Home Buying Process

All you need to know about buying a home!

1) Hire Agresti as your Buyer's Agent

• A buyer's agent will represent only you and have a fiduciary responsibility to look out for you and your best interests.
• Our Agent will be fighting in your corner, for the best price and terms possible.

2) Get PreQualified / Pre-approved

• We will help you find a lender(bank, credit union or mortgage broker) that will offer you the best interest rate and terms possible for your situation.
• The lender will then give you a loan pre-approval, which will we will use to make your offer stronger when negotiating the purchase of a house.
• This pre-approval will also help to determine your maximum loan amount and mortgage type you can afford, so that you have a payment level with which you feel comfortable.

3) Look at Homes for Sale

• At Agresti your agent will help you narrow your search to those homes that fit your parameters, to find that perfect home.
• Your agent will use the "MLS" Multiple Listing Service and sign you up to receive a listing of homes for sale in your targeted neighborhood(s).

• You can then consider all the homes on the market, including those that are move-in ready and also discounted fixer-uppers, foreclosures, etc...
• Let your agent know which of these homes you are interested in viewing, the agent will then schedule showings of each home you select.

4) Read and Approve Seller Disclosures

• A Seller's property disclosure statement is designed to assist the seller in disclosing to a buyer all known material defects or adverse facts relating to the physical condition of the property that are not readily observable. This form also discusses all additions and improvements during the ownership period of the seller.
• Realize you have 10 days to cancel if lead paint is a health hazard.
• Read every document in its entirety; ask questions about all seller disclosures. Your agent will help you with these items.

5) Write a Purchase Offer

• Once you find the ideal home, your agent will sit with you and together you will write the ideal offer to purchase the home. This offer will be custom tailored for your situation.

6) Negotiate and Write Counter Offers

• Once the offer is written, your agent will present the offer to the seller or the seller's agent. The seller may then counter your offer. Your agent will negotiate with the seller on your behalf and attempt to come to a mutual agreement between both parties.

7) Make an Earnest Money Deposit

• When your offer is accepted, you will make an earnest money deposit to purchase the home. Your offer can contain contingencies that will return your deposit to you, if you cancel the contract. Your agent will discuss these contingencies with you while writing the offer(s).

8) Hire an Attorney / Closing Agent

• You will then hire an attorney or closing agent to insure the property you are buying is transferred to you with a clear title / deed free from any liens or defects.
• Your agent can help recommend an attorney that can assist you with this transaction.

9) Order Appraisal

• Your lender will order an appraisal to determine the value of the property and will require an advance payment from you for this appraisal.
• If your appraised value does not meet the purchase price, discuss your options with your agent.
• Always ask for a copy of the appraisal for your records.

10) Comply With Lender Requirements

• Lenders may ask for additional information.
• Don't alter your financial situation, during the purchase process, such as using credit cards and making large purchases.
• When the file is complete, the lender will submit it for final underwriting approval

11) Order Homeowner's Insurance Policy

• Call an insurance agent and order your homeowner's insurance policy early.
• Sometimes previous claims by a home owner can make it difficult to get insurance.
• Get replacement coverage.
• Ask your agent to recommend an insurance agent, if you don't have one.

12) Conduct Home Inspection

• When you wrote the offer to purchase, you may have elected to have certain inspections performed.
• Have these inspections completed in the allotted time allowed, based on your purchase agreement.
• Attend the home inspection and take notes.

13) Issue Request for Repair

• If the home inspection turns up health and safety issues, issue a reply to the inspection, by asking the seller to address those issues or give you a credit for them.
• Realize no home is perfect, and the inspector will find faults.
• Be reasonable.

14) Remove Contingencies

• Your sales agreement gives you a certain number of days to remove any contingencies.
• Make sure your loan is approved and the appraisal is acceptable before removing your loan contingency.
• If you do not remove the contingencies, the seller can issue a request to perform and then cancel the contract, on top of demanding your deposit.

15) Final Walk-Through

• Do not pass up doing a final walk-through.
• Inspect the property to make sure it's in the same condition as when you agreed to buy it.
• If you find a serious issue, address it now before you close.

16) Sign Loan / Escrow Documents

• In Pennsylvania, you will sign escrow documents along with your loan documents at closing.
• Bring a valid photo ID.

17) Closing Funds

• Bring any funds needed to close in the form of a certified check from your bank or credit union, made payable to the attorney or closing agent.
• Your lender will wire fund directly to the attorney or closing agent's trust account.

18) Close Escrow

• Your property deed, mortgage and note will be recorded as public record at the County Courthouse.
• After recordation, unless your contract specifies otherwise, the property is yours -- Welcome Home!!