What to look for in a home
Some important considerations when selecting a home include sales price; distance to work, school or shopping; and condition of plumbing.
To help you keep track of all of the homes you consider, use a Homebuyer Checklist, which documents the specific practical features of each home, including environmental concerns, age of electrical wiring and roof condition.
How real estate agents can help
A real estate agent would typically consult the multiple listing directory to help narrow down the choice of homes to consider, help fill out the Offer to Purchase, and provide information on local schools, employment, and amenities.
Unless a real estate agent is a “buyer’s agent,” he/she is obligated to work to secure the best price for the seller.
Before you make an offer on a property
Once you’ve narrowed down the choices of properties, considering property taxes, the local school system and cost of utilities will help you make a sound, practical decision.
How to make an Offer to Purchase
- Number of other buyers, motivation of the seller and the amount of necessary repairs to a property would all influence the amount of an Offer to Purchase.
- If the seller does not agree to the contingencies on the Offer to Purchase, the buyer is not legally required to purchase the house.
- A home inspector’s visit would include covering the condition of windows and doors, the foundation and basement and the electrical system.
- It’s highly recommended to obtain a detailed written report of the results of the home inspection, as well as a cost estimate for repair.
- It’s wise to make an acceptable home inspection a contingency in your offer because it will make you aware of potential costly repairs, thus affecting your offer, and it will give you an idea of what to expect for home maintenance.
- The buyer usually pays for the home inspection.
- It’s a good idea to get an attorney during the Offer to Purchase process because additional contingencies that you had not considered may need to be added to the offer.
- The deposit with the Offer to Purchase, called earnest money, is given to the real estate agent to be held in an escrow account. If the sale goes through, the amount of earnest money will be deducted from the amount you owe the seller at closing. If the sale falls through, your earnest money is returned.
- The seller may change some of the contingencies in the buyer’s offer, may choose to not include items such as appliances, and may reject the counteroffer and sell to another buyer. The buyer doesn’t have to agree with the seller’s counteroffer proposal.
Meet the Expert:
Robert Di Bella has been involved in real estate for over 35 years. He currently is the Director of Real Estate & REO for ERA Properties Unlimited . He was a former Vice-President of JP Morgan Chase. His vast experience covers sales, appraisals, property management, foreclosures and tax liens. Robert is a graduate of the National School of Banking, Fairfield University and holds a degree in Finance and Economics. He can always be reached at: 844-DIBELLA or email to: firstname.lastname@example.org
- Director of Real Estate & REO – ERA Properties Unlimited, Princeton, New Jersey
- Vice-President – REO Asset Manager – JP Morgan, Whippany, NJ
- Vice-President – Asset Manager – Choice Real Estate & Management Inc., Brooklyn, NY
- Vice-President – Property Management & Foreclosures, Emigrant Savings Bank, NY, NY
- Assistant Vice-President – REO Asset Manager, Green Point Savings Bank, Flushing, NY
- Sr Commercial Real Estate Appraiser – City of NY–Division of Real Property, NY, NY
- Senior Real Estate Appraiser, Vardakis Associates, Brooklyn, New York
- Sales Manager – Broker, Scalzo Real Estate, Brooklyn, New York
- Robert is very active in his 55 and over community, where he resides.
- He is a Wish Granter for Make a Wish of New Jersey. He devotes many hours a month to his Wish Children
- Robert is a 4th Degree Knight, of the Knights of Columbus, and volunteers for fund raising, cooking for functions and is a Trustee
- He is active in his local church in helping as an Usher and fund raiser
- His motto is: We make a living by what we get but we make a life but what we give. -Winston Churchill
Robert Di Bella can be contacted at:
Cell: 347-623-8060 or 844-DiBella Off: 609-921-2200 Fax: 732-344-0440