Steps to Finding and Buying your Philly Dream Home

1. Talk to a loan officer and get a preaproval.  Sellers have begun to expect this information to accompany an offer to purchase their home.  It also gives you the confidence that the numbers are all in order before you begin your home search.
2. Begin practicing paying your new estimated mortgage amount.  If you are used to paying $1200 a month in rent, but your anticipated mortgage payment will be $1700 a month, begin taking out the $1700.  You can save the extra $500 a month for closing costs or furniture.  
3. Find a licensed Realtor to help you with your home search.
4. Make a list of wants and needs for your new property and discuss this list with your Realtor.  Begin searching listings and choosing properties you would like to see.
5. Go on showings and to open houses to find your dream home.  During this time, revise and adjust your wants and needs list based on the houses you see.
6. When you find your dream home, you will write an offer with your Realtor. 
7. Your Realtor presents your offer to the Seller's Agent.
8. The price and conditions of the purchase are negotiated and hopefully an agreement is reached.  The contract is ratified, signed, initialed and delivered to all parties.
9. Schedule all inspections and appraisals.  Expect to pay around $200-$500 for each inspection.  The date for settlement (the day you get the keys and it is yours) is scheduled. 
10. Hire a settlement company (will do title search and other paperwork to make sure settlement can happen), purchase homeowner's insurance.
11. Finalize mortgage loan with lender.
12. Schedule move-in, set up utilities
13. Do your final walk through of the property.  The morning of settlement you will get a chance to walk through the property to make sure any negotiated work has been done, all included fixtures have been left, and property is in appropriate condition.
14. Close on your property.  Bring picture IDs, Certified funds, checkbook, and homeowner's insurance policy.