Cherry Hill, NJ Homes for Sale - Buyer's FAQ's

Real Estate Agent with Cherry Hill and South Jersey Realtor, RE/MAX Main St. Realty

Cherry Hill, NJ Homes for Sale

What if I see a house listed with another Real Estate Agency, can you show it to me?
Yes, as a licensed Realtor, I enjoy broker reciprocity which simply means I can show you any home listed for sale in the Multiple Listing Service.  Search Cherry Hill, NJ Homes for Sale for a list of homes and give a call to set up a conveninet time for you to view your homes of interest.

What is the difference between a mortgage Pre-Approval and Pre-Qualification?
Getting pre-approved by a lender before shopping for a home helps you in two ways. First, it helps you narrow down the homes under consideration because it tells you what price house you can afford. Second, pre-approval can give you a leg up over other buyers when you find a home you like. Sellers are more likely to accept offers from buyers who they know have financing secured, because the sale is more likely to close.

During pre-approval, lenders look at your entire financial situation. You will be required to show proof of income and submit your social security number, so the lender can review your credit. Pre-approval is not the same as prequalification; prequalification is an estimate of the amount of money you can borrow and it is not guaranteed. To get Pre-approved, check out your Mortgage Pre-approval.  For more timely Mortgage news, check out Mortgage New Daily.

How do you make an offer, what are the components necessary to submit one?
There are in most cases 6 major components to an offer. They are as follows:
1. Offer price
2. Good Faith Escrow Deposit Amount
3. Amount down and Amount Mortgaged
4. Inclusions or Exclusions
5. Settlement Date
6. Mortgage Letter

What is the good faith escrow deposit?
An escrow deposit is also referred to as a good-faith deposit or earnest money deposit. It is a monetary deposit a buyer hands over when contracting on a property for sale. The escrow deposit shows the buyer's good faith intent to close the transaction as promised.  Ultimately, the funds go towards a Buyer’s closing costs or sales price of the property.  In the event of a breach of contract by Buyer, the Seller may attempt to use the escrow deposit as liquidated damages but can only do so with the agreement of both parties or a court judgment.  The amount of deposit generally depends upon the sales price and usually falls between $2,500.00 to $5,000.00. 

Are there any hidden costs?
While they are not necessarily hidden, many Buyers fail to consider upfront costs associated with inspections, a general inspection, termite inspection and even a radon inspection.  Depending on the type and size of home, these fees can approach $500.00 -$600.00. 

Of course these are only some of the FAQ's Buyers inquire about.  To discuss further, contact me at your Buyers Tools or simply call.



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Nancy Fraser
Exit Realty Premier - Massapequa Park, NY
Realtor, Massapequa Homes for Sale 516-729-0278

Happy Selling in Cherry Hill, NJ

Feb 17, 2011 03:18 AM #1
Alan Orman
Cherry Hill and South Jersey Realtor, RE/MAX Main St. Realty - Cherry Hill, NJ

Thanks Nancy, you do the same but in Massapequa ;-)

Feb 17, 2011 03:46 AM #2
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