Contemplating buying your new home in Philadelphia? Liberty REO Realty can help.

With a little planning ahead of time, purchasing a home isn't very hard, but the event is intimidating for a lot of people. I like to give buyers an outline of the whole deal so they'll know exactly what they can expect. These are my nine steps to purchasing a home. Should you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .

Step 1 – Prepare to purchase a home
Before you start searching for a home, there are plenty of things you should contemplate. You'll want to create a check list of items you need to have, get an idea of what neighborhoods and school districts you'd like to live in, and begin planning around your budget. Keeping your mortgage payment around 1/3 of your net monthly income is a good principle to follow.

Step 2 – Contact a real estate agent
That's where I come in. We'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the Philadelphia area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.

I'll also help you get started on your loan. I work with some of Philadelphia's finest mortgage professionals, so you'll be in great hands. They will assist you with determining which type of loan is best for you and help you get qualified.

Step 3 – Begin looking for a house
Following our first meeting, I'll start finding houses on the market that suit your needs. I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll book appointments to tour the homes whenever it's most convenient for you.

When we tour the homes, I'll identify good features, as well as negative ones. I'll even ask you to tell us about things you like and dislike. Most often, buyers revise their must-have list as we view homes and some features become far more crucial than others. If that happens, I'll look through all the listings once again and narrow it down to the house you've been wishing for.

Step 4 – Get a grasp of the market
My knowledge of the Philadelphia housing market is a necessary factor in your house search. I am mindful of all the neighborhoods and schools, and I'll alert you to which areas are "hot" and require prompt action and the ones that are "cold" and allow for careful analysis.

When we view homes, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions, as every real estate agent will claim to truly understand the housing market. If it seems like they don't know everything, just call me at (215) 728-1220 or e-mail me at , and I'd be more than happy to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire deal.

Step 5 – Find the house of your dreams
We'll find the home of your dreams in the Philadelphia area, and when that happens, I'll carefully create your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as obtaining financing, completing the home inspection, and a clean title.

When we send in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property and is often put towards the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate
Most contracts aren't closed on the initial offer, and it's widely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.

How aggressively we negotiate the contract depends on market conditions. We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.

Step 7 – Obtain financing
Once the deal is finalized, you'll begin working with your lender to close the loan. If you're pre-qualified, this won't be a long process at all. However, you should to stay in close contact with your mortgage lender. And I'll care for all the property information your lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of taking your application. This estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if it all looks okay.

Then we'll close on your home. This will likely happen at a title company or escrow office and is often a smooth and stress-free event.

Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at (215) 728-1220 or e-mail me at .