Are you planning to buy a home in Pennsylvania? Regardless of your location, the home buying process can be challenging to navigate. We have put together a home buying guide with some simple tips to guide you through the process.
Buying a new home is such an exciting life event. But, it only takes a few glitches to squelch that excitement. Diligent planning and preparation are crucial for a smooth and stress-free home buying experience.
Avoid being caught off guard with the unexpected by following our list of tips for buying a home in Pennsylvania.
It is essential to have a clear understanding of your finances before you begin the home buying process.
It would be such a let down to find your dream home, and then later discover it is more than you can afford.
Keep in mind that a down payment of 20 % of the total cost is typically required, in addition to other closing costs. Also, as you evaluate your financial situation, don’t forget to consider other monthly expenses of owning a home: mortgage insurance, utilities, home maintenance, property taxes, etc.
There is so much to learn about a home and its surrounding area before deciding to buy. A trusted Real Estate agent could help you understand the process, as well as the things you should consider in your home search.
Fortunately, working with a real estate agent won’t cost you anything, as the seller typically pays the real estate commission.
When choosing an agent to work with, be sure to select one who is familiar with the area in which you are looking. It is equally important that the agent has plenty of experience and good reviews. Personal referrals from other home buyers are usually the best way to select an agent.
Once you have a clear understanding of your finances, it is time to get pre-approved for a mortgage.
After a qualified lending professional has verified your information, your pre-approval will be confirmed.
The lender will work with you to put together the best loan for your situation.
Pennsylvania state law requires that the seller provide a declaration of the property’s physical condition.
As a buyer, seller disclosures are critical. Merely looking at a property isn’t enough to uncover every potential problem or issue.
However, you should not consider the seller disclosure to be a complete guide of the property’s condition, either.
In addition to providing a disclosure statement, the seller must comply with federal Title X disclosures regarding lead-based paint and hazards if the home was built before 1978.
Nearly every home has repair issues, so it is vital that you not look for either a “pass” or “fail” result.
Most buyers make an offer contingent upon a satisfactory home inspection.
Larger issues discovered in the inspection typically become items for negotiations with the seller. Other concerns serve only as a cautious alert as you move forward with the deal.
This legal document contains the terms and conditions of the real estate transaction and must be signed by both the seller and the buyer.
Your real estate agent will guide you through this process and ensure that you have the proper form.
Your mortgage company will likely require you to purchase a title insurance policy. The purpose of a title insurance policy is to protect you against unfavorable claims by lien holders or previous owners.
The title company will conduct a search before their offer of coverage. If there are any problems discovered during the search, the seller will be required to fix them as a condition for closing.
Once you have decided on which home to purchase, you will have 30 days to close. There will be various costs incurred at closing, so be sure to include them in your budget.
When you are ready to make one of life’s biggest investments, keep in mind these home buying tips.
Unlike some states, the state of Pennsylvania does not require buyers to involve a real estate attorney in their home buying transaction. However, there are times when hiring a real estate attorney would be advantageous.
Could you benefit from the expert guidance of a real estate attorney through the transaction of one of life’s greatest investments? Contact the Law Offices of Leo T. White by phone at (610) 579-9141 or by email at firstname.lastname@example.org today to see how their expert services can both guide and protect you.