Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Who's Who's in a LBI real estate transaction? There are many steps involved in the process of buying or selling a home in the LBI real estate market. Rules and guidelines are always changing so it is important to find the right professionals to help you in each step of the process. Here you can find some helpful information about the different roles played in a LBI real estate deal.
Buying or selling a house in the LBI real estate market involves a number of different people. It is important to have an understanding of who you will be dealing with and what role they will play in helping complete the transaction.
The Real Estate Agent
My role is to help you identify the style of house that will fit your needs, the area of LBI you are looking for, handle the negotiation of a sale price, and oversee the entire sale process. It is my responsibility to make sure you have the best information available on key issues such as flooding, proximity to attraction, etc. before you make an offer. Once an offer is made, it is my job to handle the offer, write the contract, put you in touch with other professionals needed to complete the sale, and generally guide you though the process.
The Lender’s Role
Before you begin the sale process, it is best to speak with a lender and understand the different types of mortgages available in the LBI real estate market. This will give you an idea of what you can comfortably afford and see what is the best lending option for you.. Once a property has been identified and contracts signed, the lender will arrange the financing and other steps needed to close the mortgage.
The Insurance Agent’s Role
The insurance agent will arrange flood and homeowners insurance for your property. Typically, there are two types of insurance required when holding a mortgage: flood and homeowners. Flood insurance is regulated by the state of New Jersey and costs mainly depend on coverage limits and elevation. Homeowners insurance covers the property from fire, damage and other accidents.
The Attorney’s Role
The attorney will approve the contract during a period called “Attorney Review” which typically lasts three business days after the contracts are signed. During this period, the contracts can be modified or canceled. The seller can also accept other offers during this review period. The attorney will order surveys, title work and handle legal aspects of the transaction.
The Home Inspector’s Role
The home inspector will perform, for a fee, a home inspection and a termite inspection. It is very important to have a home inspection performed as it will revel defects otherwise missed and educate you on the house you are about to purchase.
There are a multitude of professionals and contractors you can pick from in the LBI real estate market. Some are better than others and some, frankly, are not very good at all! Any buyer or seller in the LBI real estate market should rely on personal recommendations and vet this recommendations against their own findings.
You can view my list of local recommendations for everything from CAFRA planners to locksmiths. Feel free to contact me with any questions and I will be happy to help!