If you are new to the exciting world of New Jersey real estate, you may be interested to learn about a process known as an attorney review period that could significantly influence your home buying experience. Once you have made an offer on a home and that offer was accepted, you move into what is known as an attorney review period. This is essentially like a “cooling off” period where each side has a chance to walk away from the deal with no strings attached for a period of what is usually three days. New Jersey is unique in the United States and is one of the only states to have such a time frame built into every home transaction.

If you haven’t already hired an attorney to help represent you during this time, you want to speak to your realtor and have them recommend one. Your realtor likely already told you this review period was coming up (as is their job) so sit down and have a conversation about which attorney is best for you.

Finding the Right Professional
What should you look for in a good attorney? Hiring a lawyer is all about communication. You want someone you feel comfortable with and someone that you feel you communicate with. If you sit down with someone and you feel like they aren’t hearing you or that they are too busy, pick another lawyer. What is important here is that you have someone looking out for you, going through the contract you signed with a fine toothed comb so you understand exactly what you are buying.

The Involved Costs
You can expect to pay about a thousand dollars in attorney fees, which may sound like a lot, but if your attorney ends up uncovering an aspect of your contact you don’t like, it could save you hundreds of thousands of dollars. Many people choose to hire an attorney during this proceeding simply because the other side has one and they want to make sure that their best interests aren’t trampled. No matter what your reason it, it is important to take advantage of this somewhat unusual state law that allows both home sellers and buyers to think things over and avoid buyers remorse.

Buying a home is a big transaction and having some help on your side to figure out what to do can be a big plus. Don’t miss this opportunity to check the fine print.

There are very few times in our lives where we are caught in a more confusing and stressful whirlwind than during moving time. Even for those of us that have undergone several major moves, it always seems that new problems crop up and take us by surprise. While every move is different, you can follow these tips laid out below to significantly reduce unforeseen circumstances during your next moving experience.

Know When To Ask For Help
According to industry experts, we all move around 5-6 times in our life. Some of those moves are on the small side, such as moving out of your parents at 18 or moving from your college dorm to your first apartment, while other moves tend to be on the giant size. We all want our moves to be as inexpensive as possible and some of us are loathe to call in professionals, but if you are moving from a two bedroom home to a three bedroom home, you don’t want to handle it yourself. Sometimes, there are more important things than saving money and having a move with less stress, less physical labour and less headaches is one of those times.

Organization is Key
Ask anyone who is experienced at moving and they will tell you that organization is key. Make sure that you assign every box a number and that every box only contains items for a particular room or area, so when the movers drop off your boxes, you can play sentry and stand by the door telling each mover where to put each box. This will make unloading and putting things away incredibly easy and stress free. Remember, your movers are required to put the boxes and items where you tell them, they can’t just dump them in your foyer.

Don’t Forget the Kids and Pets
As stressful as moving is for you, it puts an incredible toll on young children and on your pets. Make sure they are far away from the move site on the day everything happens. See if a family member can babysit or, if you have to, have your pets put in a kennel for the day. Try to have the majority of things unpacked so there is at least a semblance of a home for your kids to come back to. You also may want to keep a close eye on dogs and cats once you are at your new home as they can get disoriented very quickly.

Home owners and potential buyers are watching the headlines and rushing to lock in low interest rates as they fall. Everyone is trying to get a deal when the rates hit bottom. The problem with waiting for the bottom is that no one knows where it is till they see rates rise! So is it really time to purchase a home?

There are two sides to every coin. Some say that buying while rates are low and supply is high is a hazardous choice. Rates have nowhere to go but up and prices will fall as rates increase. Continued foreclosures will glut the market with inventory. The headlines have been a little scary lately. But there are also some seriously sweet deals to be found in the market.

It’s important not to make major life decisions based on fear. Research and solid information should guide your choice. And it should clearly be your choice, not one you feel forced into by a news story. The one thing you certainly have right now is choice! Properties that have previously been totally out of reach are now within the grasp of many more buyers. Buyers have much more leverage on price as sellers are faced with fewer offers. Investment properties and vacation homes are now more available and more affordable than ever for skilled negotiators.

Now that your gut has unclenched a little, you need to be aware of some precautions for the current climate. The reality is that standards for qualifying for a mortgage have tightened in the wake of the sub-prime loan collapse. The supply for housing is up and the demand is down as fewer buyers can qualify. Be prepared to see a return to a more traditional line of thinking from your lender.

Get your financing in line first. Don’t treat the housing market like a clearance sale, buying something you don’t need just because it’s a great bargain. Plan your budget and don’t budge from it. Avoid the trap of falling in love with a house beyond your means first and then trying to make the financing work later. Plan on staying in your new home for the long haul. This is just not the wisest time for buying quick-money turnovers.

While acting solely on fear is never a sound bet, a little healthy caution is definitely required for venturing into the current market! Be wary of scams and do your homework. Remember the old adage “If it sounds too good to be true, it probably is!”

Claremont Realty Group has joined the PINK WARRIORS team for the Susan B. Komen Race For The Cure 5K on Sunday, April 26^th, in Essex County’s Branch Brook Park, Newark. An expected 15,000 people will participate in this event to fight the battle against breast cancer.  You can join us or contribute to our team by going directly the PINK WARRIORS link on the Komen website and see our team’s progress! Or click here to view our teams progress!!

There are so many choices in housing these days: condos, apartments, co-ops, townhomes, duplexes and the old standard – the single family home. Then you have to choose whether to buy or rent. It can seem overwhelming. Let’s take a look at some benefits and drawbacks of each.

Renting has the obvious benefit of costing less up front. Usually two month’s rent and a security deposit will get you into most rentals. Renting also offers an easier “out” should you need to move, though you may incur costs in buying out your lease. Still, it’s easier than selling a house! Maintenance costs are usually built into rent, so the price of repairs won’t be an additional expense. Renting is usually the favored choice for those who can’t commit to a long-term stay in one place, who are just starting out and those who are not yet able to secure financing for a home purchase.

However, you do make some trades in choosing to rent. For the convenience of mobility and the ease of a lower initial cost, you trade the opportunity to built equity, the advantages of tax deductions and the control over your own living space. You may also give up privacy. Rent rarely goes down and may even increase at the end of a lease. Your rent is a continuing out-going expense for which there is no financial gain.

Buying allows you to built equity and financial security. You are usually entitled the freedom to decorate, landscape and use the property as you wish -within the law, of course! If you choose a mortgage with a fixed-interest rate your payment will not go up in times of higher demand, like rent can. You can eventually pay off your home and own it “free and clear”. It can be an asset you can leave to your children, as well as a home with memories. And in the long-term, even in difficult markets, the value of a home usually rises over time.

The cost of buying is higher in the beginning. Down payments, closing costs, property taxes and utilities should be built into the budget along with the actual price of the home. Your job stability should be taken into account before buying – are you likely to be transferred quickly or frequently?

Either option should be investigated thoroughly. Do the math and consider the up-front and monthly costs of each. Calculate a budget and stick to it. Decide what your lifestyle demands of your housing choice before you rush to judgment.