Tim Garrity Property Buyers Philadelphia, PA

Buyer Clients

Tim’s 5 Step Buying Process

What to Expect as a Buyer

The real estate process can initially feel overwhelming. To be honest, it can be stressful if you do not receive proper guidance from a Buyer Agent at the start.

By learning how real estate works upfront, and following our “5 Step Buying Process,” your experience will be that much more enjoyable!

The real estate process can seem overwhelming at first. To be honest, it can be very stressful if you do not receive proper guidance from a Buyer Agent at the start. By learning how real estate works upfront, and following our “5 Step Buying Process,” your experience will be that much more enjoyable!

01

Get pre-approved for a mortgage, or have proof of funds ready to go.

02

Start your home search online and in-person with your Buyer Agent.

03

Find a home you like and come to an agreement on terms with the seller.

04

Follow through on all deposits, contingencies, and important dates.

05

Go to closing and pick up your keys!

“Don’t wait to buy real estate. Buy real estate and wait.”

Will Rogers

FAQs

How does my Buyer Agent get paid?

As a Buyer, commission to your Buyer Agent has traditionally been paid by the Seller, but this has changed recently. It can be paid by the seller, the buyer, or both. Having your own Buyer Agent is known as “Single Agency,” and it provides a high level of protection and value. Having Single Agency representation from your own hand-selected Buyer Agent means that he or she is looking out for your best interests only. In other words, they have no fiduciary duty to the Seller or Seller’s Agent, only to you!

Why do I need a Buyer Agent?

A Buyer Agent can come in different forms: Your own designated Buyer Agent (referred to as Single Agency), or a Buyer Agent acting as a Dual Agent (representing both the seller and buyer in the same transaction). It’s widely considered less of a conflict when you have your own designated Buyer Agent, but it can be done both ways. It comes down to personal preference, cost, and expectations. The value of a Buyer Agent comes in many forms, as he or she will: 1) Schedule all of your in-person showings; 2) Advise on any/all properties that interest you; 3) Provide real estate expertise, advice, and connections; 4) Draw up all paperwork and schedule appointments; and 5) Handle all negotiations.

How long does it take to buy a home?

Whether you live at home, rent, or own a home already, the timeline for buying a home can vary. If you are planning to buy with cash, you can close in as little as weeks from the accepted offer. If you are planning to buy through use of a mortgage, and have due diligence (inspections, appraisal, etc) as part of your contract, you will likely need anywhere from 1-2 months. There are more variables that can affect your timeline, but these are some general ones to consider upfront.