HBB Buyer's Guide by Brian Riolo

THEHBBGROUP

BUYER'S GUIDE

Creating remarkable real estate experiences, supporting remarkable people, and achieving remarkable results

MISSION STATEMENT

The HBB Group, Realtors

The HBB Group strives to deliver best in class and exemplary service to our clients when it comes to all things real estate. We feel that expecting anything else from your real estate professional is unacceptable.

Our team works constantly to improve our process using world-class technology, strategies, and services to deliver the results our clients expect and deserve.

Our highest ambition is to provide the best service in the industry. Service to add value and exceed the client’s expectations. Service worth telling others about!

MEET YOUR TEAM

TEAM LEADS

AGENTS

OPERATIONS

Jeff Bonk Realtor/Owner @jeff bonk

Danielle "Red" Bonk Realtor/Owner @redbonk

Emma Chelstowski Director of Operations @therealtoremma

Alex Staunton Realtor @stauntona

Connie Bihuniak Realtor @conns5

Carmela Meschino Realtor @meschinocarmela

Meghan Perih Realtor Luxe Rental Specialist @meghan perih

Justin Braverman Realtor @justin braverman

Kelly Naughton Realtor Florida Specialist @namaste agent

Michael Ash Realtor @mikeashrealestate

Medily Nadonza Listing Coordinator

Charisma Hermosa Transaction Coordinator

Lori Kadezabek Marketing Director

Michael Bartol Realtor Listing Specialist @nohurealtor

Ayra Martin Director of Transaction Management

Brian "Roley" Riolo Realtor @brianriolorealtor

Betsy Kuhnau Realtor @thebetsyrealtor

Whitney Thomas Realtor @whittthomas

Sarah Hoffman Realtor @sarahhoffman realtor

Todd Filipps Realtor @toddfilipps realtor

Serhat "Seth" Okdemir Realtor @sethokdemir

LANGUAGE TO NOTE KEY

TERMS

Pre-Approval Letter:

A letter from a lender indicating you qualify for a mortgage of a specific amount

Credit Score:

A number ranging from 300-850 that's based on an analysis of your credit history. Helps lenders determine the likelihood you'll repay future debts.

Appraisal:

Report highlighting the estimated value of the property completed by a qualified third party Lenders rely on appraisals to validate a home's value and ensure they're not lending more than the home is worth.

Affordability:

A measure of whether someone earns enough to qualify for a loan on a typical home based on the most recent price, income, and mortgage rate data.

Down Payment:

Down payments are typically 3-20% of the purchase price of the home Some 0% down programs are also available. Ask your lender for more information.

Equity:

The value in your home above the total amount of liens against your home. With current home price appreciation, many homeowners are realizing they have more equity than they thought and they're using it to move

Mortgage Rate:

The interest rate you pay to borrow money when buying a home. The lower the rate, the better.

Closing Costs:

The fees required to complete the real estate transaction. Paid at closing Ask your lender for a complete list of closing cost items, including points, taxes, title insurance, and more.

Contingency:

A provision in a contract requiring certain acts to be completed before the contract is binding. In today's highly competitive market, some buyers are minimizing contingencies to make their offers seem more appealing

WHAT TO EXPECT WHEN BUYING A HOME

Determine Buying Goals Discuss property needs, must-haves, buyer finances

Identify Suitable Properties We identify suitable properties based on your needs using a combination of effective search systems.

Ensure You're Pre-Qualified Complete the mortgage pre-approval process

Making An Offer Be prepared to encounter multiple offers on highly desirable properties

Accepted Offer Once your offer is accepted, you will enter Attorney Review, the process may take 3-5 business days

Conclusion of Attorney Review Upon the conclusion of Attorney Review, the HBB Group will send a timeline leading up to the closing date. Each week, our team will follow up to ensure each step of the timeline is being executed.

Deposit & Home Inspection The inspections must be completed within the prescribed time frame, usually within 10 days after the conclusion of Attorney Review.

Mortgage Commitment Assess fees, points, rate lock, and stay on target with your lender throughout the mortgage process, allow the lending institution to conduct an appraisal, and obtain your written commitment.

Closing Logistics The BIG DAY! Once the inspection and mortgage contingencies have been satisfied, your attorney will work with you to prepare the final paperwork and the details leading up to the closing

Last Minute Items:

Notify the Post Office about your change of address around one week, before closing • Notify the Cable/Internet/Phone Company provider to install service at your new address

• Notify the utility companies to change the accounts to your name, and take meter readings on the closing date

• Be sure to tell them not to disconnect your current service.

KEEP IN MIND

If you’re looking for a home but are having trouble finding one, stick with it.

Rates may be significantly higher than last year at this time, but keep in mind that they are still historically low - remaining below 6%.

EXPERT INSIGHTS FOR HOMEBUYERS

“ . . . home prices aren’t going to drop any time soon. So if you’re on the fence about whether to buy now or wait for a better deal, buying sooner rather than later might be wise.”

Active inventory grew for the first time since 2019. . . . The switch to growth after nearly 3 years of decline is a step in the right direction, even though inventory continues to lag pre-pandemic normal.

- Danielle Hale, Chief Economist, realtor.com

Owning a home continues to be a proven method for building long-term wealth. . . . Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage.

- Lawrence Yun, Chief Economist, National Association of Realtors

- The Mortgage Reports

KNOW YOUR BUYING POWER

The first step in determining what you can afford for a home, is properly aligning your budget.

STEP1:MONTHLYINCOME

Wages,salaries,businessincomeafterexpenses

Interest,dividendsorrentalincome

Otherincome(alimony,childsupport,pensions,orSocialSecurity)

TOTALMONTHLYINCOME(STEP1)$

STEP2:MONTHLYNON-HOUSINGEXPENSES

Carpaymentandinsurance

Cellphone

Studentloan

Creditcard

TV/Internet/Netflix/Etc

Groceries/Food/Gas/Other

Travel/Recreation/FunMoney

Childcare

Monthlybankloanpayments(otherthanamortgage)

Alimonyorchildsupportyouowe

Savingsandinvestments

TOTALMONTHLYNON-HOUSINGEXPENSES(STEP2)$

STEP3:AMOUNTAVAILABLEFORMONTHLYHOUSINGEXPENSES

TotalmonthlyIncome(Step1)

Minus(-)TotalNon-HousingExpenses(Step2)

TOTAL$AVAILABLEFORMONTHLYHOUSINGEXPENSES(STEP3)$

STEP4:MONTHLYESTIMATEDHOUSINGEXPENSES

Mortgageloanpayment(principalandinterest–seechart)

Propertytaxes

Mortgageinsurance

Homeowner’sinsurance(liability,flood,fire)

Utilities(heat,water,electricity,gas,trashremoval)

Maintenanceandrepairs

Other(assessments,homeowner’sassociationdues)

TOTALMONTHLYESTIMATEDHOUSINGEXPENSES(STEP4)$_______________

DO I REALLY NEED A 20% DOWN PAYMENT?

No. Don’t let that stop you from pursuing your homeownership dreams.

The 2020 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) notes how the median down payment hasn’t been over 20% since 2005, and even then, that was only for repeat buyers, not first-time homebuyers.

- Freddie Mac

The most damaging down payment myth since it stops the homebuying process before it can start—is the belief that 20% is necessary.

THINGS TO AVOID AFTER APPLYING

FOR A MORTGAGE

Consistency is the name of the game after applying for a mortgage.

Do not change jobs, become self-employed or quit your job.

Do not buy a car, truck or van (or you may be living in it).

Do not use credit cards excessively or let your accounts fall behind.

Do not spend the money you have set aside for closing costs.

Do not omit debts or liabilities from your loan application.

Do not buy or finance expensive products.

Do not originate any inquiries into your credit or close any credit accounts.

Do not make large deposits without first checking in with your loan officer.

Do not cosign a loan for anyone.

The best plan is to fully disclose and discuss your intentions with your lender before you do anything financial in nature

5 TIPS FOR MAKING AN OFFER

Know Your Numbers

A complete understanding of your budget and how much home you can afford is essential

Brace for a Fast Pace

A skilled agent will do everything they can to help you stay on top of all possible opportunities.

Lean on a Real Estate Professional

A local real estate professional can help you consider the right levers to pull that might be enticing to a seller, like minimizing contract contingencies (conditions you set that the seller must meet for the purchase to be finalized)

Make a Strong, but Fair Offer

In such a competitive market, emotions and prices can run high. Use an agent as your trusted advisor to make a strong but fair offer based on market value recent sales and demand

HOME INSPECTION

Items on your home inspection report will include:

Foundations, Basements and Structures

Basement Floor & Walls, Proper Drainage & Ventilation, Evidence of Water Seepage

Exterior

Siding, Windows, Doors, Walls, Porches, Decks &Balconies

Roof

Roof Type & Material, Condition of Gutters & Downspouts

Interior Plumbing System

Hot & Cold Water System, Waste System & Sewage Disposal, Water Pressure & Flow, Hot Water Equipment

Electrical System

Type of Service & Protection, Number of Circuits, Outlet Grounding & Load Balance

Central Heating System

Energy Source, Type of Cooling Equipment, Capacity & Distribution

Interior

Walls, Ceilings, Floors, Windows, Doors, Stairways, Cabinets & Countertops

Attic

Structural, Insulation & Ventilation

Fireplace

Chimney, Damper & Masonry

The Inspector may recommend you have a chimney company inspect the inside of the flue

Garage

Doors, Walls, Floor & Opener

Appliances

Built-In & Other Home Appliances

Smoke Detectors & Television/Cable Hookups

Lot & Landscaping

Ground Slopes Away From Foundation, Condition of Walks, Steps & Driveways

CLOSING COSTS

LEGALFEES&TITLECOSTS

AttorneyFee:$1,000-$1,500

Survey(Condo$150to$250):$450-$800

RecordingFeeswithMortgage&Deed:$200-$300

TitleSearches/TitlePolicyEndorsements:$250-$500

TitleInsurancePremium:Obtainfromlenderorattorney

MORTGAGECOSTS

ApplicationFee(IncludesCreditReport):$300-$600

Appraisal:$400-$600

MiscellaneousMortgageCosts(Varies,besuretoaskyourlender):$100-$600

PMI(PrivateMortgageCosts):Obtainfromlender

Points(Obtainfromlender):Feepaidtolenderto"buy-down"interestrateonmortgage.

Onepoint=1%ofmortgage,ex 1pointona$500,000mortgageequals$5,000

INSPECTIONCOSTS

HomeInspection:$300-$650

RadonInspection:$120-$300

WoodDestroyingInsectInspection/Certification:$75-$150

SepticInspection:$750-$1,000

OilTankInspection:$395-$500

Asbestos,ChimneyandMold:Costsvary

OtherInspections,ifapplicable

ADDITIONALCOSTS

Homeowner'sInsurance(1yr.prepaid):ObtainfromInsuranceCo.

2MonthsEscrowHomeowner'sInsurance:PriceVaries

Escrowsforpropertytaxesupto3months:PriceVaries

CapitalcontributionforHOAupto3monthsofmonthlymaintenancefee:PriceVaries

MansionTax,ifapplicable(ResidentialZoneUse):1%ofconsiderationwhensalespriceis over$1,000,000

PLEASE NOTE THESE ARE ESTIMATES

MOVING

CHECKLIST BEFORE THE MOVE

Arrange for movers

Notify your utility services at both your current and future residence

Research and contact service providers at your new residence (eg Internet, Cable, Phone)

Complete change-of-address form at the post office

Start using up items that cannot be moved, such as frozen food, bleach and aerosols

Begin packing items you don’t use often

Arrange for home insurance

Store important documents such as birth certificates, medical records, legal/financial papers in a safe place that will not get lost in the move

Donate or sell items that you do not wish to move

Pack an essentials bag

Measure furniture and come up with a plan on where you want everything in the new home

Empty and defrost refrigerator

Clean your current living space

Give your landlord your new address in case he/she needs to forward stray mail

MOVING CHECKLIST

AFTER THE MOVE

Clean your new home

Change the locks to outside doors

Check smoke detectors and replace batteries, if needed

Be sure that all utility services are turned on and in your name (Electric, Gas, Water, Basin and Drainage, Garbage, etc)

Arrange times for cable and internet providers to come and install

Change your address on your bank accounts, credit cards, driver’s license, vehicle registration, voter’s registration, etc

Notify your employer of your new address and new local tax ID

Store all of your home’s closing documents in a safe place

Find and store manuals for the home’s appliances and systems

Store important documents such as birth certificates, medical records, legal/financial papers in a safe place that will not get lost after the move

Meet your neighbors

Unpack and enjoy your new home!

ACHIEVEMENTS

THE HBB GROUP, ESTABLISHED IN 2011

Over 1500 Families Proudly Served

Brian Riolo has spent over 15 years studying our market, our area, and the very best strategies to effectively expose each home we sell to the most qualified buyers He employs the latest technologies to help ensure the highest price possible for each home he sells. He stays at the forefront of the ever-changing real estate business through continuing education and coaching. Through his extensive network of local and out-of-area colleagues, he has access to as many buyers and sellers as possible. A superior work ethic, discipline, and perseverance are his greatest strengths. His colleagues describe him as professional, analytical, organized, extremely knowledgeable, and an excellent resource for all real estate needs.

Brian Riolo at EXP Realty proudly serves the real estate needs of residents in Hoboken, Downtown Jersey City, Jersey City Heights, Weehawken, Port Imperial, Rutherford along with Sea Girt, Spring Lake, Manasquan, Point Pleasant, Bay Head, Mantoloking and Seaside Park

PREFERRED VENDORS

ATTORNEYS

PaulCacciuttolo,Esq

CacciuttoloLawLLC

1812FrontStreet

ScotchPlains,NJ07076

T:(908)663-2180

F:(908)663-2181

E:pc@cacciuttololaw.com

NicholasCherami,Esq.

CheramiLawPractice

236ANewarkAve

JerseyCity,NJ,07032

Office:201-413-9000

ncherami@cheramilaw.com

JayMcLee,Esq

134BrunswickStreet

JerseyCity,NJ07032

Cell:551-574-1610

e-fax:973-954-5523

jay@mcleelaw.com

ChiragPatel,Esq

ThePatelLawPractice

7800RiverRoad,Suite3

NorthBergen,NJ,07047

Office:201-880-7776

cnp@thepatellawpractice.com

ELECTRICIANS

EvanHouse

KellerElectric 9737752590

MichaelVolpe

AllCityElectrical 9084979977

LENDERS

BaretKechian

MortgageMasterInc

NMLSID:9411

Office:201-796-6441

Cell:201-755-6261

baret@loandepotcom

CharlesLomolinoIII

SeniorMortgageAdvisor

NMLS#1555502

115WestCenturyRoadSuite115

Paramus,NJ07652

DirectLine:201-674-3783

Fax:201-632-4856

Cell/Text:201-674-3783

RyanPaltridge

CapitalFirstMortgage,LLC

NMLS#-1916819

LoanOriginator

201.982.2103

ryan@capitalfirstmtg.com

wwwcapitalfirstmtgcom

PLUMBERS

George QualityPlumbing

2018325278

Steve S&BPlumbing

2017921184

HOMEINSPECTORS

DanielLin

FrankLinHomeInspections,LLC

Office:973-722-0892

franklininspection@gmailcom

JimLeedham

IndagoInspections,LLC

LicenseID:24GI00095600

24MountainAve

Hawthorne,NJ,07506

Office:973-885-6236

Fax:973-238-1170

jim@indagoinspectionscom

TerryDarling

HomeSafeInspections,LLC

LicenseID:NJHI#24GI00178900

Office:908-325-2600

Cell:908-499-0109

tdarling@homesafeinspectorscom

HVAC

Howard

Kook&Son

HowardKook

2016530219

RalphMichael KLBUltimate

2012861990

PREFERRED VENDORS

GENERAL CONTRACTORS

AndyThompson ThompsonFineHomes 9738792598

GabeMckeever 2019218473

gabriel@mckeevercarpentryinc.com

JosePena DistinctiveCustomRenovations 201.663.3748

LarrySteimel

LADesign&Construction 973.865.7146

RichieCheung HonorConstruction 9175596202

TomLachenauer LachenauerConstruction 2016506517

MOVER

PeterBuntzen

OzMoving 9172243673

peter@ozmoving.com

APPLIANCES

DesignerAppliances

9735590888

Reno'sAppliance 9732471860

INTERIOR DESIGNERS

KateSiegel KSHInteriorDesign 9737274849

NicolinaErato InteriorsbyNicolina YvetteMeehan YMIInteriorDesign 862.596.0163

YvetteMeehan YMIInteriorDesign 862.596.0163

ARCHITECT

JensenC.Vasil

(201)850-1055

http://www.jcvarch.com/ 12thStinHoboken

JohnNastasiArchitects (201)653-2577

NastasiArchitects 321NewarkSt,Hoboken

MarchettoHigginsStievePC (201)795-1505

MarchettoHigginsStieve Architects 1225WillowAve,Hoboken

PROFESSIONAL ORGANIZER

Lauryn LGOProfessionalOrganizing 2015756058

lauryngalda@gmailcom

FLOORING PROFESSIONALS

ChrisLinton C&MFloors 2016564775

JohnNichol HighlanderHardwood 973.349.8181

PAINTERS

JohnBeers Brushworks 2017251655

MichaelScarpati CuttingEdge 2012220080

Yuriy HobokenPainter 2017770067 yuriy@hobokenpaintercom

WINDOW TREATMENTS

NelsonOropesaJr K&MBlinds 7327421336

PeterChoi BudgetBlinds 2016376490