Buyer 101 | The Gaddy Group Llc | Philadelphia
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Buyer's
Guide

to home ownership 101
​

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Research

It is crucial to do some research on your local market so you can familiarize yourself with current inventory and get a pulse on typical sale prices of listings that fit you particular needs. Ready to start your search?

What Can You Afford?

Determining how much you can afford is a great start, take advantage of our mortgage calculator to start estimating what it might cost for a property in a range you're comfortable with. Keep in mind closing costs in addition to you total down payment.

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You've decided to take the next step and seek out a lender for a pre-approval. A pre-approval is not a commitment for loan. Provide your information and the lender can tell you how much of a loan you can get based on your credit worthiness and other factors like household income. Not sure where to start?

​

Get Pre-Qualified

Trusted Lenders for your pre-approval..

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How can working with the largest brokerage in the U.S really help you get where you want be?

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Visit Properties
 

It's time to start touring properties with your agent! Start making a list of properties you'd like to see and narrow down the list. This is important because you won't be able to see every home on your 'maybe' list. As a general rule of thumb, 3 - 10 showings in a day is average, any more than this is a very long day. All the homes you saw begin to morph together, making it hard to keep track what you liked and what you didn't.

Choose Your Agent

Choosing an agent can be a tough decision. Your agent will need to be someone you can trust and rely on. You will be sharing a lot of your personal information and your agent will be your direct representative in the process. You should pick an agent who you can work with on a regular basis who has knowledge of your market and you can relate with.

Hands

Make an Offer

Sit down with your agent and talk about your offer. There are a lot of strategies on how to approach a variety of situation. No property is the same and neither is an offer. An offer is a legally binding contract so be sure you have read over all the terms and that you know what you're singing. Having an attorney review is always suggested although not legally required.

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Front Door

Get Pre-Approved*

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Front Door

Get Pre-Approved*

This is a Paragraph. Click on "Edit Text" or double click on the text box to edit the content and make sure to add any relevant information that you want to share with your visitors.

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Let's Negotiate

Your agent should be experienced in negotiation to get you the best possible terms and price. Keep in mind negotiations is the essence of finding a fair and equal meeting ground. Coming in guns a blazing is the sign of a immature or hot headed agent that can lose you a deal. Be honest, be reasonable, be persistent.

Family Time

Inspections

Usually come after you are under contract. Look around on the web for inspectors with credibility. The inspector will search the home for any issues that could be a problem. This will be a tool used in further negotiation but most importantly that you and your family are safe and aware of any defects unseen by a untrained eye. 

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Finalize Loan

Talk with your lender and submit your application for your mortgage. Be sure you understand the rate and how interest will affect your payments. A 1% in your APR can change your monthly payment by hundreds of dollars per month. If your not sure and don't quite know about something, don't be afraid to ask!

Appraisal

An appraisal is an analytical approach to determining the value of a property. Appraisal value and Market value are NOT the same thing. An Appraisal will give you give a very point in fact cost and value approach. If If these two values are not close to one another, ask your agent why and get clarification.

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Closing Day 

There is a lot of paperwork, I know - who likes paperwork? As you sign the final dotted line, you are officially a homeowner. No take backsies! You've gotten through and deserve to celebrate yourself. You've accomplished a huge endeavor. Crack a smile, you did it!

Our Promise

You've closed but that doesn't mean our relationship ends here. Whether you decide to buy or sell in the future, just have some questions, want an update on your market, or you have a friend or family member who could use our service - we promise to be here for you and your family whenever you need, to always give the Gaddy standard of service because you are our top priority and that's the Gaddy Promise.

Love Locks

Collections lets you compare multiple properties—their size, neighborhood, amenities—within a central visual workspace. We can monitor market activity in real time, stay in constant contact, and invite collaborators to

join in on our search discussions.

 

Compass Search can sort by a wide range of features and amenities to pinpoint the perfect home. Plus, discover exclusive Compass listings you won’t find anywhere else and receive real-time notifications of new homes with Saved Searches!

 

Coming Soon and Private Exclusives give you an edge in your home search. Browse unique properties that are only viewable on Compass.com and discover your future home before it even hits the market.

How we can help you find your place in the world. 

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Key Terms

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 APPRAISAL

Assessment of the property’s

market value, for the purpose

of obtaining a mortgage and

performed by a licensed appraiser.

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CLOSING COSTS

Expenses incidental to a sale

of real estate, such as loan fees, appraisal fees, and title insurance.

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CLOSING STATEMENT

The statement which lists the financial settlement between buyer and seller, and the costs each must pay.

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CONTINGENCY

Certain criteria that have to be

met in order to finalize the sale.

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DEBT-TO-INCOME RATIO

The percentage of an individual's monthly gross income relative to

the amount of debt owed.

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EARNEST MONEY DEPOSIT (EMD)

A good faith deposit the buyer makes with an offer to show that they are serious about buying the property. In exchange, the seller agrees to stop marketing the property.

INSPECTION

An expert conducts a formal review

of the property to find visible issues

that need to be repaired.

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LIEN SEARCH

A background check on the property

and the seller to ensure there are

no outstanding debts or claims upon

the property.


PREQUALIFIED

Potential buyers provide an overall

financial picture and mortgage brokers provide an estimate of what level of

loan they will likely be pre-approved for.

 

TITLE INSURANCE

Insurance to protect the buyer and

lender against losses arising from

disputes over the ownership of a property.

 

RECORDING FEES

A fee paid to the local government

to officially report a sale of a home;

usually paid by the buyer.

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