Mary Allen Realty

Buyer FAQ

LBI NJ vacation homes

What to expect when purchasing a home.

Pre-Qual

Accompanying any offer to purchase must be a Pre-Qualification letter from a reputable lending institution. We can provide a list of reputable lending instituions*.


Earnest Money

The Buyer will make an initial Earnest Money Deposit to be held in an escrow account and applied toward the sale at closing.


Offer Price

We will provide you with a list of comparable homes which have sold recently. This will help us decide what is a fair sale price for the home and will guide us to calculate a good starting offer price factoring in possible room for negotiation.


Formal Offer

We will help you to fill out and sign all the legal forms required to make a formal offer to purchase. Additionally, there are many legal forms which must accompany the actual formal offer which is in the form of a legally binding contract. If accepted, this is the legal document which will serve as the contract of sale.


Negotiation

We will negotiate the offer with the Seller's Agent and try to come to a reasonable agreement. There is a lot of skill and passion that goes into our negotiation process and we always fight hard for our clients in a professional and ethical manner. There are various issues that are negotiated at different times including but not limited to the final sale price, the closing date and any issues that may arise from a home inspection.


Execution of Contract

Upon acceptance of the offer or the negotiated price, the Buyers and Sellers will both sign the contract. The contract is then considered to be fully executed and is sent to both attorneys for review.


Attorney Review Process

There is a mandatory "Attorney Review" process for which the contract and details of the sale are further clarified and negotiated by both parties. Upon completion of this process, both attorneys will sign off and the home will go "Under Contract". The home will no longer show as "Active" in the multiple listing service.


Applying for Mortgage

The Buyer will apply for a mortgage and provide the lender all necessary documents.


Home Inspection

The home inspection will be scheduled and completed.


2nd Deposit

A 2nd deposit is normally made after Attorney Review concludes but before the closing takes place.


Mortgage Commitment

A date will be specified in the contract by which a mortgage commitment must be received stating that the Buyer has in fact attained the loan.


Insurance

Buyer will apply for and attain all Insurance policies required to close. This can include Home Owner's Insurance and for home's located with in a flood zone, Flood Insurance.


Utilities

Buyer will have utilities switched over into their name scheduled for the day of closing.


Closing Time

Congratulations! The Buyer can now attend the closing and enjoy their new home.


* We can provide a list of reputable lending institutions but we are not affiliated with any.