Keller Williams Real Estate, Media Pa 610-565-1665 or 484-1918
So you want to buy a house? Now what?
Buying a home is as exciting as it can be scary! Let us help you take some of that fear out of the equation. Our goal is to make it as seemless and uncomplicated for YOU the buyer as we possibly can. Our goal of course, is to get you the best house for YOU, at the best price, with the least amount of stress as possible. So where do you start?
Do you know your credit score? Have you been working at your job for at least a year and a half? and have a good working history? First and most important is finding out what you qualify for. We hate it when a buyer finds a house, falls in love with it, only to find out they are not qualified to purchase that home. First and foremost find a lender you feel comfortable with and go from there. We have lenders right here that we can recommend..... or you can choose to work with your bank if that is where you feel comfortable.
Some of the items a lender will require from you are ~ most recent paystubs, tax returns, W2s, and a credit check. OH and don't forget bank statements as well. They will want to see that you are qualified and have the funds to "close" on your new home. How much money do you need? This will vary depending on the price of the home you purchase, the type of financing you do, and whether you will qualify to also get any assistance for your purchase.
Once this is done, guess what? We can start looking at homes. Some of the things for you to decide are..... WHERE you want to live...... WHEN you want to be in your new home and WHAT you are looking for in a home. Do you want a single stand alone home, a townhouse, condo, do you need a garage, a yard, 3 bedrooms, 4 bedrooms? Then the fun begins, and out we go to search for your new home.
Okay, so what happens when you find "THE ONE?" Let's talk about that. We get together and we write an Agreement of Sale along with several supporting documents. One of those documents is a Buyer Agency Contract, this allows us to represent YOU the buyer in that transaction and also states that you are not working with another agent. Once that is done, your offer will be sent along to the listing agent who will present your offer to the seller for their acceptance. A seller may accept your offer as it is, counter your offer and yes it is possible that they could reject your offer.
Once all parties have agreed, we have what we call an "executed agreement of sale." You now have time frames that must be followed, and important items that must be addressed. You have a set amount of time, usually 10 days, to complete home inspections and request any repairs if any major defects are found in the property. You also have 7 days to complete your mortgage application.
How long does it take to get to settlement and be able to move in to your new home. That also depends...... on what buyer and seller agree on and what type of financing you are doing..... and that there are no unforeseen issues that arise in the process. Generally speaking you could potentially be in your new home in approximately 45-60 days! How exciting is that?
Part of your mortgage process is an appraisal, the house you are buying MUST appraise for what it sells for. How is an appraised amount determined? An appraiser will go out and look at the home, its condition, square foot, style of home .... and look at similar homes that have sold in the area in the last few months and come up with a value based upon those things. Occasionally an appraiser, especially with FHA or VA loans may request some items be repaired. The other inspection that will be done is what is called a U&O (use and occupancy permit) inspection and a certificate must then be issued for you to occupy the premises. This will usually be taken care of by the seller and every township is just a little different with what they require. Want to know more about requirements in the area you will live in, Just ask and we can provide that info to you.
There are many do's and don'ts during the process of buying a home. WE can personally answer any questions you might have. Call or email us today and we can send you a list of things NOT to do during the mortgage process.... and a list of items you will need to know and DO ~ you know a honey do list!!
WE know it is a lot of information and a lot to take in all at once...... but that is what we are here for, to guide you every step of the way. So what are you waiting for, let's get you in to your new home soon.
