Buying a Home in New Jersey

Buying a home, in New Jersey, is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand.

As a New Jersey Real Estate Agent, one of my specialties is representing the best interests of my buyers throughout the home buying process. My comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.

If you're like most people, buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property, why not take advantage of my experience as a local market expert  to make the most informed decisions you can, every step of the way?

  

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Buying a Home with a Real Estate Agent in New Jersey

Home buyers, particularly first-time buyers and those coming from other states or other countries, should be aware of some important market practices as they embark on their search for a home with the help of a licensed real estate professional.

Real Estate agents (Sales Associates) are not salaried people; their financial reward comes from the successful completion of transactions only. No Closing-No Income. Yet they are investing their time and efforts in helping buyers reach their goal. Therefore, loyalty to a principal Sales Associate is appreciated and, more importantly, will pay off for the Buyer. Once you feel comfortable with a Sales Associate, a consistent working relationship develops which allows the Associate to optimize his/her thorough knowledge of your particular requirements to deliver the best possible professional service.

To maintain that consistent relationship, here are a few helpful pointers:

· If you have already established a relationship with another Real Estate Associate within this or another brokerage firm, kindly let me know and I will refer you back to that person. If this is not the case, I will be happy to be your “Buyer’s Agent”.

· If you see a “For Sale” sign, an advertised property in any media, including the Internet, and if you would like to see it, call me so I can show it to you and give you all the information you need. In New Jersey, almost all properties for sale are “multiple listed” and these can be shown/sold to you by any licensed brokerage firm, not just the listing/advertising broker.

· If you drive by an “Open House” and want to see it, you should by all means: however, be sure to tell the Sales Agent who conducts the Open House that you are working with me as you Buyer’s Agent who would represent you in the transaction.

· If you see an attractive “For Sale By Owner”, take down the phone number and address and I will inquire about details on you behalf. As real estate professionals, we handle all of the details from contract to closing that you would miss in a direct transaction with the owner.

· You will find that you are most effectively helped by working with one and the same agent for a specific geographic area (town or a cluster of towns). If your search will take you beyond that territory, I will refer you to an appropriate agent in any other area.

I look forward to working with you in that spirit.

Sincerely,

Michael Pennisi

The Truth about Finding a New Jersey Real Estate Agent

Many prospective home buyers are unaware of the truths about selecting a New Jersey Real Estate Agent. Since using a real estate agent to help you buy a home is free, in New Jersey, it is especially important to find a Realtor with your best interests in mind. To help clarify the truth, I have addressed a number of common myths below.

Home Buying Myth #1:

“I will get the best deal on the house if I call the agent listed on the For Sale sign or listing agent.”

Not necessarily true. In fact, the listing agent should be neither a positive or negative impact on the final sales price. Remember the agent represents the seller and is contractually bound to get the best deal for the seller. This doesn't mean the agent can't work with you in a fair and professional manner. This is called dual agency. You should still not disclose confidential details to the agent until you are assured that the agent will keep your information confidential. If you fail to do this and you tell a seller's agent the top dollar you will pay for a house, the agent must pass that on to the seller.

Smartest Home Buying Solution:

The best way to avoid any conflicts of interest between the seller and you, the buyer, is to work with a real estate agent and company that does not allow direct dual agency. For instance, at Burdorff ERA, I would not be able to represent both the seller and the buyer in the same transaction. To avoid any issues of disclosure my manager would represent the seller and I would work solely with the buyer. This guarantees a fair transaction for both my seller and my buyer.

Home Buying Myth #2:

“I can find more homes for sale by calling lots of agents.”

Absolutely not true. All real estate agencies and companies belong to Multiple Listing Services. The Multiple Listing Service provides all companies with access to the same properties. Figure out which area the real estate agent covers. Some agents might work a multi-county area. Other agents restrict themselves to certain neighborhoods or subdivisions.

Smart Home Buying Solution

Remember researching and showing properties is time-consuming, so you'll get better service if you find an agent you like (within a given area) and stick with that agent. If you decide that you would like to see homes within an area outside of your agent’s market be honest. Many times your agent will be able to provide you with an excellent agent in the other market.

Home Buying Myth # 3

“The real estate agent told me I had to sign a Buyer Agency agreement before he / she would work with me. I did, and now I'm unhappy with the relationship.”

In New Jersey, signing a buyer agency agreement is not a requirement. Many times buyers might feel they are a good match with an agent on the very first day they meet, but over time that agent becomes lazy or unreachable. This leaves buyers in a bad position. To avoid this problem try one of these alternatives:

  1. Ask the agent to work under a verbal buyer agency agreement for a period of time. This allows you to test the agent’s ability and work ethic.
  2. Request the agent agrees to a short term buyer agency agreement, maybe a day or a week long.
  3. Find out if the agent can offer a non-exclusive buyer agency agreement. The agent would be your buyer's agent, but you would not be tied exclusively to him/her.
  4. Find another agent

Smartest Home Buying Solution

If the agent will only work with you if you immediately sign a lengthy buyer agency agreement, you might be better off seeking another agent. Many real estate agents in New Jersey do not require buyer agency agreements. The buying process is based on a mutual loyalty between the real estate agent and the buyer. If the real estate agent feels the obligation to sign a buyer agency agreement it may raise questions as to why.

Home Buying Myth # 4:

“The agent with the most listings in town is the best agent to call.”

Think about that logic. If an agent has that many listings to deal with, how much time do they have for buyers, especially buyers who might want to look at properties other than theirs? Most top agents have teams of people, so time might not be an issue, but you may instead be dealing with an assistant. This is an important question to ask about when you interview an agent.

Smart Home Buying Solution

A full-time professional real estate agent who is new to the business can be every bit as effective as a seasoned pro. Someone working with fewer clients will have your needs in mind constantly. Hire the person, not a lineup of listings.

 

 

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