Buying A Hoboken Condos Is Just Like Drafting A Running Back
Categories: For Buyers, Hoboken Condos
For My Blog Readers Who Aren’t Into Shoes:
Like many people, I love a bargain. Like most men, I also love my Fantasy Football Pool. Now put the two together and you’ll know how I look for late round sleepers. I go to My Street and Smith’s Pre-Season Issue and read every article on every team, from the Patriots veterens, to the 49ers rookies. Ultimately, I will only draft 5 running backs . The research process itself is hugely important. Not only does it let me decide who I like best, it lets me know which players are a great deal. There is nothing like the thrill of finding a great wide receiver who will be available in the late rounds.
Think of Shopping for a Hoboken Condo Like the Search For a Perfect High Round Draft Pick
Just as you would never plan to draft LaDanian Tomlinson with the 10th pick of the draft, when buying a condo, you need to know your budget and what you can get at that price point. If you haven’t talked to a banker, financial advisor or mortgage lender you are doing yourself a disservice. Unless you’re paying cash for your Hoboken condo, you will need a prequalification letter from a lender to make your offer. Even though a ‘prequal’ is non-binding and you are not obligated to use that lender, it makes your offer a serious one. Similarly, just as you know if you’re looking for a running back in the 1st round, you should have an idea in which neighborhood you plan to concentrate your condo search. If you are all over the map its that much harder to focus in on which property would be the best potential home.
The “Health, Availability and Affordability” of Hoboken Real Estate
You can always find a back that’s just a little bit injured, or with a little bit of a coke habit in a late round. We draft them anyway thinking they will heal or stay clean. Sometimes they do, but often they don’t and wind up traded, cut or waived. You might want to draft an Adrian Peterson or Tom Brady but you don’t have a high enough draft pick (i.e. you can’t afford them). So when we select players, we go for a combination of health, availability and affordability. Buying a condo is no different but with real estate the crucial factors are location, condition and price. Like searching for players, a condo buyer has to consider all three factors and find the property in an acceptable location, in good enough condition and within one’s budget. The single best way to guarantee a winning combination when buying real estate is to look at as many properties as possible. Like reading FFN and watching Sportscenter, going to see as many condos for sale as possible will let you know when you’ve hit the winning mix and it’s time to make an offer. But just like frequently happens with players, if you take too long to decide (wait too many rounds), the best ones will be gone and you may miss out on the new home of your dreams.
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The Inside Workings of a Hoboken Real Estate Transaction
Categories: For Buyers, Legal Matters
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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