Common questions

Total seller costs in PA typically run 7–8% of the sale price. That includes negotiable agent commission (commonly 5–6%), the seller's half of the realty transfer tax (1%), title and settlement fees ($300–$700), and any mortgage payoff. Get a written net sheet from your agent for your specific situation.

Property tax rates vary by township and school district. In the Main Line suburbs, effective rates commonly fall between roughly 1.8% (Tredyffrin-Easttown / Great Valley) and 2.8% (some Delaware County townships). Always confirm with the most recent county and school district millage rates.

Most financed transactions close in 30–45 days from accepted offer. Cash transactions can close in 14–21 days. Settlement happens at a title company.

You are not legally required to use one, but a buyer's agent represents your interests in negotiation, manages contingencies and timelines, and helps you avoid contractual mistakes. Recent NAR rule changes require buyers to sign a written agent agreement before touring, so understand the compensation terms upfront.

Pennsylvania charges a 1% state realty transfer tax plus a 1% local tax (typically 2% total), customarily split 50/50 between buyer and seller. Some municipalities have different local rates.

It depends on equity, cash reserves, and local market conditions. Selling first eliminates carrying two mortgages but may require temporary housing. Buying first requires bridge financing or contingent offers, which are harder to win in competitive markets. A net-sheet comparison from your agent and lender can clarify which path costs less.

A contingency is a condition that must be satisfied for the contract to proceed. The three most common in PA are the inspection contingency, the appraisal contingency, and the financing (mortgage) contingency. Waiving contingencies makes an offer stronger but transfers risk to the buyer.

Automated estimates like Zillow's Zestimate and Redfin's Estimate are statistical models built from public records. They can miss renovations, condition, lot specifics, and street-level factors. Treat them as a starting range and rely on a CMA or appraisal for an accurate value.

Conventional loans typically require a 620+ credit score; the best rates start around 740. FHA loans can go as low as 580 (sometimes 500 with 10% down). VA loans don't set a federal minimum, but most lenders require 620+.

You can put as little as 3% down on a conventional loan (3.5% FHA, 0% VA). 20% down avoids PMI. The right amount depends on your cash reserves, alternative uses for the funds, and rate sensitivity — sometimes putting less down and keeping cash reserves is the better financial decision.

Pre-qualification is an informal estimate based on what you tell a lender. Pre-approval is a formal commitment after the lender verifies your credit, income, and assets. Sellers take pre-approval letters seriously; pre-qualifications are typically ignored.

Yes. PHFA (Pennsylvania Housing Finance Agency) offers down payment and closing cost assistance for qualifying buyers. Eligibility depends on income, location, and loan program. Your lender can confirm which programs you qualify for.

The most accurate options are a free comparative market analysis (CMA) from a local agent or a paid appraisal ($400–$600). Online automated estimates are a starting range, not a value.

Earnest money is a good-faith deposit (typically 1–3% of price) you put down when an offer is accepted. It's held in escrow and applied to your purchase at closing. You generally get it back if you cancel within a valid contingency; you can forfeit it if you back out without one.

Yes. Pennsylvania requires sellers to complete a Seller's Property Disclosure Statement listing known material defects. Failing to disclose known issues can create post-closing liability.