Get prequalified for a mortgage first. This not only tells you if you qualify for a mortgage loan, it lets you know how much you will qualify for so you can look for a home within your means.
While you are looking for a home, do not make any major purchases that may affect your credit score i.e.; buying a car or large credit card purchases.
Meet with your realtor to review and sign the Buyer Agency Agreement. Whether buying new construction or a resale home, you want Buyer Representation. Your Realtor will look out for your best interests. With your agent, you will review your home buying criteria and they send listings that meet your specific criteria directly from the MLS. Your Realtor can show you any home for sale in the entire Charleston tri-county area so you'll only want representation from one Realtor®.
You may want to drive by the listings you may be interested in to further qualify them. If the neighborhood or area won’t suit your needs you will want to rule out those homes.
It is a joint effort with your Realtor, so call your Realtor with any listings you may be interested in obtaining further information on and/or if you would like to preview the interior. Your Realtor will obtain the information for you and schedule the showings as soon as possible. It’s a courtesy to provide 24 hours showing notice; oftentimes a requirement if tenants are in place.
Once you choose a home you are interested in and make an offer, you and your Realtor will negotiate the best price and terms for you. Be prepared to write an earnest money check for usually $500.00 - $5,000.00 depending on the price of the home you wish to purchase. This will “hold” the home for you while negotiations are being made and contingencies are met. Your Realtor will submit the offer, a copy of your earnest money check and your mortgage prequalification letter.
Once the contract is ratified (agreed upon by all parties), you will continue with the mortgage process by applying for a specific mortgage loan. This is the process where the buyer has the most responsibility.
Your Realtor will help you select a Home Inspector and will order the Home Inspection (if you elect to have one) for the home you have chosen. If any repairs need to be made, a contract addendum is negotiated with the sellers. A CL-100 (termite inspection will also be ordered to be sure your home is free of termite infestation.)
You will select the Attorney you wish to use to do the closing of your home. It is recommended you use an attorney that specializes in Real Estate. He will do the Title search for you. You will also select the insurance company you wish to carry your Homeowners Insurance Policy and flood insurance if applicable.
Your Realtor will make sure your Attorney and Lender have all the pertinent paperwork necessary for Closing on your home.
Your Lender may require additional information/documentation (called stips) from you.
Your Lender will order the appraisal for your new home and schedule the Closing for you.
You will do a “final walk through inspection” of your home within a couple of days before the Closing. This would be to ensure any negotiable repairs were made and conditions met and that the condition of the home is the same as when you placed the contract on it.
Your Attorney will advise you how much money (Certified Funds) has to be brought to the Closing.
The whole process from Contract to Closing is usually between 30-45 days in South Carolina.
It may sound complicated, but it can be a very fun process if you know up front what to expect. Don't be afraid to ask questions along the way. It's our job as a Realtor to make sure everything gets done working with you along the way.
Lisa Thompson
Realtor®, ABR®, e-PRO
AgentOwned Realty
843.270.2221
Lisa@LisaThompsonRealtor.Net
www.realestatefromlisa.com
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