Philadelphia Homes for Sale: Whether you are looking for Your Dream Home or searching for your next investment property, now is certainly a great time to buy with prices at an all time low and plenty or properties from which to select. But, with so many great opportunities to buy out there, the process may seem a tad overwhelming and your search for your dream home or investment property seems more like finding a needle in a haystack.
Here are 6 Steps to Finding a Needle In A Haystack
#1 Hire a Realtor. And I am not just saying that because I am a Realtor. I am saying that because:
- Buyer Agency does not cost you a dime.
- Buyer Agents have market knowledge
- Buyer Agents can gather information for you very quickly which can save you a lot of time and energy.
To learn more about how to hire a Realtor read our blog 5 Steps in Choosing a Realtor
#2 Get prequalified. Make sure you speak to a reputable bank or Mortgage professional. Here are a few things you might say:
- What amount of money am I preapproved for?
- What will my closing coss be including transfer taxes (condo fees if applicable) and what type of mortgage payment will I have?
- Do I qualify for any other type of loan product ex. FHA, Commercial, Conventional, 203K and what is the benefit of each?
- Explain the type of property you are looking to buy and ask, "Do you forsee any problems financing this type of property?"
There are times when the condition of a property, New Construction Homes, Condos, Mixed-use, Multifamily or Commercially zoned properties will effect your ability to qualify for a loan. So, give the lender as much information as possible in the beginning so there are no surprises later on in the buying process. Have your Realtor speak to the lender if you do not feel like you can confidently communicate all of the information regarding the type of property you want to buy.
#3 Get a list of properties in your price range that fits your specifications. Ask your Realtor to group properties by location:
- Block
- Zip code
- Neighborhood
- Subdivision
- Schooll district...
Whatever makes the most sense to you in order to make mapping and directions flow easiy for your drive-by (your next step).
#4 Prepare for the Drive-by. Do a little leg work before you go out looking for properties.
- Bring snacks.
- Bring a map or get a Navigation System.
- Have your Realtor's number in hand and avoid calling off of signs (your Realtor can assist you with questions).
- Bring a note pad for notes and questions you may have regarding specific properties or neighborhoods.
If you do not like the location based on your driving by the property, then cross that home off of your list. In fact, if you do not like the neighborhood you can cross an entire area of homes off of your list and that will certainly save you a lot of time and keep you focused. Ruling out a block or a particular location is extremely helpful.
#5 Group the properties in an A and B list. You can do this before or after your drive-by. When you are ready to schedule showings with your Realtor it is often helpful when you have more that 5 or 6 properties on your list, to divide them into 2 groups A and B.
- A List consists of the homes that meet almost all of your criteria
- B List is in essence the runners up.
Give this list to your Realtor and tell him or her what days and times you will be available to see the properties. Plan at least 2 visits to see all of the properties on your list.
#6 Make an offer. Bidding on the home is the subject of another blog we posted called How do you Determine Offer Price - Strategies and Tips.
The more systematic you are the easier it usually is for people to find the homes they really want to consider buying. It can get overwhelming when you see so many homes on paper or on line. Once you have a Realtor and a Lender on your side and you have made you list and done a few drive-bys, then you can pass that list to your Realtor. They will schedule appointments to get you inside all of the homes on your refined lists.
We hope that this information offers you some solid advice, a few good ideas, and most of all a little inspiration. Have fun and use this blog post to hep you make the process more organized and fufilling. We know you will find the perfect home ! Good luck out there !
SS
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argue with his success. When the financial crisis hit and he bought shares of Goldman Sachs, pundits were saying why? A few years later that investment is up substantially. He had the last laugh...
Have you noticed that every week there is a NEW pundit on TV asking the same OLD question, "Is now a good time to buy real estate or not?" And have you noticed that there are countless articles in print and even more online asking the same exact question? I think you may know my answer to that tired old question and to support my belief, I saw a very interesting article this week on 