Buying A Home

Buying a home does not need to be a difficult process. In fact, Eric divides the whole process into three simple steps…

 

Step One: Get Pre-Approved for a Mortgage!  Consider Obtaining a Mortgage Commitment too...

Since mortgage rates are still at all time lows, the housing market IN PHILADELPHIA continues to be reasonably strong (even with the current economic crisis). This means that the process can still become very competitive.  A smart buyer is a prepared buyer! Having a mortgage pre-approval puts you in a much stronger bargaining position. It proves to the prospective seller that you are stepping into negotiations with almost guaranteed funds. 

But even more important than impressing sellers, getting pre-approved  by a reputable mortgage company will ensure that you are aware of not only how much you can afford, but how much you are comfortable with paying.

It’s important to know how lenders determine what kind of mortgage payment a family can afford. Click here for Eric’s mortgage calculator, and keep these basic rules in mind:

--28% of gross monthly income for principal & interest

--36% of gross monthly income for total mortgage payment

REMEMBER- There are different programs for various situations. When buying a house having a creative mortgage broker is key! Click here or here to learn more about mortgages.   Nowadays as long as you have very good credit and can document your income, a reputable mortgage company should be able to take you through the process hitchless.

 

Step Two: Find a Dedicated Agent!

For starters, agents are informed of new listings on a daily basis. In addition, if you have a dedicated agent he/she should work tirelessly to locate the property that matches your specifications. They will then, through extensive comparable market research and general market/ timing research assist you with the determination of an offer price to ensure that you, the buyer, are in line with the market and ultimately not paying too much. Next, a thorough agent will walk you through the full sales agreement and explain all aspects of the transaction.

Finally, a dedicated agent will help make sure that all clauses of the agreement are followed. It is the agent’s goal to have the transaction flow smoothly from home inspection to the closing table.  Some of the keywords the dedicated agent will discuss with the buyer include:

Contingencies, Deposits, Home Inspections, Mortgage Commitment, Zoning, Title Search, Title Report, Homeowners Insurance, Deed, and finally Settlement!

 

Step Three: Relax!

Eric strongly suggests that you spend some time learning about the market and let your agent absorb your stress!  Sure buying a house can be extremely stressful.  Unfortunately there are several things that can go wrong during the course of the transaction.  But, as long as you are working with someone who has transactional experience, a financial mind, and a passion to surpass all expectations, you have nothing to worry about.  Soon enough settlement will be here and you'll be able to tell your friends with confidence that you have purchased your home at a fair price. There’s no better feeling! 

 

“We met several brokers before deciding to ask Eric to help us with our new home purchase.  Not only did he really know our neighborhood inside and out, he was incredibly nice and easy to work with and wasn’t pushy at all.  Probably most importantly, he really took personal responsibility for every single step of the transaction so that when closing day came, things were incredibly smooth and easy.  We love our home and don’t plan on going anywhere for a long time but when we do, Eric will be our first call.”

~ Anne and Mike, Graduate Hospital 2008

 

“Being a first time buyer, I was very uneducated on the process. I was so grateful a friend recommended Eric. He educated me, help me set realistic expectations based on my price point and neighborhoods.  He stayed on top of every aspect of my transaction from the minute I made an offer to closing.  I never had to worry about missing a step!   Eric went out of his way to make the buying experience pleasant and seamless. When you deal with Eric Fox, you are dealing with the best!!”

~ Roxanne C., Old City 2008

 

“Working with Eric was a true pleasure.  He was extremely diligent, available, and he was always willing to work around our hectic work schedules. He never tired of looking for the perfect home for us even when we were worn out!  His knowledge of the market and pricing was impressive, and his background as an accounting professional is a huge bonus.  When negotiations were struggling because of construction delays and mortgage issues he found a way to make it work.  He helped us find our dream home at an unbelievable price!”

~ John and Liz, Graduate Hospital 2008

Eric Fox ... A New Approach to Philadelphia Real Estate