How to Buy a Home in PA
In this video, Rob talks about the steps you have to take to buy a home in Pennsylvania. He walks you through each step in the process, from the time you contact a realtor to the moment you get the keys to your new home.
Buying a Home in PA: A Step-by-Step Guide
Buying a home in PA is no small task. It takes a lot of time, money, paperwork, and a good deal of patience to find the right home at the right price. However, knowing what to expect and working with the right realtor can make the process a whole lot easier. Here is the basic roadmap you will follow when buying a home in PA.
Step One: Contact a Realtor
Finding a realtor is as easy as asking your family and friends for a referral or consulting Google. It’s really important to choose the right realtor because they will be your advocate throughout the entire homebuying process.
Step Two: Get Preapproved
You have to get preapproved for a loan before you can start touring houses. We recommend that you work with a mortgage professional when going through the preapproval process.
Step Three: Find Your Dream Home
Once you’ve been preapproved, you can start house hunting. The market is extremely competitive right now, and inventory is low. While you are scouring the internet and scanning Zillow for listings, your realtor should also be supplementing your search efforts and sending you listings for homes you may be interested in touring.
Step Four: Make a Deal
Once you’ve found a home you want to buy, you need to make a deal on it. Your realtor will send over an offer package to the seller. There are a lot of details that go into making a deal, and most houses have multiple offers at the same time. You may have to forgo some contingencies to win a bid in this current market.
Step Five: Put Down Your Deposit
Your deposit check is typically 1-2% of the home price. The larger your deposit, the stronger your offer.
Step Five: Apply for a Mortgage
At this point, it’s time to find a lender and get approved for the mortgage.
Step Six: Get Your Home Inspected
Home inspections are important because they protect you. The inspector will check the roof, electrical wiring, hot water heater, HVAC, and more. In PA, you need a general inspection along with a termite and radon inspection.
Step Seven: Home Appraisal
An appraiser will come evaluate the home to make sure it’s worth the mortgage amount. The bank typically won’t loan you more than the home is appraised for, so if it comes in low, you can negotiate with the seller.
Step Eight: Hire a Title Agent
This step is important because your title agent will ensure that there are no liens on the home and that the title can be transferred to you free and clear.
Step Nine: Switch Utilities to Your Name
Once you’ve been approved for the loan and everything is set for closing day, you can schedule the utilities to be switched to your name.
Step Ten: You’re a Homeowner!
On closing day, you will go to the closing table with your title agent to sign all the documents and pay for your closing costs. At this point, you should have done a final walkthrough to make sure the previous owner took all their belongings and left anything included in the deal.
Buying a Home in Pennsylvania? The Rob Lawrence Team Can Help!
The first step in the homebuying process is to find a realtor you can rely on. If you are looking to buy a home in West Chester, Rob Lawrence can help you meet your real estate goals. Licensed in 2017, Rob is passionate about helping his clients purchase, sell, and invest in real estate. Contact the Rob Lawrence Team today.
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