2007 Oct 2nd

The Inside Workings of a Hoboken Real Estate Transaction

What exactly takes place when you want to buy a condo in Hoboken? Well, there is a sequence of events that takes place. Not always, but in most cases, assuming you are the buyer, it typically goes something like this:

Find out what you can afford

Talk to a mortgage lender

Check your credit report

Get a prequalification letter

Shop for properties

Find one you like

Make an offer

Negotiate the Price

Submit your contract and $1000 good faith deposit

You offer is accepted

Buyers and sellers sign contracts

Choose an attorney

Attorneys for buyer and seller receive copies of the contracts

Start attorney review

Negotiate deposit amounts, mortage committment dates, any other contingencies & closing date

End attorney review

Pay 1st deposit to seller – usually 10%

Find a home inspector

Do home inspection (termite inspection?)

Negotiate any issues that arise as a result of inspection

Bank sends appraiser to appraise property

Mortgage commitment received from lender

Review terms of loan

Confirm title insurance

Confirm Homeowner’s Warantee
Final deposit paid to seller
Final walk thru
Closing

Keep in mind, this is just a brief list of what takes place in most transactions. Of course, this may vary depending on circumstances. Stay tuned for a more in-depth look at each step in the process.

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