The average process is about 30-60 days, but is not uncommon for it to be shorter or longer than that, depending on certain situations. It takes about 30 days to get a mortgage at minimum.
This is extremely important because it helps the both of us to understand the exact price range that we should be targeting and helps you understand all of the costs involved in buying a house. In addition, it prevents any delays in making an offer when you find something that you love. The time in between finding a place and getting approved for a loan can be critical if you end up in a bidding war, which is becoming more and more common these days with the lack of inventory that is on the market.
We need to fill out the agreement of sale (along with other ancillary paperwork) and give an earnest money deposit (EMD) with the offer to show “consideration”. Filling out the agreement takes about a half hour and can be done electronically.
As many as it takes! There is no set amount of properties to look at. Remember the 80/10/10 rule—if a property has 80% of what you want, 10% of what you can change, and 10% you can live with, then the property is a keeper! Sometimes it takes a day to find and sometimes it takes more than that.
If the property is new to the market and is priced right, the chances are high. If you really like a property, there is a good chance that others do as well!
This is not a definitive number and is based on what the property is worth in today’s market conditions, not a specific percentage. Ex: A house is worth $350,000, and the seller has priced it at $355,000. If we get it for $350,000, it is about 98% of asking. If a house is worth $350,000, and the seller is asking $450,000, it is still worth $350,000, but if we get it for that number then it is 77% of asking. Bottom line is it comes down to how much the property is worth in current market conditions, and not a % of the asking price, which often gets skewed by where the property is priced by the seller. We will discuss the comparables (comps) when you find a property that you like.
We will need to fill out a Termination of the Agreement of Sale form, which is unilateral, and only needs to be signed by the buyer. The release however, DOES need to be signed by the seller for your EMD to be returned.
YES! The inspection is done to pick out material defects in the property and is done by a professional. The inspection is NOT for anything cosmetic, unless this is a rehab or new construction, in which case you will put together a punchlist for the builder to finish. The inspection is done AFTER we go under agreement with the seller and you are protected by your inspection contingency.
It all depends on the size of the house and the inspector, but expect about two hours and anywhere from $300-500, but can be as much as $1000-1500, depending on the inspections you elect to do.
Yes, once we go under contract, we will send over a list of all of our recommendations. We have previously worked with these people and are confident in their abilities to help you.
You will have to put down a first and second deposit in most cases, which generally are about a total of 5% of the purchase price. This money will go towards your down payment or closing costs, so you will just have to bring less money later to the settlement table.
Closing costs range from about 4-4.5% of the purchase price, depending on the lender fees, tax escrows, insurance, etc., if you are purchasing within Philadelphia County. Check with your agent on how much the transfer tax is outside of the city. Philadelphia is the highest around, so that is the worst case scenario.
Not necessarily. The settlement date on the contract is an “On or Before” date, so you can settle sooner than that, but it is not uncommon for the settlement date to be pushed back based on mortgage or title delays, or in the case with new construction, builder related delays.
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