1. Save money
You’ll need to pay your down-payment (some loan programs offer as little as 3%), closing costs (3-5% of sale price), and escrow for insurance and taxes.
2. Improve your credit score
Make payments on time and don’t open new lines of credit or make major purchases—a higher credit score can equal a lower interest rate.
3. Get pre-approved
Shop around for the best loan deal and get it in writing (interest rate and any associated fees). You’ll need this letter when you make an offer. Local lenders often provide great, personalized service at competitive rates.
4. Decide must-haves
Make a note of all the things you must have in your new home.
5. Choose a REALTOR®
Not all licensed agents are REALTOR®s. As a REALTOR®, I belong to the National Association of REALTOR®s and am committed to the highest ethical and professional standards. I will guide you, ensure a smooth process, and recommend professionals you’ll need along the way.
6. Visit homes
View multiple properties before making a decision. I will schedule your showings and answer any questions you have about the properties. If you’re unfamiliar with an area, it’s good to visit at different times of the day and week.
7. Make an offer
I will provide you with similar recently sold properties (to determine the current market value in cost-per-square-foot), the seller’s disclosure (to know if there are any issues with the home), and ensure you are protected with contingencies (eg, if inspection reveals major defects that the seller won’t fix, if the home appraises for less than the sale price, if you lose your job before closing).
8. Schedule a home inspection
After your offer is accepted, schedule an inspection to identify if there are any major defects. If you don’t have a preferred inspector, I can recommend a highly-rated local professional who will provide a full report of their findings.
9. Receive title and mortgage commitments
Your title company and lender will work to get their respective commitments in time for closing. Your lender may ask you for additional documentation along the way.
10. Do a final walk-through of the property
Check to make sure that anything the seller agreed to fix is complete and that nothing has changed since you went under contract.
11. Close and move in!
Bring your ID and your closing costs, sign the paperwork, grab your keys, and enjoy your new Philly home!
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