Gail Vinnal
Gail E. Vinnal - Broker Associate

Your North Jersey Real Estate Professional
   

Contacts


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Gail Vinnal
 
Gail Vinnal
Email Gail
 
Phone: (973)580-8335
Cell: (973)239-1126
Fax: (973)239-1194
Address: 6 Pompton Ave, Suite 23
City: Cedar Grove
State: New Jersey 07009
Country: United States

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"To leave satisfied you must arrive prepared."

 

Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception.

I hope you enjoy the free reports I’ve provided, and I hope you learn a little more about what it takes to make your important purchase a great one.

The real estate market in Cedar Grove is certainly volatile, and all of the information about buying a home can be overwhelming. I can help.

Buyers01.jpgWhen you're ready to act, contact me.

I fight on behalf of my buyers.
I negotiate the absolute best price.
I protect you.
I simplify your transaction for you as much as possible.

I look forward to working with you.

Thanks for stopping by,
Gail


Closing Costs

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.

Buyer closing costs
When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include:

  • The down payment
  • Loan fees (points, application fee, credit report)
  • Prepaid interest
  • Inspection fees
  • Appraisal
  • Mortgage insurance (typically 1 years premium plus an escrow of 2 months)
  • Hazard insurance (typically 1 years premium plus an escrow of 2 months)
  • Title insurance
  • Documentary stamps on the note

Prorations
At the closing, certain costs are often prorated (or distributed) between buyer and seller. The most common prorations are for property taxes. This is because property taxes are typically paid at the end of the year for which they were assessed.

Thus, if a house is sold in June, the sellers will have lived in the house for half the year, but the bill for the taxes won't come due until the following year! To make this situation more equitable, the taxes are prorated. In this example, the sellers will credit the buyers for half the taxes at closing.


Home Buyer Reports

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Be sure not to pay too much for your home!
Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture...
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Ensure A Smooth Home Purchase
Buying a home can be an emotional, time-consuming, and complex process...
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Avoid the Most Common Buying Errors
Shopping for a new home is an emotional experience. It’s also time consuming and comes with a myriad of details...
Read More 

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Things To Keep In Mind When Buying Your First Home
Many renters are starting to think about purchasing a home of their own. Several factors should be considered when purchasing a home...
Read More 


What a Home Inspection Should Cover

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.

 

For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.

 

Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.

 

Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.

 

·        Doors and windows

·        Siding (brick, stone, stucco, vinyl, wood, etc.)

·        Driveways/sidewalks

·        Attached porches, decks, and balconies

 

Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.

 

Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.

 

Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.  

 

Heating: The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.

Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.

 

Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:

 

·        Walls, ceilings and floors

·        Steps, stairways, and railings

·        Countertops and cabinets

·        Garage doors and garage door systems

 

Ventilation/insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.  

 

Fireplaces: They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.

 

Source: American Society of Home Inspectors (www.AHSI.org)

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