RE/MAX Logo

orly chen – bergen county's premier real estate agent

O: 201.567.9191  /  C: 201.803.9611
orlychen.com a personal real estate experience why move to bergen county bergen county real estate listings news and media in bergen county bergen county resources contact orly chen

“I'm here to answer any question you may have about buying or selling a home in
Bergen County – some answers are below – you may contact me for what's not.”

Frequently Asked Questions About Northern New Jersey Real Estate

Q: Should I get pre-qualified for a loan?
Loan pre-qualification may improve your negotiating position and allow you to purchase the home of your dreams more quickly and with less frustration. Pre-qualification helps the seller to see you as a serious prospect, and positions you to take advantages of opportunities that may come at any time.

Q: What is the advantage of an adjustable rate mortgage (ARM)?
ARM loans have a fixed rate initially, followed by an adjustment period in which the rate changes based on several key indexes. Usually, the initial fixed rate on an ARM is slightly lower than that of a fixed rate mortgage. That makes an ARM a good option for a buyer who plans to sell their home in the short term.

Q: Are any special offers available for first-time buyers?
Yes. As part of the economic recovery effort, the U.S. Congress passed and extended a first-time homebuyer tax credit for up to $8,000. The legislation also provides a tax credit up to $6,500 for current homeowners who purchase a new or existing home. To qualify, a home must be purchased for use as a principal residence before May 1, 2010, with closing to take place before July 1, 2010.

Q: What do the common abbreviations in real estate ads mean?
Many sellers use a shorthand in advertisements that can be confusing to first-time buyers. Here are some of the abbreviations and their meanings:
– assum. fin.: assumable financing
– dk: deck
– gar: garage
– gard: garden
– expansion pot'l: expansion potential for a top floor or room addition.
– fab pentrm: fabulous pentroom, a room on top, underneath the roof, that may have views
– FDR: formal dining room (not the former president)
– frplc, fplc, FP: fireplace
– grmet kit: gourmet kitchen
– HDW, HWF, Hdwd: hardwood floors
– hi ceils: high ceilings
– in-law potential: potential for a separate apartment.
– large E-2 plan: this is one of several floor plans available in a specific building
– lsd pkg.: leased parking area
– lo dues – low homeowner’s dues
– pvt - private
– pwdr rm - powder room, or half-bath
– upr- upper floor
– vw, vu, vws, vus - view(s)

Q: Do I need to hire an attorney?
An attorney is not required, but the services of a legal professional can save you valuable time with tasks like document review and other aspects of the closing process. Orly Chen can recommend attorneys, or check the Business Partners section of this site for referrals.

Q: What are some negotiation tips?
Know as much as you can about your seller’s situation. If your seller needs to move quickly due to a job transfer or other personal circumstances, for instance, he or she may be open to a lower price. On the other hand, it is important not to abuse this information, as it could turn off the seller and prevent any sale from proceeding. Another important negotiation tip is to check recent sale prices for similar homes in the neighborhood. If you know how the seller’s asking price compares, you can craft a realistic offer based on the facts.

Q: Is a home inspection necessary if the house looks good?
Absolutely. Any home under consideration should be inspected by a professional to avoid unforeseen problems down the road. What a professional inspector finds may determine whether or not you decide to buy the home, or it could affect how much you are willing to pay.
Consult the Home Inspection section of this site for more information.

Q: What closing costs can a buyer in New Jersey expect to pay?
– Down payment
– Loan fees (points, application fee, credit report)
– Prepaid interest
– Home inspection fees
– Appraisal cost
– 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
– State, county or city transfer taxes
– Attorney fees
– Courier/delivery service
– Notary

Q: Do I Need a Real Estate Agent?
Yes, if you want the best possible price for your home and the least amount of headaches, you can benefit from the services of a professional and experienced real estate agent like Orly Chen. A real estate agent alert to swiftly changing conditions can get your home sold in the right timeframe for you. When you hire a real estate agent, you remove yourself from the day-to-day burdens of selling your home. Internet marketing, open houses, and price negotiations become the responsibility of the real estate agent, who is your expert and representative.

Q: How do I prepare my house for sale?
Preparing your home for sale may sound overwhelming, but slight, inexpensive changes in appearance can increase the price a buyer is willing to pay. Try these simple steps before you list your home:
– Clean up the front of your home for “curb appeal.” It pays to make a positive first impression.
– Touch up interior and exterior paint where needed.
– Install new carpeting and flooring if these areas appear worn or outdated.
– Trim plants and bushes, and mow the lawn. Rake leaves and shovel snow according to the seasons.
– Keep a clean, uncluttered interior free of odors. Be careful about mess caused by pets.
– Depersonalize your space of family photos and personal objects to make your buyers feel comfortable.
– Address potential problems ahead of time by considering a pre-listing inspection.

Q: What if it takes my home a long time to sell?
Be flexible if buyers do not match your listed price. Listen to your real estate agent’s advice. If several months pass with few or no offers at all, it may be time to considering lowering your right. Know that in time you will find a buyer for your home.

Q: What closing costs can sellers in New Jersey expect to pay?
– Broker's commission
– Local property transfer tax; county transfer tax, state transfer tax, state capital gains tax.
– Mortgage release verification
– Courier/delivery service
– Attorney’s fee
– Notary
– Title insurance
– Property taxes (prorated)

Q: What are New Jersey realty transfer fees?
As part of closing costs in New Jersey, home sales are subject to the Realty Transfer Fees. Sellers pay these fees, which are calculated on a sliding scale. The rate per $500.00 of sales price increases as the price climbs. Here is a table of standard rates:

Sales Price Realty Transfer Fee
$500.00 to $350,000.00 $2.00 to $2,105.00
$350,000.00 to $1.0 million $2,105.00 to $9,575.00
$1.0 million to $2.0 million $9,575.00 to $21,675.00

$6.05 per $500.00 in excess of $2.0 million.
 

About Orly Chen

  Orly Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
outgoing personality,
honesty and
approachability and
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market

Read more...
 

RE/MAX of Tenafly

                    RE/MAX Associates lead agents
                     of competing companies in
                    professional designations which
                 denote specialized training and
               education. They dominate the Accredited Buyer Representative (ABR), Certified Relocation Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training Graduate (LTG) ranks. Read more...

Orly Chen on Zillow

Orly Chen on Zillow

Bergen County Information

Founded:
1683
  Area:
247 Square Miles
  Population:
909,235
  Largest City: Hackensack
  Median Income:
$79,577
  Median Home Price:
$475,000

Bergen County Quick Facts

Population
Male Population
440903 (48.5%)
Female Population
468282 (51.5%)
Median Age
40.4
Employment
White Collar
66%
Blue Collar
32%
Unemployment
8.2%
Education
High School Graduate
91.19%
Undergraduate
43.90%
Financial
Median Income
$79,577
Average Household
$102,746
Sales Tax
7%

Orly Chen on Trulia

Trulia Logo
You are here: Homepage  /  Additional Resources  /  FAQs Sitemap  
  A Personal Experience
About Orly Chen
Why Orly
Remax
  Why Bergen County
Communities
School Systems
Commute
Stuff to do
Shoppig
Demographics
  Listings
Featured Listings
Search Listings
Recently Sold
  News & Media
Related Articles
In the Press
Social Media
Events
Open Houses
Testimonials
Newsletter
  Additional Resources
Looking to Buy
Preparing to Sell
Closing Costs
Home Inspections
Mortgages
FAQs
Business Partners
  Contact Orly
Contact Info
Location
Availability
 
Orly Chen 2015 © All Rights Reserved Web Design, Development & Seo by Graphic Advance