Buyers guide 2022

SELLWITHSIKORA.COM SIKORA

anthonY THE SIKORA GROUP ENRICO EXP REALTY OVER $190 MILLION SOLD IN 2021. +1 201-300-7575 AENRICO.SELLWITHSIKORA.COM [email protected] @NEWJERSEYREALESTATE THE #1 EXP REALTY TEAM IN NJ FROM 2019-2021

SELLWITHSIKORA.COM PROVEN SUCCESS 280 CLOSED SALES OVER 190 MILLION SOLD IN 2021 The Sikora Group has sold more than $100,000,000 worth of real estate every year over the past several years. Specializing in Northern and Central New Jersey markets. LET OUR EXPERTISE BE YOUR REWARD

SELLWITHSIKORA.COM BUYER'S ROAD MAP PREPARE FOR CLOSING Item 1 BUYER'S ADVANTAGE 12.5% Item 8You will be finalizing your As difficult as it loan, reviewing may be, it's documents, and 12.5% discussing the findings important to review the market analysis from your inspection. Your and consider your agent will be managing home price objectively. this entire process for you. Item 7 This is the transfer of funds and Discuss the type of home Item 2Consider ownership. A title company and/or you're looking for, getting fully including style, price, an attorney typically acts as an and location. independent third party to facilitate the closing. 12.5% FINAL DETAILS GET PRE-APPROVED 12.5%approved by your lender to Perform due diligence, You will need pay stubs, help your order the appraisal, conduct an inspection,  W2's, and bank offer stand and review terms with the lender. statements. Knowing what out in a you can afford is critical to multiple offer scenarios. a successful home shopping experience. IN ESCROW CONGRATULATIONS SEARCH FOR HOMES Buyer and seller are YOU ARE A NEW HOME OWNER! The fun part! Your agent bound by the terms of will schedule showings Item 6 the contract, but buyer and help you find the Item 3 perfect home. is still protected by contingencies. 12.5% NEGOTIATION AND CONTRACT MAKE AN OFFER 12.5% ATTORNEY REVIEW It may take a few tries to get it Your agent will prepare the just right, but hang in there. offer based on the price You're on your way. and terms you choose. During Item 5 IteAmDVNA4otNaCllEreDalSeEstAaRteCH attorney 12.5%websites are the same. review, your 12.5%THE CONTRACT attorney will Your real estate cross T's In most cases the contract provides you with a professional has tools and dot I's. timeline to obtain financing, as well as time to and systems to ensure Within 3 inspect the physical condition of the home. Your you see every available days, the real estate professional will inform you of all your home that meets your buyer or the rights and responsibilities related to contract. seller can criteria. back out for any reason.

SELLWITHSIKORA.COM MEET YOUR EXPERTS ANTHONY ENRICO TARA PLAZA DAN SPITZ ANDREW CASSE BRETT SIKORA | CEO ERIC ECKHARDT JAMES OLIVER STANLEY JEAN-NOEL WILL FLORES JENN COCO ERIK GOLDFARB ANTHONY BARONE OMAR SUBHI KEVIN CASSE DORIS DIAZ JAISON JOSEPH JUDITH DUNCAN PHILIP CALI JOHNATHAN TINEO KASEY WOODRUFF SEBASTIAN KOWALIK EDWARD WELLS KEN PILANSI ELENA LEE MARK LARATTA JAKKIE BOKA CAITLIN KERRIGAN

SELLWITHSIKORA.COM ATTORNEY REVIEW NEGOTIATION AND CON Attorney review takes place once the buyer's offer has been officially accepted by the seller. During attorney review, the attorneys will review the contract that your agent wrote up and further protect both parties in the transaction (buyer & seller). They'll pBuuyertantdosgelleer atrhe er a rider/ amendment to the contract with their suggethsbeotucenonddtbryactcht,ebhtuetarmbunsyoegrf es and add any unique changes that the buyer requestsis.stciAlolnptrgiontgeeecntnecditebssy. are hands off during attorney review, but we're always here to help answer questions that the attorneys cannot. If both parties do not come to an agreement of the terms, either party can back out of the contract without penalty. If both parties agree, the attorney's make it official by announcing the conclusion of attorney review & both parties are now Under Contract. The seller cannot show the home to other prospective buyer's during this time unless otherwise stated. Buyer's next step is to schedule the home inspection.

SELLWITHSIKORA.COM INSPECTION REVIEW NEGOTIATION AND CON It may take a few tries to just right, but hang in t You're on your Buyer's agent will order a home inspection and provide the results to the seller's agent/ attorney within ten days (usually) of the contract date. Depending on the home inspection clauses, buyer may have certain rights with respect to any inspection issuesBu.yeIrnansd spelleercaretions should be commenced immediately after bound by the terms of the ctheocnonttrracat,cbutt biusyerfinalized. Our team's trusted home inspectors are inisssttcirlolunptricontgetecentecddiebsy.to complete the report in a timely fashion and forward a copy of the report directly to buyer, buyer's agent & buyer's attorney. Attorney's speak to their clients & go through the inspection report with them. Home inspection issues will be discussed with the seller and, hopefully, resolved. Home inspections are not a tool to renegotiate the sales price but are designed to protect the buyer if a house has significant defects. When both parties agree to terms/ credits, then inspection review is concluded.

SELLWITHSIKORA.COM LET'S DISCUSS YOUR OBJECTIVES

SELLWITHSIKORA.COM RENTING VS. OWNING WHICH HOUSING SOLUTION WORKS BEST FOR YOU? RENT OWN REPAIRS Call the landlord Figure out what's wrong. Fix it yourself or call a professional P A I N T I N G / D E C O R A T I N G Make sure all changes Create the space you have always are approved by landlord dreamed of TAX BENEFITS None Every interest payment made now is a tax deduction later MONTHLY PAYMENT Rent increases most likely With fixed-rate, mortgage stays the SECURITY every year same for the length of the loan PETS Your landlord and any You have complete control over who APPLIANCES affiliates have access to has access to your home your home at all times You can own whatever pets you AUTONOMY Usually requires pet want deposits or additional rent You can choose the brand, payment style, color, and customize as You have to use whatever you wish appliances are at the property. They may be You are the landlord dated and not energy efficent You have a landlord

SELLWITHSIKORA.COM EXCLUSIVE BUYER'S AGENT Reasons to have an exclusive relationship with a buyer's agent: You don't pay us, the seller does We work for you exclusively It's difficult to find a home simply searching on the internet. I have access to homes that are \"Off-Market\" We negotiate for a living We understand home values in each neighborhood. We see when the market is changing and we make recommendations to each of our home-buying clients We have strong relationships with local mortgage lenders, attorneys, home inspectors, and home insurance representatives. This ensures you a smooth transaction If you work with more than one realtor, you risking being misaligned with your goals. Building a strong bond with a local expert ensures your goals are met We write the contract and put your needs first We will be there for the home inspection, appraisal, walk through, and closing We will always be a phone call away. You will have unlimited access to your real estate expert 24/7 to ensure you get the service you deserve We do this every day - we know what's going on in the market, will help set expectations and prepare you to win a potential bidding war on your dream home. LET OUR EXPERTISE BE YOUR REWARD

TERMS YOU SHOULD KNOW APPRAISAL A third-party valuation of the property by a licensed appraiser based on comparable recent sales of homes in the neighborhood. Appraisals are usually ordered on behalf of buyer's lender to protect the interest of the lender. ATTORNEY REVIEW During attorney review, your attorney will cross T's and dot I's. Within 3 days, the buyer or the seller can back out for any reason. Buyers want to keep up the momentum after their offer is accepted and get in and out of review as soon as possible to prevent competing offers from coming in. EARNEST MONEY A deposit made by the potential home buyer to show that he/she is serious about buying the property. CLOSING COSTS The expenses and fees associated with the purchase of a home, such as taxes, title insurance, appraisal, lender fees, and other services carried out during closing. Closing costs typically range from 2%-3% of the purchase price. INSPECTION A thorough investigation of a home by a licensed inspector. A thorough inspection is necessary to discover any structural, environmental, mechanical defects or necessary repairs before buying a home. MORTGAGE LOAN A mortgage loan covers the funds borrowed from a mortgage lender to finance the purchase of a home. Conventional loans, FHA loan, and VA loans are different types of mortgage products available. MLS A.K.A. Multiple Listing Service. The MLS is a database that includes all available homes for sale in a particular area. SELLWITHSIKORA.COM

TERMS YOU SHOULD KNOW COMMISSION A percentage of the sale that is paid to the real estate professional. In most situations, commissions are paid from the seller's proceeds on the sale of the property. PMI (PRIVATE MORTGAGE INSURANCE) Mortgage insurance protects the mortgage lender against loss if a borrower defaults on a loan. PMI is required for borrowers of conventional loans with a down payment less than 20%. PRE-APPROVAL A pre-approval is a document from a lender or mortgage broker confirming they've reviewed a buyer's finances and are willing to lend a specific amount of money to buy a home FHA MORTGAGE A mortgage that is insured by the Federal Housing Administration (FHA). FHA loans are designed to make housing more affordable. FORECLOSURE A property seized by the mortgage lender due to the homeowner failing to make full payments on their mortgage. In hopes to recover the balance of the home loan, the lender will sell the house. REO An acronym for “Real Estate Owned.” A REO property is owned by the bank due to a foreclosure. REO properties can be purchased from the bank; however, they are often sold “as is.” USE & OCCUPANCY A temporary agreement between the buyer and the seller that allows one party the right to use and occupy the property of a set period of time. Buyers are typically only allowed a maximum of 60 days to allow previous owners to occupy the property if the property is \"owner occupied\" SELLWITHSIKORA.COM

BUYER'S CHECKLIST PREPARE YOUR DOCUMENTS Build your green file Copy of one month's recent and consecutive pay stubs Copy of last two years W-2 statements Copy of last two years of personal tax returns (1040s)- all pages Two months of asset account statements- all pages and all accounts Copy of fully executed contract of sale Copy of photo identification, such as a valid driver’s license or passport Credit Inquiry letter- A letter explaining if any recent credit inquires have resulted in any new debt Additional documentation may be required if: You own additional properties You have had credit issues in the past You are receiving gift funds to use as a down payment on your purchase You receive or are required to pay alimony or child support You receive social security, pension benefits or disability income SELLWITHSIKORA.COM

SELLWITHSIKORA.COM MORTGAGE DO'S & DON'T'S DON'T DO Let your loan officer know upfront of any credit lines attached to the equity of your home, if you have one. (These do not always show up on credit reports, but will show up on the final Title Search and have to be paid off). Keep originals of all pay stubs, bank statements and other important financial documents that are over 30 days old prior to the closing of your mortgage loan. (This is required, even if your loan is approved). Provide, if applicable, all documentation for the sale of your current home. (E.g. sales contract, closing statement, employer relocation/buyout program, etc.) Notify your loan officer if you will be receiving “Gift Funds” from family to complete your purchase. (Gift letters must be submitted and deposits documented). Inquire about potential impact on your mortgage approval process before changing jobs or employers. Make major purchases during or prior to closing. (Eg. New car, furniture, appliances, electronics, or anything that’s going to add to your debt to income ratio. Obtain and/or deposit sums of money over $500 without first notifying your loan officer, as FNMA/HUD guidelines require documentation confirming the source of the funds. (You’ll need to provide copy of bonus check and deposit slips, etc.) Close/open or transfer any asset accounts without inquiring about the proper documentation required for your loan file. (Eg. If you transfer all the funds in your stock account to your savings account, documentation is required). Open or increase any liabilities, including new credit cards, home equity lines, signatures loans, etc. during the loan process without first checking your loan officer.

CLOSING COSTS LEGAL FEES $1,300 - $1,700 $400 - $600 Attorney fees $300 - $400 Recording fees with mortgage & deed $750 - $850 Survey fee for condos Survey fee for single family homes TITLE COSTS Based upon purchase price $400 - $500 Title insurance Title search MORTGAGE COSTS Collected by lender at closing $400 - $600 Escrow taxes (2-4 months) $300 - $600 Appraisal fee $250 - $500 Application fee if 20% down pymt obtain from lender Misc 1 point on $400,000 mortgage = PMI (Private Mortgage Insurance) $4,000. Buying down a point on Points mortgage brings down interest rate *Total should be roughly 2-3% of purchase price, unless they are purchasing cash.* SELLWITHSIKORA.COM

CLOSING COSTS INSPECTION  COSTS Home inspection $350 - $500 Radon $200 - $300 Oil tank, septic, abestos, chimney, Costs Vary insect, & mold (mainly for single-family homes) Homeowner's insurance for condos $500 - $700 Homeowner's insurance for single-family $700 - $900 Closing at escrow $250 Mansion tax 1% of consideration when sales price is over $1M TOTAL Appx. $12,0000 SELLWITHSIKORA.COM

SELLWITHSIKORA.COM We are committed to helping our clients, their families, and the communities we live in and serve. We are a local team of specialized real estate experts whose value is reflected in our proven results. You are NOT just another sale to us, you are a client for life. We are dedicated to delivering the best service in the real estate industry, and providing a seamless process to ensure a successful sale. WE LOOK FORWARD TO THE OPPORTUNITY TO SERVE YOU.

TESTIMONIALS Anthony is very professional and his expertise in real estate shows. He answered all of my questions with the home I liked and gave me some valuable resources to use to track my homes value. He was very knowledgeable when the inspection report came back and offered efficient solutions. I am happy we worked with him. - M. Lola Anthony was extremely Great agent, helped me find helpful in helping me the perfect house to start my family. I was pregnant find the right property. at the time and he took the He was attentive and time out of his day to pick took the time to find me up and take me to view what was right for me. houses. I’m very picky so Very informative for someone not familiar I’m grateful he had so much with real estate. patience with me. - Amy T. - Stephanie G. SELLWITHSIKORA.COM

After searching for so This was the absolute BEST long Anthony really experience I’ve ever had with helped aid our search in any realtor. Mr. Enrico is a all aspects. He responds dream to work with. He took his all ours of the day and is very knowledgeable of the time to get to know me. And area. Absolutely heaven with in a relatively short period, sent. My only wish is that we would’ve found him he led the way in sealing the deal for me! I’m grateful that sooner. our paths crossed in this life and that his expertise guided me - Brianna T. to my home. - Christina W Highly Recommended! Anthony’s performance as an agent is phenomenal. He handles all of the lease turnovers and tenant acquisition for our entire rental portfolio. He has multi-asset experience in all fields of real estate. - Cali Estates SELLWITHSIKORA.COM

THESIKORAGROUP.COM 69 15 1 5 25 10 13 11 20 19 14 7 16 3 23 4 12 21 22 9 17 24 2 18 7 26 ANTHONY \"TONY\" ENRICO, PSA +1 (201) 300-7575 [email protected] WWW.AENRICO.THESIKORAGROUP.COM

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