PHILADELPHIA · BUCKS · MONTGOMERY · DELAWAREBuyer's Cheat Sheet
Everything that actually matters about buying a home in Philadelphia, from what you can afford to the keys in your hand. No fluff. No jargon.
Where do I even start?
It's the biggest purchase of your life and nobody hands you a manual. This is the manual. Watch the two-minute overview, or just keep scrolling.
Five steps, in order
The same process we walk every client through. Read it once and you'll know more than most people do at closing.
Assemble your team
An agent, a lender, an inspector, and an attorney, all locked in before you start falling for crown molding on Zillow. The earlier everyone is in place, the less scrambling when it counts.
The buyer consult
One hour that saves you months. You figure out what you really want, what you actually need, and what the market will let you have, before you tour a single home.
Get pre-approved
You don't know what you can afford until a lender tells you. Credit, income, debt ratios: there are so many moving parts that even people who think they've got it figured out are usually off. Get this done before you browse.
Tour homes
The first few houses are calibration, not buying. You will walk in wanting a huge kitchen and walk out caring about light. See as many as you can.
Make the offer
Price is rarely the whole story. Settlement date, financing strength, inspection terms, deposit. A $400K offer with the right terms beats a $410K headache.
Dealbreakers vs. Daydreams
Whether you're six months out or already browsing listings, this is the exercise. Brain-dump every feature, rank it, and separate what matters from what's just nice to scroll past.
How much cash do you actually need?
Everyone fixates on the monthly payment. In Philadelphia, closing costs run higher than most of the country, so this is the number that catches people off guard.
What most buyers get wrong
Five myths that quietly cost money, and the truth nobody tells you. Tap any one to open it.
Programs exist at 3%, 3.5%, even 0% down. The tradeoff is PMI, and it's often worth it to get in the door now rather than wait years to save 20%.
It depends how long you stay. If you move within a year or two, renting can win. Owning means you're your own landlord, so budget for repairs, utilities, and surprises.
When rates drop, buyers flood the market and push prices up. If you can afford it, go. You build equity immediately and can always refinance later.
Approved for $500K doesn't mean spend it. Leave room to breathe: furniture, repairs, and life don't stop at closing. Buy what's comfortable, not the max.
Title issues, a brutal inspection, or just a gut feeling. You're the buyer. Walking away is always on the table, and sometimes it's the smartest move.
PHILADELPHIAThey said yes. Now don't blow it.
The next 30 days decide whether you get the keys. Here's every deadline, in order.
The road to the keys
Every contingency counts from Day 0. Hover or tap any sign for the details. Your agreement of sale sets the exact dates.
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Questions every buyer asks
The FAQs, plus the words you'll hear but shouldn't have to Google mid-conversation.
Yes. Full stop. It grounds your search in reality and helps you compete. Listing agents routinely pass over offers without a pre-approval attached, so without one you don't even get a seat at the table.
Usually 60 to 90 days. If it expires, your lender re-pulls credit, so time it for when you're actually ready to tour.
Maybe a few points. Multiple mortgage inquiries within 14 to 45 days are typically treated as one. Shop around: the difference between lenders can be thousands over the life of the loan.
Accepted offer to closing typically runs 30 to 60 days. The search itself could take two weeks or six months, depending on inventory and how tight your criteria are.
Lender fees, title insurance, your share of the transfer tax, and prepaids. In Philly, plan on 4.5 to 6% of the price, driven mostly by the property tax escrow. Some are negotiable, and that's part of how we structure your offer.
Yes, with more paperwork: usually two years of tax returns and P&L statements. Work with a lender who knows self-employed borrowers. They exist, and they're worth finding.
Agreement of Sale (AOS)
The legally binding contract between buyer and seller. Everything flows from here.
Appraisal
An independent read on the home's market value, ordered by your lender. If it comes in low, we negotiate.
Buyer's Agent
The agent who represents you. That's us. We work for you, not the seller.
Closing Costs
Fees beyond the purchase price: lender fees, title insurance, transfer tax, prepaids. In Philly, usually 4.5 to 6%.
Contingency
A condition in your offer that has to be met for the deal to move forward. Inspection, financing, appraisal. Your safety nets.
Down Payment
The upfront cash you bring. Anywhere from 0% to 20% or more, depending on the loan.
Earnest Money Deposit (EMD)
Your good-faith deposit once the offer is accepted, typically 1 to 3%. It's applied toward closing, not an extra cost.
Escrow
A neutral third party holds the money during the deal. Also the account your lender uses for taxes and insurance.
PMI
Private mortgage insurance. You pay it when you put down less than 20%. It protects the lender and drops off at 20% equity.
Pre-Approval vs. Pre-Qual
Pre-qualification is a quick estimate. Pre-approval means a lender reviewed your actual finances. You need the second one to compete.
Want the full picture?
You just read the cheat sheet. These go deeper on the stuff that matters most, from a full walkthrough to 60-second answers.
Ready to stop winging it?
Whether you're six months out or six days, a quick conversation costs nothing and could save you thousands.