As many have mentioned - connecting with a Realtor to represent you in the transaction will be the quickest way to submit your offer and be considered for the property. The real issue that must be considered basically boils down to - if you were shown the property with a real estate professional, go back to them to write up the offer. If you haven't seen the interior or have seen it privately somehow, I would suggest "interviewing" some agents - ask them questions directly and see which you feel is a good match to your needs and level of experience with buying a home. Whether you're a first time homebuyer or have owned several homes in the past, each transaction can pose unique situations that a professional is better prepared for. Feel free to contact any of us directly if you are still in need of assistance!
ERA Statewide Realty
I would get in touch with a mortgage broker, espeically one that can handle FHA loans.
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
First, if you saw the property with or without an open house and it was with ANY licensed agent present, you should have been presented with the Consumer Information Statement (CIS) of the State of NJ. That's the law! This is not your problem as much as it is the agent's but it clouds the issue. Without proper notification to you, the agent is on very shaky ground about more than just a commission.
The second is the buyer's agent of which you speak. I KNOW Iâ€™ll get howls about this because there are some dedicated "You must have an buyer's agent and I am one and I don't handle any other relationship, so that make me and our relationship superior to any other."
Actually, a dual agent and even a seller's agent can be just as good as any other form of agency in many cases. It all depends on how much of a tenderfoot you are and how aggressive and grasping the homeowner and his agent are.
Here's the catch. If you sign up with a buyer's agent, you will agree to compensate the agency, in the event that the seller is not allowing a share of the commission that he pays and that is normally split between the seller's agent and the buyer's agent. to equal or exceed what your compensation agreement with the buyerâ€™s agent states. Obviously, thereâ€™s the problem that if the procuring cause thing comes up and your agent loses, he/she will be able to come after you for the commission that you agreed to pay. It all gets very tricky and legal issues may result.
On the other hand, you may have seen the place only on line or by contacting the owner directly. Owners are asked by their agents NOT to show the property without an agent being there, so all the legal niceties are observed (at least by knowledgeable agents.) However, Buck Fever being what it is, some owners just shoot from the hip, allowing complete strangers to wander through the house, casing the joint for nocturnal intrusions, should things appear promising and the visitor so inclined.
If it is the case that you saw it without any agent present, you may chose to work with a real estate agent as outlined in the CIS. I advise you to obtain and read that document (It's only a page and a half) before you decide how you wish to work. Otherwise, you may have already created a claim for commission based on your actions to date and one that might cost you a commission to any new face you bring to the party
Best wishes. I hope you get the place of your dreams.
Iâ€™m not trying to dissuade you from your pursuit of home ownership; Iâ€™m only trying to let you know your options for financing may be limited. Most condo loans are being done FHA because of easier condo review guidelines. Also, though you have a 20 % down payment and closing costs, FHA requires mortgage insurance for on all loans. Please let me know if I may be of further assistance. Good Luck!!
How did you see the property? Did an agent introduce it to you or did you visit an Open House? I work in Hudson County and cover West New York. If you have any questions about the offer process feel free to give me a call. I'll be happy to assist.
All the best,
Walter J. Burns
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
You really do need a buyer's agent period if you are asking this question. Don't get yourself into trouble. Many people are qualified to handle this without an agent, but you are not one of them, based on several questions you have asked over the past few days.
Several very good Realtors from Hudson County have offered to handle this for you in your other posts. I'm going to be blunt: Call one of them and stop messing around.
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
You say that you do not have a buyer's agent yet...who showed you the condo? The listing agent? Did you attend an open house? Whomever showed you the condo can be and most likely be the procuring cause of the sale thus you should use that agent to put in your offer. Again, you are free to get your own agent but the listing agent (if that was the agent who originally showed you the condo) will put up a fight for the entire commission.
With regard to your offer amount, your offer should be based on the most recent sold comps for a property of that type, preferably within the same condo complex. Obviously, you can offer whatever amount you would like to but you'll have a better chance if its at least in the range of the sold comps. You appear to be a strong buyer...go for it! Good luck!!
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116