Buyers
Purchasing a house is a huge financial decision. Equally as important as the property you choose is the real estate agent you decide to work with. They will impact how much guidance and intel you receive as well as the price and terms of your future home.
On My Way Home is committed to helping clients buy a home in Philadelphia in an efficient and personalized manner. Our connections to local agents, lived-experience in the area, and acute negotiating skills will help you identify houses on and off the market that are aligned with your particular needs.
The Home Buying Process
1. Nice to Meet you!
If you are on my site then we have clearly met or you are starting to get a sense of who I am. I am a real estate agent who will be your trusted advisor to help from assisting you in the search for your home to navigating you throughout the process. I am here to make this venture as stressless as possible!
2. Pre-Approval Time
If you plan on using a loan for the purchase it is important to begin with getting pre-approved from a mortgage company. As your agent, I can introduce you to a qualified and reputable mortgage broker. You want to work with someone who will be able to offer you competitive interest rates, desirable financing packages and let you know about any special options. Working with a mortgage broker will help determine the price range for your search so it’s imperative that you start here before going house hunting.
3. House Hunting
As your agent, I will get to know exactly what your individual needs are before lining up any showings. This will save you a lot of time and effort! During viewings and open houses, I will provide industry insight that might assess the potential and true value of the property.
4. Make an Offer
Once you have determined you are happy with the property, I will help you submit an “offer” which outlines the price, terms and timing of the purchase.
5. Execute Agreement of Sale and Make Deposit
After the offer is accepted, you and the Seller will sign a contract called Agreement of Sale. Once all parties sign, now known as the Executed Agreement of Sale, you will receive a copy with an emailed timeline of events through closing. You will submit a deposit for the amount negotiated. This deposit will be protected by the term of contingencies within the contract.
6. Scheduling Home Inspections & Acquiring Home Insurance
You will receive a list of recommended inspection and insurance companies. Per the Agreement of Sale, you will either accept the property as is; negotiate for credits or repairs, or candle the deal and get your deposit back. It is important to do so with the timeframe determined in the contract.
7. Review Building Finances and Regulations (only for HOA’s)
If you are buying a condo or townhome, you will need to review the files, regulations and financials for the association and be sure there are no issues or concerns.
8. Complete Loan Application
The bank will organize the appraisal, work with the appointed title and finalize the paperwork so your loan is “cleared to close” before the settlement date.
9. Title Search & Policy
I will line-up a title company for you that will search and confirm there are no liens or judgements on the property and provide a clean title insurance. Working with a reputable title company is an important part of ensuring a smooth closing.
10. Scheduling Settlement
As your agent I will schedule the upcoming settlement meeting.
11. Final Walk-Through
A review of the property to confirm that it is in the same physical condition as when you signed the purchase and sale agreement.
12. Settlement & Transfer of Ownership
One the day of closing, you and the seller will sign off on all deeds, title and mortgage documents and the ownership of the property will transfer to you. You may have some remaining closing costs due that will need to be paid at this time.
13. Closing
Congratulations! You are now a home owner!
Wondering what you can afford?
Use the Mortgage Calculator to calculate your monthly payment.
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