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!


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

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        A reputed Nutley real estate agent will make use of some of the innovative approaches that can deliver tremendous benefits. With volatile trends that can be observed in property markets, it is necessary to choose aggressive market approaches for selling and buying the property.
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            13 Nelson Place in Nutley New Jersey

            Nutley Real Estate | Nutley Homes For Sale | Nutley Realtor



            Market Stats

            Single Family Home
            Main Features
            3 Bedrooms
            2 Bathrooms
            1 Unit
            13 nelson Place
            Nutley, NJ 07110
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            Matthew DeFede

            Matthew DeFede

            Coldwell Banker Residential Brokerage
            (973) 778-4500

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              I use all the latest selling tools and technology to market your home in Ridgewood, Glen Rock, Franklin Lakes & Wyckoff  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 Bergen County, combined with the Coldwell Banker Residential Brokerage Brand I Market Your Bergen County Real Estate Several Different Ways, Web, Social Media, Print, TV, Radio, Ask about our “LEAD ROUTER DIRECT RESPONSE” Marketing Program & our Coldwell Banker Home Warranty.

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                  Can You Still Buy with No Down Payment on a Home?

                  For many 1st time home buyers requiring down payment assistance, the idea of putting the traditional 10 or 20 percent down on a home purchase can leave them feeling drained or hopeless. Will they have to sacrifice their dream neighborhood or home size simply to afford a pricey down payment?

                  Fortunately, it may be possible for certain buyers to put no down payment on a home and still qualify for a competitive loan. Whether you are short on cash or just don’t want to spend your cash on housing, 100 percent financing can be an attractive option for first time buyers.

                  Prior to 2007, putting no down payment on a home was a common option for 1st time homebuyers. However, with mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. Yet there are still programs available to 1st time home buyers requiring down payment assistance who meet certain eligibility requirements.

                  100% Financing Options û No Down Payment
                  USDA Loans – A USDA Guaranteed Loan is a Government insured 100 percent purchase loan. These USDA Guaranteed Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines. While they may be an attractive option for first time home buyers, there are income restrictions and loan limits that first time home buyers must meet.

                  VA Loans – The Department of Veterans Affairs (VA) backs loans provided by certain lenders to help qualified veterans, reservists and active-duty service members to finance their homes. For those first time home buyers that qualify, there are flexible income, debt and credit requirements.

                  ADDI Program – The American Dream Down Payment Initiative (ADDI) provides down payment, closing costs and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. To be eligible for ADDI assistance, individuals must be 1st time home buyers interested in purchasing single family housing. Additionally, individuals who qualify for ADDI down payment assistance must have incomes not exceeding 80 percent of area median income.

                  90%+ Financing Options
                  FHA Loans û FHA Loans offer a 30-year fixed-rate loan for first time home buyers with a 3.5 percent down payment. The down payment can be a gift from a family member or other grant program, and there is a maximum mortgage amount for each county.

                  Fannie M’ HomePath Loans û Fannie M’ HomePath offers a five percent down payment program on many of their foreclosed properties. To be eligible, you must have a minimum 660 credit score.

                  1st Time Home Buyers Down Payment Assistance Programs
                  If you’re a first time home buyer and don’t qualify for any of the above scenarios, you may be wondering where you can find down payment help. Fortunately, there are multiple ways to receive 1st time home buyers down payment assistance.

                  Junior Loans û Many banks offer Junior Loans to first time home buyers, which are typically smaller loans (under $50,000) that help buyers meet tough down payment requirements.

                  Gifts and Gift Registries û An increasingly popular option for buyers is to register for down payment gift registries, which allow family and friends to donate funds in lieu of buying a traditional wedding, birthday or graduation gift.

                  Tax Refunds û Buyers who typically receive a refund on their income taxes can easily put the extra cash toward a down payment.

                  Seller Negotiation û A less popular, yet worthwhile option may be to negotiate a donation of down payment funds from the home seller. Because of the extreme home surplus in recent years, many sellers are willing to negotiate untraditional payment terms or purchase agreements. It may be possible that the seller will consider giving you a portion of the home down payment in lieu of reducing the home price.

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                    Top 10 ten tips to sell your home in Nutley NJ

                    Top 10 Tips When Selling a Home

                    Selling a home in a down economy can be a painstaking decision. Use the following 10 tips when selling a home to get the most out of your investment.

                    Home Selling Tip #1: Hire a reputable real estate agent.
                    Selling a home can be stressful, and you want a reliable real estate agent you can trust to take some of the burden of selling a home off your hands.

                    Home Selling Tip #2: Give your home curb appeal.
                    When selling a home, you need to keep your home looking its best. If a buyer is turned off by what your home looks like from the street, you will never get him or her inside to look around. Clean up your lawn, patch brown spots in the grass, clear sidewalks, and keep leaves and other debris picked up. Potential home buyers also notice things like chipped paint and dirty siding, so pressure-wash your home and repaint before putting it on the market if needed. Do whatever you need to do to show buyers that you’re serious about your home’s maintenance. Finally, let color help you when selling a home. Yellow evokes the emotion of buying, so plant yellow flowers near the entrance.

                    Home Selling Tip #3: Make minor repairs to your home.
                    Don’t give potential home buyers an opportunity to start nitpicking at the value of your home by leaving minor repairs unfixed. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don’t close properly and kitchen drawers that jam. Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls. Replace burned-out light bulbs.

                    Home Selling Tip #4: Stage your home.
                    Once you have a potential home buyer inside, it’s important that your home has been spruced up and has been staged for the market. Think of your home as a product for sale, and imagine walking through it from the buyer’s perspective. Depersonalize it by packing up family heirlooms and photos. You want buyers to imagine themselves living in the home and they won’t do that if they can’t see past your stuff. Rent a storage unit and clear out the junk. De-clutter. Remove unused pieces of furniture and window coverings and light fixtures you are going to take with you. Each room should be left with just enough furniture to showcase it as the perfect room for its purpose. Remove books, knickknacks, and anything that seems deeply personal. Clear out closets and neatly arrange your dishes in the kitchen cupboards.

                    Home Selling Tip #5: Clean your home!
                    Wash windows inside and out. Clean out cobwebs from corners, ceiling fan blades and light fixtures. Re-caulk tubs, showers and sinks. Polish chrome faucets and mirrors. Clean out the refrigerator. Vacuum daily. Wax floors. Dust furniture with an oil-based furniture polish that leaves a ôcleanö scent behind. Bleach dingy grout. Remove or replace worn rugs. Hang up fresh towels in the bathroom. Eliminate any musty odors.

                    Home Selling Tip #6: Price your home right.
                    Of all of the 10 tips for selling a home, this one is the most important. You need to price your home competitively, perhaps slightly lower than comparable homes in your neighborhood. Unfortunately, many sellers choose the real estate agent who suggests the highest listing price, but this can come back to haunt you. Pricing your home to sell involves looking at similar properties, making adjustments for the differences between them, tracking market movements and considering present inventory to arrive at a realistic value for the price of your home. Setting your listing price just right could lead to a bidding war, resulting in a higher sales price for you. Work with your listing agent to price your home correctly.

                    Home Selling Tip #7: Capture initial excitement.
                    Don’t put your home on the market before your home and you are completely ready. Make sure you have taken all of the steps above before placing your home on the market. When selling a home, you need to get the most out of the initial excitement that a new home listing creates in potential home buyers. Home buyers will feel like they have discovered a great find if they snatch up a home just as it comes on the market. Once it’s been listed for a few weeks, however, home buyers will conclude that it’s not such a great value. Therefore, when selling a home, make sure you’ve done everything you can to make your home attractive to potential home buyers.

                    Home Selling Tip #8: Don’t get in over your head.
                    Put your home on the market well in advance of looking for a new home. Don’t place an offer on your next home until you have solid offers on the one you have to sell now. The last thing you want to do is juggle two mortgage payments.

                    Home Selling Tip #9: Only divulge information on a need-to-know basis.
                    Don’t do anything to create a perception that you will lower your potential selling price. For example, if you are moving due to job relocation, don’t offer up that information. Don’t let the potential home buyers think there is any urgency on your part in selling the home. If you are asked why you’re selling, simply say that you’re ready to trade up. You have a legal obligation to disclose information about the condition of the home and property, but you are not obligated to disclose your personal situation.

                    Home Selling Tip #10: Be flexible.
                    Be willing to work with potential home buyers to help your chances of making a quick sale. Offer to pay for closing costs or repairs, and be adaptable when it comes to showing your home and holding open houses. If you really need to sell, you need to accommodate buyers’ busy schedules. This might mean opening your home to strangers on weeknights and weekends.

                    Using these 10 tips when selling a home can help you sell your home fast and for a good price. Do you have any additional home selling tips you’d like to share? Please comment and let’s make this top 10 list even stronger.

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