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Local Foreclosure Info |
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For a list of
local foreclosures in Bucks County and other
real estate investment opportunities - be
sure to view our foreclosure center.
Get Started >> |
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The Steps to Expect as a Home
Buyer in Bucks County
You are ready to buy a
home in Bucks County, so lets explain what to anticipate as
a buyer and prepare you for the road ahead!
Steps:
1. Make a decision to buy
2. Get organized
3. Shop for a home
4. Make an offer
5. Get a loan
6. Close on the home
7. Prepare to move
Decide to Buy a Bucks County Home
You are ready to buy, now you need to identify what you want
and why. Below are a couple questions to answer, before you
get going.
1. What are your future plans?
a. Do you anticipate on having a family, growing a family or
maybe reducing the size of your family with kids moving out?
These questions need to be answered, so you can identify the
house of your desire and ensure it meets your needs.
2. Do you have enough cash for a down payment?
a. Identify how much you can place into a down payment.
3. Can you afford you desired home?
a. Can you afford a home at your desired price range is a
key question you have to answer. Will your current spending
habits allow you to live comfortably with a new mortgage or
will it cause you to struggle?
Get Organized
Now its time to gather key info and be ready for the process
as a whole. First you want to check your credit and make
sure you do not have mistakes. This can be done by
contacting one of the three largest credit bureaus , which
are Trans Union Corp., Equifax, and Experian (formerly TRW).
Next you want to make sure you have the loan capability for
a mortgage. Contact a Bucks County loan officer and get
pre-approved. This will identify the size loan you will be
able to take out and give you the target range you can
afford.
For pre-approval, you will
need to know:
►Cash available for a down payment
►Cash available for
closing costs
►Current income
►Job status
►Estimated assets
►Estimated debts
Shop For a Home in Bucks County
You need to decide how you want to go about this process.
When purchasing a Bucks County home, majority of times you
will not have to pay for a Bucks County agent, the seller
does. Therefore it is extremely beneficial to use a Bucks
County agent to do a lot of the legwork for you. Do your
homework when selecting an agent though, because you want to
make sure you find the ideal home and you are not stuck with
an overpriced lemon.
When you find a home you like, make sure you have predefined
questions to ask. Your questions want to range from what
school district does the house fall under, what type of
taxes are paid, why is the seller selling, what is the
neighborhood like, how are the neighbors, what type of
condition is the house in, how old are the mechanical
systems (heat, plumbing, air conditioning), does the house
require major repairs or replacements, who built it and
when, etc.
Next do further research on the neighborhood. Spend time
walking around talking to people and be sure to meet the
neighbors. Find out if the atmosphere fits your needs and
family's desires.
When you find the home you desire, then get ready to prepare
an offer.
Prepare Your Offer
You found the Bucks County home you want and are able to
afford it. Here is where a Bucks County agent is ideal. You
want to place a bid on the home, but do not want to pay too
much. An experienced agent will be able to help gage a fair
price and then will negotiate for you, with the seller and
seller’s agent. Before you prepare to start bidding,
identify beforehand what the max amount is you willing to
pay. This will prevent you from getting overly excited and
making too high of a bid, which you will fail to be
satisfied with later.
Prepare your offer and make sure it’s within your ability to
pay. To add strength to your offer, because others are
likely to bidding also, include a letter of pre-approval
from a lender. If you have contingencies or conditions,
attach them to your offer. Be ready to also include a
deposit with your offer, to be applied to the down payment
if the deal goes through.
The seller may accept, reject or counter within hours or
days, depending on the quality of your offer and the
seller's desire to sell. You can then accept the
counteroffer or "counter the counter." Once the seller
accepts, a third party (a lawyer or an escrow or title
company) completes the transaction with your lender.
Time to Get a Loan
You now have to get approved for your Bucks County home. By
now, you should have already been pre-approved. You will
have the choice to get a loan from the company who gave you
the pre-approval or you can go somewhere else. You can do
this through a Bucks County lender or Bucks County mortgage
broker. A mortgage broker acts as a middleman between the
borrower (buyer) and the lender. Do not take this process
lightly! Look over the different types of loans available.
Find the best rate, compare and be well educated on your
decision.
Close the Deal
Speak with an account if your closing date is near the end
of the year. Your account will identify future savings with
owning a home and will recommend if the closing day should
be switched to a future date or earlier date for tax
purposes.
Be sure that you estimate all your closing cost to avoid any
surprise.
Prepare a walk through, to ensure the seller has completed
any repairs specified in the purchase contract agreement and
has completed any other contingencies in the agreement.
It’s now time to close the deal. It is closing day and the
seller officially signs the house over to you. Take the time
before signing the paperwork to go over everything with your
agent. From the day of signing the paperwork, it could take
between 10 to 100 days to move into your new home, depending
on the complications of the deal.
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