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Buying A Home

Introduction
Home Buying Tips & Much More
Selecting A Company & Agent
Establishing An Agency Relationship
Pre-Qualifying For A Mortgage
Finding Your New Home
Making An Offer
Negotiating The Sale
Inspections
Applying For A Mortgage
Mortgage Calculators
Ordering A Title Search & Title Insurance
Checklist Of Moving Tips
The Closing

Introduction

Prudential Regency Real Estate is a leading full service real
estate company providing friendly, knowledgeable and professional
real estate services since 1977. Quality service is a journey to our
sales associates, not a destination. It s a commitment that is never
finished. Our goal is to exceed your expectations!! Whether you are
buying, selling, renting, relocating, or considering investing in a resort
community be sure to make Prudential Regency Real Estate
your rock solid choice.

Residential - Commercial - Investment Property- Relocation Referral Services - New Construction Buyer & Seller Representation Available
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Home Buying Tips & Much More

1. Have a mortgage lender pre-qualify you. Based on your current
income and debts, the lender will calculate your maximum
affordable mortgage. Mortgage Calculators

2. Determine how much cash you have available to invest into the
purchase of a home. Please keep in mind that a portion of your
investment will be needed for closing costs. With less than 20%
down, your closing costs could be as high as 8% of the sale price.
If you are putting 20% down or more, your closing costs will be
approximately 6% of the sale price. This takes into account
that your mortgage is being based on 3 points and that your taxes
are included in your mortgage payment.

3. Take the time to define your needs. Once you start your home
search there are certain things that you will not want to compromise
on. Making a list of priorities will help to make the home buying
process a pleasant experience.

4. Select a Realtor that is knowledgeable and someone that you will
feel comfortable with to assist you in finding a home. In the State
of Pennsylvania, real estate agents must disclose their company
policy with regard to agency relationships as well as offering you
the opportunity to be a customer or client. If you decide to be a
customer, the Realtor will be a sub-agent for the seller and will be
working for the sellers best interest. If you decide to be a client,
you will have a contractual agreement with your Realtor and will
know that the Realtor is working for you.
Establishing An Agency Relationship

5. You are now ready to begin your house hunting. Good Luck !!
To talk with a Prudential Regency Real Estate agent about buying
a home call 1-800-848-9870 or E-mail: relocate@pruregency.com

Useful Links To The Home Buying Process

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Buying Your Home: Settlement Costs & Helpful Information

Home Buyer's Vocabulary

Fair Housing - It's Your Right

HUD Home Buying Guide

How To Buy A Home With A Low Down Payment

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Selecting A Company & Agent

Your choice of a real estate company and agent will make a big
difference in your home buying experience. It is important that the
company you choose is focused on providing quality service. If
management is always stressing the importance of exceeding customer
and client expectations, then you are more likely to work with an agent
who shares the same philosophy. The agent should be professional,
knowledgeable and helpful. Sharp negotiating skills and knowledge
of financing as well as being detail oriented in document preparation, will
make the home buying process a pleasant experience. At Prudential
Regency Real Estate you will find a management team that lives by the
philosophy that our goal is always to exceed your expectations. Our
agents share the same philosophy and are ready to assist you. Call
1-800-848-9870 or E-mail: relocate@pruregency.com

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Establishing An Agency Relationship

As a buyer in the state of Pennsylvania, your Realtor must disclose
to you their company's policy on agency as well as offer you the
right to be a customer or client before you begin house hunting. This
legal relationship must be established to determine whether you
will receive customer level services or client level services.

If you choose to be a customer, the real estate broker and their agents
are agents for the seller. Their duty is to represent the seller s best
interest. Their obligation is to negotiate the highest possible price and
structure the transaction to the seller's advantage. With customer
level services, there is no written contract between you as the buyer
and the real estate company that you select. This is known as a Sub
Agency relationship, where the agent that you are working with acts
as a sub-agent for the seller.

If you choose to be a client, the real estate broker and their agents
are agents for you. Their duty is to represent your best interest. Their
obligation is to negotiate the lowest possible price and structure
the transaction to your advantage. With client level services there
is a written employment contract between you and the real estate
company that you select. The agent that you work with will be acting
as a Buyer's Agent for you. Some of the advantages of a Buyer Agency
relationship are that the agent can give you advice, promote and protect
your best interests, point out reasons not to buy a specific property, pass
on information that may enhance your negotiating position, and freely
tell you about properties whether they are listed in the multiple listing
service or not. If you would like professional Buyer Broker
Representation, call Prudential Regency Real Estate at 1-800-848-9870
or E-mail: relocate@pruregency.com

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Pre-Qualifying For A Mortgage

Contact a mortgage lender before you begin your house hunting.
Based on your current income and debts, the lender will calculate
your maximum affordable mortgage. This will establish your price
range, and will save you time since you won't be looking at homes
that you cannot afford. In addition, when you find the right home
and make an offer, you can submit a copy of the pre-qualification
letter which will strengthen your offer.
Income Qualification Calculator

To talk with a Prudential Regency Real Estate agent about the pre-
qualifying process call 1-800-848-9870 or
E-mail: relocate@pruregency.com

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Finding Your New Home

After you have narrowed down your requirements based upon your
needs, you are ready to begin the search. At your convenience, the
agent that you are working with will arrange to show you homes
that meet those needs. By looking at a number of homes you
will begin the educational process that every buyer experiences.
You will quickly establish opinions of houses based on comparison.
For many different reasons, certain homes will begin to stand out in
your mind. Your decision about making an offer on a particular
property will become very clear as you go through this process.
For some people it may require looking at a few homes while
others may need to see many homes. The agents at Prudential
Regency Real Estate will take the time that is necessary to help
you find the right home. Call 1-800-848-9870 or
E-mail: relocate@pruregency.com

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Making An Offer

You have found the home of your dreams and are prepared to make
an offer. All offers must be in writing and submitted with a deposit
check. In Allentown/Lehigh Valley, PA the offer that is signed is a
complete agreement of sale. Every detail, from price to inspections
requested, is covered in the paperwork. If the seller accepts your
offer as presented, you have purchased a home, subject to your
contingencies. To talk with an agent about the process of making
an offer call Prudential Regency Real Estate at 1-800-848-9870 or
E-mail: relocate@pruregency.com

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Negotiating The Sale

The agent that you are working with will submit your offer to the
agent that is representing the seller. Usually within 12 to 72 hours
you will know whether your offer was accepted or countered by the
seller. In the event that a counter offer is made, you will have to
decide if you wish to increase your offer. Depending upon the
circumstances, the process of going back and forth between
buyer and seller could go on for days. If you would like to work
with a Buyer's Agent who can advise you and develop a negotiating
strategy call Prudential Regency Real Estate at 1-800-848-9870 or
E-mail: relocate@pruregency.com

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Inspections

The agent that you work with will make you aware of the type of
inspections that are available to you at the time of writing the offer.
Ultimately, you will make the decision regarding which inspections
to include and you will usually have 10 business days to complete them.
The buyer is responsible for the cost of the inspections. Depending on
the inspection, the seller is often responsible for the remediation,
if there is a problem. In each case, the sellers responsibility is a
negotiable item. The Home Inspection & You

Prudential Regency Real Estate will review the inspections that are
available to you at the time of making an offer, and in most cases will
encourage you take advantage of the inspection opportunity. The cost
of inspections is negligible compared to discovering problems with your
new home after closing. To discuss the inspection process call
1-800-848-9870 or E-mail: relocate@pruregency.com

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Applying For A Mortgage

Mortgage Calculators
There are many mortgage products available to a homebuyer. When
making an offer, specific mortgage terms are required. Researching
these options in advance will ensure that your offer contains the
appropriate mortgage contingency. Generally, you will contact the
mortgage lender who provided your pre-qualification letter. For your
consideration the agent that you are working with may recommend
additional mortgage lenders with which they have had favorable
transactions and who offer competitive rates. Mortgage application
is required within 10 days of the agreement of sale being fully executed.
You may make application in the real estate office, your home, or by
mail, depending on which lender you select. A typical application fee
is $350.00 (nonrefundable) which includes the cost of the home appraisal
and a credit report. Mortgage approval usually takes up to 30 days,
depending on the lender, from the time of application. Call Prudential
Regency Real Estate to discuss the process of applying for a mortgage.
1-800-848-9870 or E-mail: relocate@pruregency.com

Useful Links Related To Mortgages

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Current Mortgage Rates by State and Much More

Mortgage Terms

VA Mortgages

Freddie Mac - Expanding Housing Opportunities In America

Fannie Mae - America's Largest Source Of Home Mortgage Funds

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Ordering A Title Search & Title Insurance

After you have completed all of your inspections and the mortgage
application has been made, a title search should be ordered. The
search can be ordered through a Title Insurance Company or through
an Attorney, whichever is applicable. Depending on the Title Company
or Attorney a mortgage approval may be necessary before the search
is started. Our Agents will be happy to recommend reputable Title
Companies and Attorneys, for your consideration. Once you have made
your selection, the agent you are working with will order the title search
and arrange for the closing. For more information about ordering title
insurance call Prudential Regency Real Estate at 1-800-848-9870
or E-mail: relocate@pruregency.com

Useful Links To Title Insurance

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Title Insurance - What Is It?

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The Closing

You are ready to attend closing after all inspections have been
completed and are satisfactory to you, the mortgage has been
approved, and a title search has been completed. Closings are
handled by the Title Company or Attorney who completed your
title search. In Allentown/Lehigh Valley, PA the seller is
responsible for having the deed prepared and escrowing for final
water and sewer bills. It is generally expected that the seller will
have vacated the property in broom clean condition prior to closing.
You will receive the keys to your new home when the closing is
completed. Congratulations !! If you have any questions concerning
the home buying process please call Prudential Regency Real Estate
at 1-800-848-9870 or E-mail: relocate@pruregency.com

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The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange of the Lehigh Valley Association of REALTORS Multiple Listing Service. Real Estate listings held by brokerage firms (licensees) other than Prudential Regency Real Estate are marked with the IDX logo and detailed information about them includes the name of the listing brokers. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.