I’ve been reading a lot online lately from Hoboken condo buyers who just aren’t sure of the process of making an offer on a condo. Several of them were never explained the process by their Realtor and seem very confused. Since this is probably the largest purchase you will ever make, I’ve put together some simple points to keep in mind before, during, and after you make an offer on the Hoboken condo you’ve been looking for.
Things to do before you starting shopping for a Hoboken Condo
- Speak with a mortgage lender & get pre-approved for a mortgage. Knowing how much you can afford and what price range you can buy within is key.
- Find a Realtor you are comfortable working with and who understand what you are looking to purchase.
- Figure out your time frame on when you are looking to move. Keep in mind it takes anywhere from 30-90 days to close on a condo once you go under contract.
- Familiarize yourself with properties online. You can get a good idea of what different price ranges are buying you in different areas.
- Walk the neighborhoods you are interested in to see if you picture yourself living there.
You found the Hoboken condo you want to buy – The Next Step
- Immediately have your Realtor find out if the condo you are interested in has any offers on it. You can still present an offer on a condo which has an offer on it.
- Try to find out when the seller wants to close on their property. This can help you in negotiations.
- Have your agent research comparable sales for you. I recommend not only looking at Sold comps, but also ones that are Under Contract.
- Based on how the comparable sales look, write an offer in contract form. All offers in New Jersey have to be presented in writing so presenting your offer in contract form shows the seller you are serious buyer.
- Present a copy of a check for $1,000+. This is your “good faith” deposit and again shows the seller you are serious about buying their property.
- Finally present your offer with a copy of your mortgage pre-approval letter. This gives the seller comfort in knowing the buyer is qualified to purchase their condo.
Once the offer is presented, the seller’s agent will present the offer to the seller and get a response. Every negotiation is different so there is no step by step outline that I can provide about how a property negotiation always goes, but the desired result is that the buyer and seller come to a meeting of the minds and an offer is accepted.