Home Buying In New Jersey

Buying Process in New Jersey

Acknowledge that you're ready to buy a home. In this post, we will discuss where and how to start.

1. Pre-Approval Process

It is time to figure out how much house you can afford and what monthly payment you’re comfortable with. It is time to contact a lender. A lender will ask you for the following:

  • 30 - 60 days of bank statements with all pages included (including blank and non-informative pages).
  • Tax Returns...Usually two years.
    4 to 8 weeks of pay stubs for proof of income.
  • Statements showing assets such as stock portfolio, retirement investments (401k plan, IRA).

These documents, along with your credit score, down payment monies, and income, will help a bank determine how much house you can truly afford.

2. Find A Knowledgeable & Reliable Realtor

Public house hunting websites' information is not 100% accurate. REALTORS get up to date listings from the MLS databases for a more accurate availability of houses. A realtor working as a Buyer’s Agent will help work for your best interest in negotiating the price as best as the market allows them to, research similar processes to help compare prices of recently sold properties (AKA COMPS), confirm data on the property, and provide up-to-date tax information. You will also be required to sign the CONSUMER INFORMATION STATEMENT. This document is NOT A CONTRACT. It is a state-required document that identifies the REALTOR party you’re working with treats as a fiduciary. You will also be required to sign the Attorney General’s Memorandum regarding discrimination.

3. Visit Properties of Interest

So now, you're pre-approved, you have picked out your REALTOR, and you're off to the races!

Important Tip: always see a property in person to get a sense of the property and potential remodel capabilities.

4. Submit an Offer on a Desired Property

New Jersey REALTORS are permitted and required to submit a 13 Page Contract to purchase. This document means that you accept the offer and meet both parties' minds. Once signed by both parties, this contract is a VALID and ENFORCEABLE contract. This document will have your name(s), address where you currently live, contact number & email, as well as the offer price, total down payment monies, estimated closing date, and terms of the purchase. You will sign it as well as your REALTOR. It will then get scanned and emailed along with your PRE-APPROVAL, Consumer Information Statement (CIS), Attorney General’s Memorandum (AGM), Proof of Funds (POF...This is a must).

5. Attorney Review

In the State of New Jersey, you have the option of retaining an attorney. It would be pennywise, dollar foolish to skip this part as a REALTOR is most likely, not legal counsel. While an NJ Real Estate contract is a valid contract, you have the right to identify and contact an attorney of your choice to “REVIEW” the agreement. Attorney review is usually 3 to 5 business days. Sometimes it is longer, and sometimes it is shorter. During this process, the attorneys will hash out the terms, estimated closing date, and purchase terms. Once attorney review is completed, you’re officially under contract.

6. Schedule An Inspection

This is an essential part of the process. A Licensed Inspector or Engineer needs to test appliances & utility systems. An Inspector needs to examine electrical receptacles, electrical panels, light switches, light fixtures to ensure that they're all in working order. An Inspector needs to inspect the pool, read the siding or roof, and review the land's grade surrounding the property. An Inspector may even be required to check for Lead Paint, Asbestos, Mold, or Foundation Issues.

They come to your purchase property, take photos, take notes, test the functionality of things and compile a report for you, your agent, and the attorney to review. This report is forwarded to the other side for review. If repairs or alterations are needed, this is the time for the buying party to speak up. Assuming that everything can be agreed upon, this leads us to the next step.

7. Behind the Scenes During the Process

So you're under contract, fantastic! There are still tasks left to do. As a REALTOR, our job is to monitor the final steps in the transaction.

8. Appraisal

An appraisal is ordered by your lender, coordinated by your REALTOR & the seller's REALTOR. The appraiser reviews the property for size, space, location, and quality. They then compare properties to ensure that what you're spending is sensible.

9. Loan Committment

Once your property APPRAISES, and all is well, your lender will issue a COMMITMENT lender committing to loaning your money.

10. Title

The Title is essential as your attorney will coordinate a title search to ensure that the property you're buying has been transferred legally from party to party since the beginning of time.

11. Homeowner's Insurance

Homeowners Insurance: Before closing, you must PAY for a full INSURANCE year. You will provide this receipt to your lender as evidence.

12. Final Walk-Through & Closing Date

Once all of the above is complete, and both parties are ready to move forward and close, the attorneys will coordinate a closing date. Before the closing date (usually 24 hours before or the day of), you will visit the property to ensure that all appliances are still present, the house is not damaged, and that the sellers have begun packing their belongings.

Get Your Key, Take Possession & Celebrate!

New Dorp, Staten Island Neighborhood 10306

New Dorp is a large neighborhood located on the East Shore in Staten Island Expressway.  As per WIKIPEDIA ™, the area was founded in 1671 following the English resurveying the pre-existing Dutch settlement of Oude Dorp (now Old Town) and expanded the lots along the South Shore, which were then settled primarily by Dutch families.  The new lots became known as Nieuwe Dorp (meaning “New Village”) in contrast with Oude Dorp.  It eventually became anglicized as New Dorp.

New Dorp is an area of Staten Island that has undergone lots of change over the years.  Some numerous shops and restaurants have popped up over the years.  Between New Dorp Lane and Hylan Blvd, there is nothing that you cannot find to eat.  One of the most convenient aspects of New Dorp is that the Staten Island Rail Way services it by the MTA.  Miller Field is also in the neighborhood, which used to be the old “Vanderbilt Farm.”

New Dorp is not too far from the local Staten Island Beaches. You have Midland Beach and South Beach that overlook Brooklyn. The boardwalk is approximately 2.5 miles long, which many people frequent to ride bikes, jog, and exercise.

Emerson Hill, Staten Island Neighborhood 10304

Emerson Hill is a small hillside neighborhood right along the Staten Island Expressway. There are several beautiful estates and mansions in this section of Staten Island. As per WIKIPEDIA ™, the area named for Judge William Emerson, who was the oldest brother of Ralph Waldo Emerson, who lived with his wife, Susan, and children, William, Haven, and Charles, in a long brown shingle house known as “The Snuggery.” Another interesting fact is that two large mock Tudor homes at the end of Longfellow Ave used as Casa Corleone for the filming of The Godfather.

This neighborhood, located in the hills, is secluded from the rest of the borough. There are only a handful of roads that can get you to this area—some of the homes gated with lots of privacy. If an exclusive, private and luxurious neighborhood is what you’re looking for, this is one of the areas which should be on your list!

You will see incredible views of lower New York Bay as well as the Verrazano Narrow’s Bridge from some of these properties.


Know a little bit more information about Staten Island Neighborhoods.

Interstate Home Properties Staten Island NY

Looking to Purchase a house in Staten Island, NY or New Jersey?

Interstaten Home Properties Staten Island NY

Looking to Sell your house in Staten Island, NY or New Jersey?

Meiers Corners, Staten Island Neighborhood 10314

Meiers Corners is an interesting area that is often confused as other neighborhoods such as Westerleigh or even Willowbrook. I have been guilty of the latter. As per WIKIPEDIA ™, the area is named for a prominent 19th Century Dutch resident named Joachim Meier, who lived at the Martling-Cozine house. This was one of the oldest private homes still standing on Staten Island until it was demolished in 1981. The house stood near the corner of Watchogue Road and Bradley Ave.

This neighborhood, in particular, is filled with beautiful detached homes. Many of these homes are Colonial or Cape style homes that were built well over 50 years. You are close to one of my favorite bakeries in all the land, Alfonso’s Bakery, where you can get delicious cakes, cookies, and pastries. Let’s not forget their FAMOUS 7-Layer Rainbow Cookies! And right down the street are two of our favorite pizza places, Joe & Pats, and Round Pie.


In this neighborhood, you’re extremely close to the Staten Island Expressway, which takes you into Brooklyn over the Verrazano Narrows Bridge.

Meiers Corners, Staten Island

Know a little bit more information about Staten Island Neighborhoods.

Interstate Home Properties Staten Island NY

Looking to Purchase A Home in Staten Island, NY or New Jersey?

Interstaten Home Properties Staten Island NY

Looking to Sell your house in Staten Island, NY or New Jersey?

Ryan is very goal-oriented and does not leave any detail, no matter how small, to chance. His knowledge of the real estate market coupled with an understanding of the customer base makes him quite a remarkable partner.

Ryan was very thorough, he answered all my questions in a timely manner. He did research on all the properties I would ask him about.