How to Buy a Home in Collingswood Without Losing Your Mind
When I meet with or talk with a potential homebuyer who wants to live in Collingswood, they almost always say, “We know the market is crazy; it might not be possible to buy in Collingswood.” And I always say, “Let’s make a plan and talk through your options!”
First of all, the market is not “impossible”. We are shifting towards a more balanced market. When I really want something, I do everything in my power to make it happen, and I’ll bring that energy to your house hunt.
Here’s an abbreviated guide to the process:
Get clear on your priorities and budget. (I can help!)
As I’m writing this article, there are 28 homes for sale in Collingswood ranging from $199,000 (rowhome on Bellevue Terrace) to $725,000 (fully renovated single family on Park Ave.). We can talk about if your budget is realistic for what you are looking for, and if you feel that Collingswood prices are too much of a stretch, we can explore nearby communities that might also be a great fit. I have new clients think about their “must-haves” – we can figure out if these are a match with Collingswood’s housing stock. Nailing down priorities and budget is step one. I can connect you with a local lender to talk about the pre-approval process and to confirm your comfortable ideal price point.
Choose a local real estate agent.
Buying a house can be stressful, and you will likely be spending lots of time with your agent. Choose someone you like and trust, who is responsive and understands the Collingswood market. You can interview more than one agent until you find the right fit.
Explore neighborhoods and homes on the market.
Touring homes is a fun part of the process, and it can help you figure out what type of house works best for you. Do you want a single family or a twin? Do you want to be close to the high school or the pool or PATCO? Does a bungalow work for you or would you need all the bedrooms on the 2nd floor? Will a shared driveway drive you crazy? Touring some houses usually helps people narrow down their preferences.
Offer and Acceptance
When you find a house you love, it’s time to write an offer. Offer terms include: price, financing, inspection clauses, proposing a closing date, and a few other terms you can discuss with your agent. Your agent should give you a menu of terms you can include to make your offer stronger, but don’t offer anything you aren’t comfortable with. Sometimes your offer gets accepted on the first try, and other times you need to offer on more than one house before you get one. It always works out for the best in the end, so trust the process!
Attorney Review, Deposit, Inspections, Title
Once contracts are signed, your agent will notify you of deadlines for the attorney review period (you have the option to review your contract with an attorney after signing), when your earnest money deposit is due, and a title search will be ordered. You will have an inspection period to have the property inspected. Inspections aren’t pass/ fail, but the inspector will point out any concerns. Anything hazardous or expensive to repair might be negotiated with the seller.
Appraisal & Mortgage Commitment
An appraisal might be required by your lender, and your lender will provide a mortgage commitment. Once everything is in order with financing and title, you will be “clear to close”!
Closing Day
You made it to the finish line! You’ll do a final walkthrough of the property to make sure it is empty and clean and nothing is damaged, and then you’ll head to the closing table. You’ll pay your down payment and closing costs, sign lots of documents, get your keys, and celebrate!
If you need help planning your house hunt, I’d love to be a resource for you!
