In this post, the 8 Steps to Buying a Home we’ll give you a simple overview of the home buying process. Buying a home can be intimidating while at the same time exciting. For some, just getting over the fear is the first step. What we’ve discovered is that the more educated a home buyer is, the easier buying a home is for them.
Start off on the right foot by beginning your home search here!
Yes, there is a specific process to buying a home? It’s pretty simple actually and when our clients follow these 8 steps to buying a home, they have great results!
The 8 Steps To Buying A Home:
- Decide to buy!
- Hire us…as your agent!
- Secure financing.
- Find your home.
- Make an offer.
- Perform inspections.
- Close the sale!
- Protect Your Investment!
Pretty simple right! So let’s take a look!
Step 1: Deciding To Buy!
If your renting and have a stable job with some savings, and a credit score in the high 600 range, you can likely qualify for FHA or conventional financing at today’s low rates.
Many of our clients save thousands by using Keller Mortgage!
Step 2 Of The 8 Steps To Buying A Home
Hire Us….As Your Agent…
Having someone on your side when comes to buying a home is the most important part of the process. Great agents like us at as fiduciaries and put our clients needs and interests first! And the best part…our services to you are FREE!
How We Help You
- Educate you about your market.
- We focus on your wants and needs.
- Guide you to homes that fit your criteria and meet your needs.
- Coordinate the work of other professionals like Home Inspectors, Attorney’s, and others.
- We help you negotiate the best possible price and terms.
- Check and double check the paperwork and deadlines.
- Solve any problems that may arise.
Step 3: Secure Financing
Most people don’t automatically know how much of a mortgage they can qualify for! It’s normal. That’s why we always recommend that you get with one of our preferred lenders as soon as possible. Not only will they help you discover how much you qualify for, but they can also make helpful recommendations. When you are Financing a Home in Charleston you need to know your options. Your lender can suggest a variety of different mortgage programs to fit your unique situation best! And…you may discover a strategy that your weren’t aware of!
Proper mortgage planning is the key to an efficient and smooth experience.
A mortgage loan specialist will tell you what you can afford, but you decide and tell us what your comfortable spending!
The 6 Steps to Financing Your Home
- Choose a Lender.
- Make a loan application and get pre-approved.
- Determine what you want to pay and select a loan option.
- Submit to the lender an accepted purchase contract.
- Get an appraisal and clear title.
- Obtain funding and close!
If it sounds challenging it’s not! That why we are here. We help our clients with every step!
Also…we have worked with the best mortgage professionals in the area and will be happy to introduce. Using a lender that has a relationship with your agent adds another layer of accountability that can be helpful to the process.
Step 4 Of The 8 Steps To Buying A Home
Find Your Home
So…once you’ve completed the pre-approval process you’ll then be ready to begin your search!
At this point the most beneficial thing that we can do, is sit down and have a brief home buyer consultation. During our meeting we will accurately pinpoint what you are looking for in a home and area. Since this is likely the biggest purchase you’ve made, we want to take our time and really focus on what you want and need.
Questions we will discuss:
Where do I want to live?
How much space do I need?
Which is more important: location or size?
Fixer upper, turn key or a new home?
Is future appreciation important?
Is neighborhood stability important?
Would a condo be an option?
What features and amenities do I want or need?
HOA or No HOA?
Hopefully by now you’ve been looking at homes on our web site: byrdpropertygroup.com However, we can never stress the importance of seeing homes in person enough!
When you visit homes for sale in person, not only will you see the homes:
- you’ll see where they are located
- how the neighbors take care of their homes
- what the neighborhood is like
- what’s nearby and more
You’ll never get the “real feel” for an area until you visit the homes and neighborhoods. There are a few downsides to just viewing homes online. What you’ll discover is that listing agents are very cleaver at not showing you the things that you need to see online! And…photographers are very clever at using creative photography to make the homes and yards look bigger and better online than in person! For a closer look into how we work check out this post How We Help You Buy A Home
Step 5 Of The 8 Steps To Buying A Home
Make Your Offer
Their a 3 basic components to any offer.
- Price – What you’re willing to pay based on the market and your financial qualifications.
- Terms – Include financial, inspections, condition and timing concerns.
- Contingencies – Condition related and financial. Anything that might need to be resolved prior to closing.
How We Help!
Once we’ve helped you find a home that you want to buy…we will analyze the other comparable sales in the area. Then, we will share our analysis with you so we can determine together what the homes current fair value is.
Additionally, we’ll contact the listing agent in an attempt to discover more information about the property. Knowing what’s important to both sides of the negotiations will help us construct a better offer for you.
Also, if need be, we can explore other resources for more information. ie: tax records, the local planning office, public utilities, school data, HOA details and more! Whatever is important for you to know prior to making an offer, we will make every attempt to find the resources for that information for you.
So rest assured…we make sure our clients are comfortable and confident in their choice of home before making an offer.
Step 6 Of The 8 Steps To Buying A Home
Home Inspection
Just because you love a particular property, it’s doesn’t mean that it’s perfect! Chances are it’s not! In fact I’ve never seen a perfect house! This is where reason will have to prevail over emotion.
Our team always recommends that you have a home inspection, that you attend, to learn about your property. This way you’ll see first hand the properties true condition before you close. Check out this post on Choosing A Home Warranty
For your protection, in South Carolina every home seller is required by law to provide you with a Sellers Property Condition Disclosure. On this document the seller is required to disclose any and all know defects in the property.
What your looking for are the major things.
Are there any structural issues, does the heating and cooling work, are there roof leaks, do the plumbing and electrical systems work, is their moisture damage and more. Cosmetic issues should be handled in the offer. Like cleaning and painting etc. The home inspection is for the big ticket items!
In South Carolina we have 2 approaches in the contract to handle inspection contingencies.
- The Repair Procedure
- Due Diligence
Both of these have many details and I will be happy to review them with you anytime!
Step 7: Getting Ready To Close
Now that all terms have been agreed to by all parties and all contingencies are removed! Your contract is considered ratified! You’re now in the “home” stretch, pun intended.
But you need to be aware that you have a few pre-closing responsibilities, and these include staying in control of your credit and finances, first and foremost.
- Don’t buy anything on credit until you close!
- No new cars, no furniture…nothing!
- Do not create any new leases! Cars, furniture, appliances…nothing!
- Other than your normal paycheck all bank deposits will be questioned.
- Continue paying your bills on time and notify your lender if anything changes!
- People often accidentally disqualify themselves without even knowing it!
You will also need to keep in touch with your agent and lender and return all phone calls and paperwork promptly. Any communication delays could potentially delay your move in date!
You might need to communicate with your agent at least once or twice a week, and verify with your lender that all mortgage funding steps are completed.
If possible, conduct a final walk-through of the home with your agent as well.
And finally, be sure to confirm with your agent, home insurance professional, and lender that you have the certified funds, and evidence of insurance lined up prior to closing.
8 Steps To Buying A Home
Step 8: Protect This House!
Once you’ve closed and moved in, you’ll need to protect your investment for years to come. And you can do so by performing routine maintenance on your home’s systems, depending on their age and condition.
A good rule of thumb is to watch for signs of leaks, damage, and wear. If you fix small problems early, you will save yourself from having to spend big money later.
And remember that kind real estate professional who assisted you throughout the process? Well, after closing your agent can still help you with such things as providing information for your tax returns, finding contractors and repair services, and even tracking your home’s current market value.
We hope you’ve found this post outlining the 8 steps to buying a home helpful. We have been helping folks since the 1980’s and have had plenty of years to refine our process. What you’ll discover is that it’s simple, it works, it’s not stressful and can be a whole lot of fun!
The Author…
Bill Byrd is a Husband, Father, Realtor, Educator, Musician and Athlete. A licensed Realtor since 1986 who loves helping his clients grow their personal wealth through real estate! Having helped hundred’s of families and individuals during his career you can feel comfortable that Bill’s and his Team’s experience and expertise are unparalleled in our market. Plus, Bill’s a great guy and one heck of a guitar player! More About Bill
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