So you're ready to make an offer on a Hoboken condo! Well, now what? Wondering how the process works?
There are three basic components in the Hoboken and Downtown Jersey City area that realtors and sellers expect to see with a formal real estate offer.
1.- A Written Offer
Sounds obvious? Well sometimes buyers want to make a verbal offer and in this competitive market a verbal offer is not taken seriously. You will need to sit down with your real estate agent to draft an offer.
In the offer you will include a few basic points. The price you want to offer, how much you have to put as a down payment, when you'd like to close and any specific additional terms.
2.- A Good Faith Deposit Check
All offers are to be accompanied with a good faith deposit check. This is traditionally $1,000 that will be made out to the office which is preparing the offer. The check will be deposit into a specially managed escrow funds that is regulated, and the copy of the check will go alongside your offer. This shows the seller you are serious and ready to make a deal. If your offer is accepted your good faith deposit will be transferred to the sellers attorney account and will then be applied towards your down payment.
3.- A Mortgage Pre-Qualification Letter
This is the third component to a successful offer. Your mortgage vendor will provide you with a pre-qualification letter. Hopefully you've already gotten your letter before you went out house shopping. So chances are your mortgage letter will be a different amount than the house you want to buy. Don't worry. You will want to call your mortgage rep and request a new mortgage letter, showing the amount of the house you want to buy. And the reason we do this, is not to show all your cards. You don't want the seller to know that you can afford significantly more, because that could hurt negotiations. Here are some common FAQ's on mortgages you may want to check out.
Sometimes if the house has multiple offers on it, then your realtor may suggest adding or changing some items to make your offer stronger and more unique. Each realtor will use their own experience in negotiations to assist you getting the house that you want at the best possible price.
Now you're ready to make an offer on a Hoboken Condo! Haven't found the right home? Search for condo's for sale now.