Buyers

Congratulations on deciding to purchase a home!  We are more than happy to be your partner and help you along the way during this process!

Whether you’ve done it once, twice, or never at all, buying a home can be an unnerving, yet exhilarating experience. If you find yourself feeling exactly this way, don’t worry! It’s perfectly normal to be on your toes during this time because of the severity of the investment you are about to make and the responsibility of owning a home in general. You know that it is going to be worth it all in the end, but the steps of the process can sometimes take longer than expected and other complications may arise.  Below we will go over a few basic steps with you on how the process should go, and if you have any questions please Ask a Realtor® today!

Step 1
This step includes calling a lender and getting pre-qualified.  You are basically going to a bank and saying: “How much money am I able to finance to purchase my new home?” One you have this information, you can gauge what price range you will be working with while seeking that dream home.  Also, when it comes time to negotiate with the seller, this is one step out of the way, which means that the seller has one less thing to worry about as you have already done a significant part of your homework.  Additionally, don’t be afraid to haggle with the banks a little here and there while shopping around.  Banks are much more competitive these days and will work with you on interest rates and closing costs just to get your business.  Even if they say no to some of your requests, it still doesn’t hurt to ask of you feel something is reasonable.

Step 2
This step involves contacting a Realtor.  Upon doing this, the Realtor will provide the necessary information and documents to you, while collecting information from you.  This will include finding out what you want in a home as far as features, location you wish to look in, obtaining your prequalification information, and more.  While the paperwork is lengthy, it usually only takes about an hour to complete overall.  Another very important of this process is the Sales Agreement.  It is a legally binding contract between yourself and the realtor that gives them permission to be your agent and so forth. It also covers all details of the purchase to be made including Inspections, Financing Information, etc. All forms are standard Pennsylvania Association of Realtors® Forms.

Step 3
This step involves presenting your offer and obtaining acceptance from the seller.  From this milestone, you have ten days to make a formal application with your lender to set up your mortgage.  Time is a critical factor here, be sure to take all precautions and ask any question that you may have for the Realtor®, seller, or the bank.

Step 4
This step is made up of contacting the Settlement Company or Attorney of choice.  This will get the process of the Deed or Title Search on its way to completion.The results of the Deed or Title Search are needed for closing.

Step 5
This step means taking on the task of choosing a home inspector to have all necessary inspections completed.  This normally takes place within 14 days of the seller signing all of the paperwork.  Choosing an Inspector and getting the Inspection completed and approved is part of the Sales Agreement mentioned above.

Step 6
This step is the last and most important step.  After getting the final approval on your mortgage loan, we will then set up your closing date.  This involves paying the seller and getting the deed and the keys to the property.  From that point you are the new owner, Congratulations on your new home!

Obviously, there are some other steps here and there, but this article is meant to give you a basic idea of what you’re getting into with the process of buying a home.  There is no substitute for the information and guidance that a Realtor® provides.  As noted before you can use our Ask A Realtor® page to find out more!

Lastly if you have used our services and found the experience to be helpful and useful, please Contact Us and let us know about it.  We would be more than happy to post your words on our site as a recommendation to others to use our services!

Thanks and Best Wishes with your Home-buying Endeavors!

The Team at American Dream Real Estate