orly chen – bergen county's premier
real estate agent
O: 201.567.9191 / C:
“Below are some
useful tips and information if you're looking to make
estate transaction or purchase a home in Bergen County,
Looking to Buy a
House or Home in Bergen County
Buying a home is a tremendous
life investment. The purchase holds long-term implications, most
significantly for your finances, but also for your quality of
life and overall happiness.
When looking to buy, there are some important things to keep
in mind that can save you more than just money. Not only your
hard-earned savings, but also hours of time and your reputation
are on the line.
Real estate agent Orly Chen offers the following tips.
Determine How Much You
One of the biggest questions facing homebuyers is how much they
can actually afford to spend. The answer to this question determines
most of their other choices, such as what kind of home to buy
and where to look. These days, remember that slow growth and
the danger of falling home prices are becoming the rule, not
the exception. This makes the purchase even more important, and
highlights the desirability of finding a good value. Think about
buying an affordable home that you can improve, not an overly
expensive home that could wreck you in the long run.
Decide What Kind of Home You Want
What qualities are you looking for in your new home? Be realistic
about what matters to you. Some of the most important criteria
to consider are size, location, style, features, educational
systems, transportation, recreation, and type of community. If
you list your criteria early, and stick to the points, you can
save yourself time spent on looking at inappropriate matches.
Get Pre-Qualified for a Loan
Loan pre-qualification helps to improve your negotiating position
and may allow you to purchase your home more quickly and with
less frustration. With pre-qualification, you can determine the
home price you can afford, which allows the seller to see you
as a serious candidate. Pre-qualification puts you in the best
place to take advantage of opportunities, which can come at any
time. Be prepared.
Consider an Attorney
Although not required by law, an attorney can streamline items
like document review and the closing process, which saves you
valuable time and frees you to think of other important concerns.
Ask Orly, or check the Business Partners section of this site,
for a list of attorneys she recommends in Bergen County.
Know Your Mortgages
Understand the distinction between adjustable rate mortgages
(ARM) and fixed rate mortgages. ARM loans have a fixed rate initially,
followed by an adjustment period in which the rate changes based
on several key indexes. This type of loan can be a good option
for a buyer who plans to sell their home in the short term, before
the adjustment period. Usually, the initial fixed rate on an
ARM is slightly lower than that of a fixed rate mortgage. Fixed
rate mortgages allow you to take out a loan for the long term
without the worry of an adjustment to a higher rate. Most fixed
rate loans are available in 15 or 30-year terms.
Thousands of lenders are competing to serve your mortgage needs.
You may wish to apply directly online, or use a mortgage broker
to help you shop among the lenders. Avoid making comparisons
between different types of loans, where fixed rate mortgages
should not be compared with ARMs. Consult at least five types
of mortgage providers, including a mortgage broker, to increase
your chances of getting the best deal.
Sign a Contract in Your Best Interest
Only sign a contract that allows you to arrange financing and
inspect your new home with room to negotiate any problem you
Create a Relationship with Your Seller
A home purchase is ultimately a negotiation between two parties,
the buyer and the seller. In addition to being aware of your
needs as a buyer, it pays to learn what motivates the seller.
Why did the buy the home? How have they treated the home? Why
are they selling it now? Understanding the seller is key to deciding
whether the buy a home, and what it is worth to you.
Arrange for a Professional Home Inspection
What you don’t know about your new home can cost you, and
hurt you down the road in unimaginable ways. Make sure to find
a qualified home inspector to assess your new home before you
make the purchase. Their professional report can reveal hidden
problems that may affect your decision whether or not to move
ahead with the purchase. At the very least, the inspection may
uncover needed repairs for which you and the seller can negotiate
responsibility. For more information, consult the Home Inspection
section of this site.
Purchase a Home Protection Plan
A home protection plan, sometimes called a home warranty, is
a service contract that usually lasts for one year and protects
homeowners against the costs of unforeseen repairs and breakdowns
due to the usual wear and tear. Home protection plans do not
replace homeowner’s insurance, but they cover breakdowns,
whereas the insurance covers the associated damage. This plan
provides extra peace of mind for the buyer and seller in the
crucial first year of a new home.
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market