ASK THE REALTOR: We are just about to make an offer on a property in New Jersey. We are financial stretched almost to our limit. We are trying to save wherever we can so we are thinking about not using an Attorney. Are there any other ways we can save money?

LYDIA RUSSO: No! No! No! The best money you will spend when purchasing a property is on a New Jersey Attorney. Your Attorney will protect you and your down payment and will help you get a fair deal by representing you from day one to closing. Speak to your Realtor® about including closing costs in your offer to lessen your financial strain. If you are getting a mortgage you should also speak to your Mortgage Broker about different types of loans that require less money down. If you have family that can loan you money, your Mortgage Broker and Attorney can help you do this legally.

ASK THE REALTOR: We just made an offer on a property in New Jersey that was accepted. The house is pristine and all of the required permits appear to be in place. The Seller’s Disclosure is very detailed and full of lots of helpful information. Our contract says that we have 10 days to get a home inspection report to the seller. We are thinking about waiving the home inspection. What do you recommend?

LYDIA RUSSO: A good inspector is worth every penny! The Seller’s Disclosure is written to the best of the seller’s recollection. The longer the home owner has been in the home the likely that they may forget something. There are also some things that may no longer be acceptable. As an example, years ago, when homeowners converted from oil to gas heat they would decommission the oil tank and leave it where it was located (under the ground, under the deck, etc.). They may not have done a soil test which will be required today. Removing contaminated soil can be costly. There also may be structural damage, termites and or termite damage that may not be noticed by you or your Realtor®. Don’t skip the inspection unless you have set aside extra money and are prepared for possible repairs.

ASK THE REALTOR: I am just about to put my house on the market for sale. I keep hearing and reading about Home Warranty Plans. I have Home Owners Insurance. What is the difference between having Homeowners Insurance and Home Warranty Plan and do I need both?

LYDIA RUSSO: You should absolutely get a Home Warranty Plan! This will give you peace of mind while your house is on the market for sale. Home Warranty Plans are service agreements that cover the repair or replacement of many major home system components and appliances that typically breakdown over time due to normal wear and tear. Homeowners Insurance covers many appliances and systems only in the event of disaster. Having a Home Warranty Plan may discourage downward price negotiations and may help distinguish your property from other listings and boost higher Buyer confidence. It may also help to reduce your liability in post sale issues.

ASK THE REALTOR: How do I choose a mortgage broker?

LYDIA RUSSO: If your Realtor® is one you trust, you can ask them to recommend two of the best mortgage brokers that they have had good results with. It is best to go with a locally based mortgage company where you can meet with the person who is processing your mortgage.

LYDIA RUSSO: Here is my recommendation to Buyers: I feel that the mortgage rates have been the lowest I have seen in 50 years. They cannot possibly continue to be so low. For Buyers, buy before the rates go up as they will add on to your monthly payment. When I made my first purchase in 1957 the rates were at 4.5%. They went up to 18%! Buy in a good location. Remember that there are all kinds of mortgage plans. There are plans that will give you extra loan money to make updates to kitchens and baths. Now is the right time to find your dream home!

Russo Real Estate is a family owned business that has been servicing the northern Bergen County area of New Jersey for over 40 years. Lydia Russo and her son Robert, offer a personal service not often found in large, corporate owned agencies. Our agents have the knowledge, experience and dedication needed to make the process of either buying or selling a home an easy one. From start to finish our agents will provide assistance with any of your questions. Please visit us online at www.RussoRealEstate.com or call us directly at (201) 837-8800.

Lydia Russo, Broker, Owner,

Russo Real Estate, Teaneck, New Jersey