Five Things You Should Know About Summit, NJ Real Estate

5 Things You May Not Know About Buying a Summit, NJ Home

1. Realtors are free for buyers in New Jersey! If you are a buyer interested in learning about real estate, curious about the market, or actively seeking your dream home you should begin to build a relationship with a Realtor. Realtors can provide you with an automatic email service that will send you every home on the market which meets your criteria. Remember a buyer savvy to the market will make smart investment decisions.
2. The Realtor that first brings you to the home you buy is entitled to the commission! Many buyers build strong relationships with the Realtor they are working with. Unfortunately, sometimes these buyers are unaware of the fact that the agent which shows a buyer a home is the one who earns the commission. This fact is true regardless of the past relationship the buyer has with their agent. For instance let us imagine a buyer by the name of John. John has been working with his best friend, a Realtor named Jill, for 2 years. One day John sees a home online and wants to visit the home. John calls Jill and Jill is unable to pick up the phone. John decides to call the listing agent of the home he is interested in, thinking that he could always bring Jill back to write up a contract if he likes the house. What John does not realize is that Jill is no longer his representation for that home. The listing agent is now entitled to the commission if John decides to make an offer that is accepted and inevitably closed. Note that this law does not account for Open Houses.
3. Did you know a Realtor can represent you, as a buyer, for the purchase of a For Sale by Owner Home? Many buyers assume that because a home is not listed in the Multiple Listing Service a Realtor can not take them to see the home. This is false. In fact, most for sale by owner homes will offer a commission for the buyer's side agent.
4. In New Jersey there is a three day period, called the Attorney Review Period, in which both the buyer or seller can cancel a signed contract without any reason or consequence. This period was created to give both buyers' and sellers' lawyers the opportunity to read over and adjust the sale's contract as they seem fit. Once this period is over the seller cannot cancel the contract unless the buyer fails to perform on any of the contingencies or a disagreement occurs during further negotiations. The buyer can still opt out of the contract for a number of other circumstances. For example the loss of employment.
5. Summit, NJ homes are still selling in multiple bid situations! Many buyers believe what the media has been echoing for months, about the real estate bubble bursting, to mean that homes do not sell over the asking price any longer.  This is completely false. Correctly priced homes in Summit, NJ are still receiving offers from two or more buyers. Recently one home received eighteen offers in the first weekend.

If you have any questions about this article or about buying or selling a home feel free to contact me at (908) 656-3858 or email me at Michael-Pennisi@Burgdorff.com

Interested in learning more about the home buying process visit my site at:

http://www.michaelpennisi.com/ - The Key to Your Dream Home -  

Copyright © 2007 Michael Pennisi. All Rights Reserved

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