Real Estate in Belmar
Gary Mawson Jr.

I found a home….NOW WHAT!

This is the process of buying a home here in NJ.  Having a great agent to help navigate all of this is going to make your life easier and this is what an agent is getting paid to do.  Real estate agents dont just simply find a home for a buyer there is so much more!


Pre Approval

  • This is when you call a mortgage banker to find out how much you can afford to borrow from the bank in order to purchase a home
  • what you will need to get started – Last 2 years of w2’s, last 2 months of bank statements, and 1 month of paystubs.  This is the basic stuff to get started, you may be asked for more information and if you are self employed there will be more to get started)


  • The initial offer is the beginning of negotiations and can either be countered, accepted or rejected by the seller
  • Upon acceptance of an offer which must be signed by both buyer and seller the contract is submitted to your attorney and the sellers attorney. (Known as attorney review period)
  • Your initial deposit will be due to the attorney’s trust account

Attorney Review

  • Your contract is not legally binding until the attorney review process is concluded.  It typically takes three business days in order to conclude the attorney review process, but can take longer if things are not agreed upon.
  • During attorney review the home can still legally be shown, and another offer can be negotiated and accepted during this process.  (Some agents will not show during this period)
  • Upon conclusion of attorney review the home cannot be shown anymore, and your second deposit will be due


  • Contract typically states that you have fourteen days in order to complete the home inspection.  (this can change during the attorney review period based on the attorneys, but will be outlined before the attorney review process is over)
  • A termite inspection will also be done at this point to make sure that there is no termite damage in the home too.
  • Once completed you can either submit for things to be repaired or negotiate a lesser price for the home based on the findings of the home inspector.
  • All of these negotiations will take place through the attorneys and will be signed off by you and the seller once an acceptable outcome is reached.


  • The appraisal is ordered through the bank and this is typically why you have to pay for an application fee when your loan goes into process
  • The appraisals are usually appraised for the value of the purchase price.  The home may be worth a bit more at the time of closing based on the other comps, but a home is ultimately worth what someone is willing to pay for.
  • Once completed this will be turned back into the bank so that the loan can be approved.  At this point you are almost done, but you are not completely out of the woods.


  • Once the appraisal is turned in they should issue a commitment or loan approval for the buyer of the property.  There are typically some items that they still need but it is usually in reference to title and closing documents.  They may ask for some items from you, if there are any unusual findings but is unlikely.


  • Title is ordered through the attorney once all of this has been completed.
  • Title makes sure that there are no liens on the property and can tell us if there are any easements on the property as well.


  • Closing will typically happen within ten days of the agreed upon closing date as stated in the contract.
  • Upon closing you will need certified check for the remaining deposit on the loan.

Real Estate Terms

  • Loan to Value – how much money you are financing compared to the value or purchase price of the home.
  • debt to income ratios – how much monthly debt you are obligated to pay each month as compared to your monthly income.
  • Pre-Foreclosure – The bank has filed foreclosure papers to begin taking back the note on the home.
  • REO or Bank Owned Homes homes that have already gone through the foreclosure process.
  • Short Sale – Home that is currently on the market and is in pre-foreclosure where the owner owes more than what is owed to the bank.
  • HUD homes – this is the same as a bank owned, but it was a financed through a government program (FHA or VA) so it is government owned instead.

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About Gary Mawson Jr.

Picture of Gary Mawson Jr.

Gary Mawson Jr.

732-585-1397732-585-1397 main

Keller Williams East Monmouth

750 Broad St. Shrewsbury, NJ 07702


Picture of Gary Mawson Jr.

Gary Mawson Jr.

732-585-1397732-585-1397 main

Keller Williams East Monmouth

750 Broad St. Shrewsbury, NJ 07702

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