Buy Your Pocono Home

Video – Buy Your First Home

How-To Guide for First Time Home Buyer (Move.com in partnership with Realtor.com)

Signs You are Ready to Buy
Do You Have Buyer's Paralysis?
Mistakes You Can Not Afford To Make

Steps To Buy Your Pocono Home

With Bobby Sepolen, a Pocono Realtor, nothing is too complicated. Ask me about the following Buying Steps (How to Buy Poconos Home).

Calculate your budget
Get your pre-approval for a PA mortgage

Decide the location before you search and buy Pocono Home
Identify the type of home you want; move-in condition or fixer-upper

Search For Your Home
Visit homes
Make your offer to buy
Negotiate with Seller
Seller accepts your offer

Home inspection
Get Homeowners Insurance
Lender provides estimate of closing and related costs
Lender needs your credit report, verification of employment, tax records

At final day, Closing Documents are signed by you and the seller
You receive the keys to your home
Documents are recorded at the County Recorder's Office

Get Your Finances in Order

You need a clear idea of your financial situation. You will then have a better idea of what you can afford.

Your lender will look at your financial records. Make sure you'll be able to provide copies of these important documents:

Credit Report
Virtually every lender will want to see a copy of your credit report as part of the loan application process. The report lists all of your long-term debts, as well as your payment history.
Paycheck Stubs
Your lender is interested in your average income. Not only will they want to see this month's paycheck, but also how much you've been making for the past two years. Steady employment is also more attractive to lenders. If you had a job change, be prepared to discuss the reasons why.
Bank Statements
They wil show your history of spending and savings.
Tax Records
Have your fedral tax returns ready. If you own your own business, lenders generally consider your income as the amount you paid taxes on - not the gross income of the business.
Dividends and Investments
Lenders will usually consider long-term investment dividends, as well as your investment portfolio, when evaluating your income.
Alimony/Child Support
If you receive steady payments as part of a divorce settlement or for child support, you can also include this as part of your gross income. Lenders need a copy of your divorce/court settlement verifying the amount of the payments.

Make your offer to buy

Question: What are some tips on pricing?

Answer: The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, a seller who must move quickly due to a job transfer may accept a lower price. Motivated sellers include people going through a divorce or who have already purchased another home.

When you make an offer, the listing price is what the sellers would like to receive. This is not always what they will accept. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up.