TRANSACTION ROADMAP BY LEE NELSON
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uying a home can be daunting especially for those who have never done it before. By breaking the process down into smaller steps like reading a recipe to bake a complicated cake, they can reach the end without added stress and be happy homeowners. This transaction guide can be given to your clients to help them understand all the aspects and all the moving parts of buying a house while explaining the highlights of why a Realtor® can improve the home buying journey.
Find a Realtor
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Get Preapproved
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Once you find a lender you can work with and their rates seem good, then ask for a preapproval for a mortgage loan. The lender looks at your financial situation including income, employment situation, debt, and tax information for the last two years. Yarnall reccomends asking the lender to prepare the preapproval for what you can afford rather than the home price range you’re looking.
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“I still believe they need to sit down with a Realtor® first to talk about the process,” said Realtor® and sales associate with Realty Executives Exceptional Realtors in Kinnelon Kristen DeLeo. Finding a Realtor® can be as easy as talking with friends and family who have recently used someone they trust. You can also research agents in your area by visiting njrealtor.com/find. A Realtor® is a real estate agent who is an active member of the National Association of Realtors® who follows a strict Code of Ethics, are industry experts, and put their clients’ needs above all else. Most Realtors® can also provide reliable lenders’ names to if they need them too.
4 Understand a Realtor®’s Strengths
A Realtor® can do market analysis, negotiate better deals, understand legal and regulatory changes, handle paperwork, identify potential issues with a property, customize search for specific needs, and advise on long-term value, said Designated Realtor® and regional manager of Howard Home | Rand Realty in Old Tappan Lisa Comito, Esq. In this tough time of low inventory, sometimes Realtors® can discover internal resources with homes that haven’t hit the market yet. DeLeo emphasizes some clients feel like they don’t want to bother their Realtors® if they see a house they are interested in visiting for an open house. “We don’t get paid until we close. We want to know if something interests them,” said Comito.
2 Find a Lender that Fits Your Needs
Ask all the right questions to potential lenders such as “Do you have any promotions going on right now without any catches?” said Realtor® and broker at RE/MAX Select in Westfield Neda Yarnall. “Don’t buy points. I give a set of questions to my buyers to ask lenders.” Lenders should also give you a timeline of how long a preapproval will take and the closing on a loan if all goes well too.
18 | NEW JERSEY REALTOR ® | January/February 2024
Find the Right House
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Comito, who is also serving as 2024 President of Greater Bergen Association of Realtors®, feels buyers predominantly initiate their home search online. “This digital approach allows them to conveniently start their search from the comfort of their home,” said Comito. Although some sales are quick, some of DeLeo’s clients are on their second and third year trying to find the perfect house. “They don’t want to settle,” said DeLeo.
