There are many different ways to buy a house in Philadelphia. What will work for one person, may not work for another. Are you thinking about buying a house in Philadelphia? Learn more about working with an agent, wholesaler and direct seller!
There are pros and cons to each way of purchasing a Philadelphia house. For some people, hiring a wholesaler meets their needs, while others need the time and support of a buyers agent. When buying a Philadelphia property, make sure you explore all of your options before signing any contracts.
Buying From A Wholesaler
A wholesaler, in essence, transfers the property from one person to another. They assign contract for a fee to a buyer for a fee. A Philadelphia property wholesaler will typically work in cash, meaning if you want to buy this way, it is recommended to have the funds up front. You should make sure you can have a home inspection done, as there could be something wrong with the property if the seller has chosen not to sell in the traditional way. Watch out for questionable properties that people weren’t able to sell on the MLS.
Buying a house directly is a great way to buy an investment property or the house you plan on living in full-time. When you create a deal between a buyer and seller, free of agents and their commissions, everyone is able to save some money. There are a few ways you can do this.
- Work with an investor. A professional investment company such as Philly Off-Market Deals will be able to provide you with an excellent list of properties for sale. We offer excellent properties, many of them fully renovated, all without any hassles, fees or commissions.
- Look at properties that are for sale by owner. You can find excellent deals this way as sellers are typically motivated, and without having to pay a 6% commission, they will be more likely to give you a lower price. One thing to make sure of is that they have adequately taken care of the home. If they are trying to save money selling on their own, where else have they tried to save along the way?
- Buy bank owned property. Again, you will save on commissions, plus you can be sure there are no liens against the house. You can have an inspection done, but the banks typically sell as-is.
- Source them yourself. You can drive neighborhoods looking for vacant or unkept homes. You will have to find the ownership information and reach out to the owners directly. It can take a lot of work, but it is a great way to find potential sellers. Even people who weren’t planning on selling in the first place.
Hiring An Agent
When you work with the right agents, they are worth their weight in gold. However, many agents are just in it for a quick buck. While you don’t need to pay them a fee upfront, their commission will be factored into the price of the home. This is why houses are priced so much higher on the MLS as opposed to buying directly. The right agent will show you houses that meet your criteria at a price you can afford. While other agents will waste your time showing you anything and everything just to get you to buy so they can cash in on that commission. Make sure you do your homework before you hire an agent in Philadelphia.