The Purchase Process
Step by Step:
Make a list of all of your criteria by order of importance. This will help your Advantage agent find properties that fit your budget and match as many of your requests as possible.
Your agent will research our extensive listings database and the Multiple Listing Service (MLS). Then they will arrange viewings of properties that fit your criteria and budget.
Philadelphia and its surrounding areas happens to be a very fast moving real estate market. Therefore, offers from mortgage pre-qualified buyers are often taken more seriously than those awaiting mortgage qualification. Obtaining a pre-qualification letter is an easy, cost-free service provided by banks or reputable mortgage brokers that give the seller comfort in your ability to purchase their property.
Making an Offer:
Once you have found your perfect property, your agent will submit a written offer on your behalf. This letter will include offer price, conditions and your personal information such as income, financial qualifications and any other information that will make you a stronger candidate.
After negotiations are complete and the seller accepts your offer, your Advantage agent and the seller’s agent will prepare and distribute the “Executed Agreement of Sale” that provides the required information to both parties’ brokers and conveys the agreed-upon terms for the preparation of the home inspections, loan arrangements and settlement dates.
This process may take 30 or more days to complete, therefore it is important to contact your bank or mortgage broker immediately after having a signed contract. Lenders will require a “fully executed” contract with the application.
Your agent will accompany you to inspect the property prior to the closing of sale. This inspection is important to verify all is working properly on the property and the seller has or is moving out as agreed. Important things to inspect are appliances, faucets, plumbing, light fixtures, outlets, etc.
The Closing of Sale/Settlement:
Closings are normally held at the office of the Buyer’s broker with your Advantage agent, the seller and seller’s agent, the lender’, and the title company representative.