If you are looking to buy a second estate and have yet to decide where it should be located, you have come to the right place. We wholeheartedly suggest buying a second home in Franklin Lakes, NJ. Located northwest of Bergen County, New Jersey, Franklin Lakes is an upscale community with around 12,000 residents. Whether you are looking to buy a second home as an investment or as a vacation home, Franklin Lakes, NJ is a great choice. Can’t wait to enjoy enchanting natural landscapes in an appreciating real estate market? Here is how you can buy your second home in Franklin Lakes.
Step 1: Pre-approval for a Mortgage
It is nigh impossible to purchase any house without a mortgage, so naturally, before you can kickstart the process for your second estate you will need to get your finances in order. The last thing you want is to be impeded from closing a deal because of financial obstacles. Getting pre-approved for a mortgage will help you get your finances together, or at least give you an idea of where to start.
What are you waiting for? Start shopping around for lending institutions around you!
Step 2: Hire a Real Estate Agent
A realtor will be a great help in the acquisition process of your second home. Not only are they familiar with the state and county laws surrounding real estate agreements, but they will also represent you during the process, helping you identify potential red flags and help you negotiate the price of the estate. If you hire a local real estate agent, they may even be able to provide insight into the neighborhood and the sellers. A good realtor is truly indispensable!
Step 3: Find Your Dream Estate
This is undoubtedly the best part of acquiring a new house, though if you do not fancy browsing the listings yourself, you can always leave it up to your agent. Depending on why you are buying a second house, your ideal estate may vary. So, no matter if you are house-hunting personally or leaving it up to your realtor, it is important to make sure to have a list of features you want in your second home. Once you have found the property that best suit your needs, your realtor can put in an offer, bringing you that much closer to your second home.
Step 4: Close That Deal
Once the seller accepts your purchase offer, the negotiation and closing process begins. This can that up to 40 days and can be rather tedious. Work closely with your realtor to ensure that the process goes smoothly and swiftly. The following is a quick run-down of the closing process:
- Purchase homeowners’ insurance. For your lender to release the funding, you will need to show proof that you have homeowners’ insurance. Confer with your realtor about which policy would suit your needs best.
- Buy title insurance. Title insurance is needed to protect your transaction after the estate has been cleared for purchase by a title company.
- Pending appraisal results. The estate will need to be appraised to ascertain if its value lines up with the listing price. This will be arranged by your lender.
- Home inspection. Separate from the appraisal, a home inspection does a thorough examination of the house to identify if repair work is necessary. If issues are found your realtor can negotiate for a lower price with the seller.
- Final walk-through
- Close on your second estate and get your keys!
