Philadelphia is one of the most historic and distinguished real estate markets in the country, and we understand that making the decision to buy a home here can be a particularly overwhelming experience. From mastering the difference between condos, single and multi-family units, to planning for closing costs, there is a lot to learn. That is why we have created this Buyer’s Guide - to set you on the right path to owning your perfect home!
Reach out to a Compass agent, a licensed real estate professional. I will work as your advocate and trusted advisor to help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the purchase of your home). You Compass Agent can connect you with a proven mortgage broker who will offer competitive interest rates and desirable financing packages and options. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help determine the price range for your search.
Your Compass Agent will guide and instruct you during viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home’s accessibility and amenities.
Once you have seen a home you like, you submit an “offer,” which outlines the price, terms, and timing of the purchase. Your Compass Agent will provide advice on pricing, and guide you through the competitive process.
After all negotiations are finished, you and the Seller will sign off on the agreement of sale and you will have an executed agreement of sale. You will submit a deposit to secure the home that is protected by the contingencies in the Agreement of Sale.
You and your agent will schedule applicable inspections of the property. Within the time frames provided by the Agreement of Sale, you will either accept the property as is; negotiate for credits or repairs, or cancel the deal and get your deposit back.
If you are buying a condo or townhome, you will need to review the rules, regulations, and financials for the association and be sure there are no issues or concerns.
The bank will organize the appraisal, search the title and finalize the paperwork so your loan is “cleared yo close.”
Be sure to contact your home owner insurance company to line up your policy well before closing.
The title company will search and confirm there are no liens or judgements on the property and provide a clean title insurance policy.
A review of the property to confirm that it is in the same physical condition as when you signed the purchase and sale agreement.
On the day of closing, you and the seller will sign off on all deed, title, and mortgage documents and the ownership of the property will transfer to you.
Congratulations! You are now a home owner!
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