Buying Real Estate on Long Beach Island NJ
Buying a House in the LBI Real Estate Market on Long Beach IslandThe LBI Real Estate Market on Long Beach Island NJ
The LBI real estate market comprises all sales on Long Beach Island New Jersey from Barnegat Light to Holgate. Even in the wake of Hurricane Sandy, the LBI real estate market has proven to be very active with sales activity being very strong. If you are considering Buying a House in the LBI Real Estate Market on Long Beach Island it is helpful to have an overview of the process before committing to an LBI real estate transaction.
Buying a House in the LBI Real Estate Market on Long Beach Island
An LBI real estate transaction can typically be broken into three distinct phases. They are:
- Searching for a home in the Long Beach Island NJ real estate market
- Negotiation and contracts of the deal
- Closing the LBI real estate sales transaction
For buyers in the LBI real estate market, the search will most likely begin online. My experience is most buyers in the LBI real estate market begin their search 4-6 months before they are ready to purchase. The online search process will usually comprise of two or three dedicated trips to Long Beach Island to see the sales listings however the process may take shorter or longer depending on market activity and the individual buyer.
Once a house has been selected an offer is made. Offers can be made in two forms. The first is an “offer sheet” which is a one page document that outlines the price offered, the terms and the form of payment. If this offer is accepted, a formal contract would be typed up. The second form is to bypass the offer sheet and present the offer in contract form. Presenting an offer in contract form can be advantageous under certain conditions such as:
- A short sale or foreclosure on Long Beach Island
- A LBI real estate listing with multiple offers
- A “final and best” offer on the property
In either case, the offer is not legally binding until a formal contract has been agreed upon by all parties and attorney review has concluded.
Attorney review, which begins the first business day after a signed contract has been delivered to all parties, is a standard three day period during which both buyer and seller have may consult an attorney to review, modify or cancel the contract. It is important to understand that other offers can be made and accepted during the attorney review period as the contract is not legally binding until after this time period. Attorney review lasts three business days unless it is agreed that the process should be shortened or lengthened by all parties.
Once attorney review has concluded, two steps are taken. The first will be the buyer applying for a mortgage (if they are seeking a mortgage) and the second will be the scheduling of a home inspection. The home inspection is a critical stage of the transaction as this is the chance, as a buyer, to uncover any potential issues with the house. A home inspection must take place by a qualified inspector and his or her report will allow you as the buyer to request credit and/or repair of any agreed upon issue in the home inspection report. After the home inspection issues have been resolved, the closing phase of the transaction will begin.
The final phase of the LBI real estate transaction involves the actual closing and will conclude Buying a House in the LBI Real Estate Market on Long Beach Island. During this time, the attorney or title company will work to obtain clear title, order a survey and flood elevation certificate for the property and the seller will obtain the certificate of occupancy. Once these items have been completed, the closing date will be scheduled by the attorneys. The closing, which usually takes place at the office of the buyer’s attorney, is a surprisingly quick event usually lasting only about 15-20 minutes when the sale does not involve a mortgage! In addition, closings can take place by mail.
Buying a House in the LBI Real Estate Market on Long Beach Island
If you are interested in Buying a House in the LBI Real Estate Market on Long Beach Island and would like more information please do not hesitate to contact me, Nathan Colmer, and I will be happy to discuss sales and pricing in the LBI real estate market. You can also click here to search all homes for sale in the Long Beach Island NJ real estate market
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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