We recently came across these points from the SC Realtors Association and wanted to share as we thought this gives a good idea of the home buying process in a nutshell.
- Are you ready? - In addition to a down payment you also need cash for closing costs. Find out how much you have and how much you will need. Several loan programs help with these costs.
- Hire a Realtor – Be sure you are working with a true professional, make sure your agent is a Realtor®.
- Get loan pre-approval – The real issue with real estate financing is not getting a loan, but to get the loan that is right for you. Meet with lenders to find out how much you can afford and find out which programs are available.
- Look at homes – Before you look list the features and benefits you want in a home. Consider pricing, location, size, layout and extras. Decide what is most important and how much you are willing to compromise.
- Choose a home – Review your notes to narrow down the choices. When you find the home of your dreams, your Realtor can help you be sure it is a good fit for you and your family.
- Get funding – The mortgage you choose will be determined by how much down payment you can afford, your credit rating and your income. Shop around with mortgage brokers, banks, credit unions and insurance companies to find the financing that works for you.
- Make an offer – An offer is more than the price you are willing to pay. It also includes the terms and timeline of the agreement. Sellers may accept the offer, reject it or make a counter-offer.
- Get insurance – Shop around for title insurance, home owners insurance, flood insurance and home warranty. Ask your Realtor which of these are required for your new home.
- Closing – This is the official meeting where the transaction happens. A closing attorney will make sure all of the required paperwork is complete. Then its official! You get your new keys and the seller is paid for the home.
- What’ Next? – While you are moving in, transferring utilities to your name and checking out the neighborhood, be sure to enjoy your new home!
Let us know if you are ready to get started on your home search today! CONTACT US TODAY