Purchasing your new home in Philadelphia with Liberty REO Realty

For most people, purchasing a home can be a stressful event. But with a little planning ahead of time, it's not all that hard. I like to furnish buyers with an overview of the entire deal so they understand exactly what to expect. Here are my nine steps to buying a home. When you're ready to get started, just contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.

Step 1 – Prepare to purchase a home
Before you start searching for a home, there are many things you'll want to contemplate. When you begin your search, you'll probably want to make a list of features you want, get a plan of what neighborhoods and school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule of thumb to go by.

Step 2 – Contact a real estate agent
This is where Liberty REO Realty comes in. I'd be happy to arrange a time to meet with you and talk about your real estate needs and get an idea of your plans for the future. We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Philadelphia area.

I can also help you facilitate the loan process. There are some great mortgage professionals in Philadelphia, and I partner with a lot of them, so you'll be in great hands. They can help you choose which type of loan is best for you, as well as help you get qualified.

Step 3 – Begin looking for a house
After our initial meeting, I'll start looking for available houses on the market that meet your needs. I'll preview many of the houses and ignore the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.

When we tour houses, I'll point out positive features and negative ones. I'll even ask you about things you like and dislike. Generally, buyers change their wish list as we view houses and some features become more important than others. If that's the case, I'll search the listings another time and trim it down to the home of your dreams.

Step 4 – Know the market
My understanding of the Philadelphia market is a necessary factor in your house search. I'm conscious of all the school districts and neighborhoods, and I will alert you to certain neighborhoods are "hot" and warrant prompt action and some that are "cool" and allow for cautiousness.

As we view homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be mindful and be sure to ask lots of questions, as every real estate agent in Philadelphia will tell you they truly understand the home market. If things don't add up, call me at (215) 728-1220 or e-mail me at , and I'd be glad to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire process.

Step 5 – Find the house of your dreams
We'll find your dream home in the Philadelphia area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.

When we send in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property and is most often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer, and it's pretty common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.

Market circumstances will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a contract that is best for you.

Step 7 – Get a loan
Once the contract is finalized, you'll begin working with your lender to close the loan. It won't be a long process at all if you've been pre-qualified, but you'll want to stay in close contact with your mortgage lender. And I'll look after all the property information your mortgage lender needs to close the loan.

Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of taking your application. The estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks all right.

Then we'll close on your home. This will most often happen at a title company or escrow office and is often a smooth and calm affair.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at (215) 728-1220 or e-mail me at .