

                  Please browse my website for listings, reports and important local real estate information.

                  Go Here To See all available Cambridge Heights townhomes in Nutley NJ

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                    Buying or Selling a home in Nutley, NJ

                    Selling or Buying A Home in Nutley NJ, Experience The Coldwell Banker Residential Brokerage Difference. We Are The Nutley NJ Real Estate Experts. I Specialize in Townhomes in Cambridge Heights & Cambridge Crossings.

                    Thinking About Selling Your Home in Nutley New Jersey

                    I believe that selling a home in Nutley in today’s economic environment has to be a “PROACTIVE” approach, no longer can an agent take a listing agreement throw the home up on the Nutley MLS and hope that its sells, we are just not in that type of market  My approach to home selling in Nutley is very different than many of the other agents in Nutley NJ.
                    I use all the latest selling tools and technology to market your home in Nutley ie: Web, Social Media, Text Alerts, Personalized direct mail and more. I also use the conventional means as well, I like to create a buzz around your home or real estate you are selling and I treat it just like we would a marketing campaign in Nutley, combined with the Coldwell Banker Residential Brokerage Brand We Market Your Nutley property Several Different Ways, Web, Social Media, Print, TV, Radio, Ask about our “LEAD ROUTER DIRECT RESPONSE” Marketing Program & our Coldwell Banker Home Warranty if your agent does not offer this they are not a COLDWELL BANKER Residential Brokerage.

                    Here are some of the marketing components I use to get your home sold:

                    -Multiple MLS Listings (Garden State & New Jersey MLS)

                    -Direct Mail Announcing The Sale of Your Home

                    -Lead Router Online Marketing System (*Coldwell Banker Residential Brokerage Only)

                    -Coldwell Banker Web Sites (www.coldwellbanker.com & www.cbmoves.com)

                    -Trulia, Yahoo, Google, Bing, Zillow, NYtimes, NJ.com and 300 other web sites

                    -Local “Nutley” Web Sites (localized web campaign) (*Matthew DeFede Only)

                    -Social Media Sites (Facebook, Twitter & MySpace) (*Matthew DeFede Only)

                    -Open Houses advertised in News Print & Web (*Coldwell Banker Residential Brokerage Only)

                    -Coldwell Banker Home Warranty Program (*Coldwell Banker Residential Brokerage Only)

                    and so much more, selling homes and real estate in Nutley is my passion!

                    “Ask About Our Cambridge Heights Townhome Marketing Program”

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