WHAT ARE THE NECESSARY STEPS TO BUYING A HOME?

It is not an easy task to buy a house. However, these 10 steps will help you manage the process and make the best buying decisions. Find a Myrtle Beach Real Estate agent to help you through the home buying process.

Step 1: Get started early with your research

Start reading real estate listings as soon as possible. Keep track of the homes that you are most interested in, and how long they remain on the market. Note any price changes. This will allow you to get a feel for the housing trends in particular areas.

Step 2: Find out how much  you can afford

Lenders recommend that home buyers look for properties that are three to five times their annual income. This is if they plan to pay a 20% down payment and have moderate amounts of debt. This decision should be made based on your financial situation. 

Step 3: Get pre-qualified and pre-approved

Before you begin looking for a house, you need to determine how much money you are willing to spend. Prequalifying for a mortgage is the best way to find out your budget. You will need to give your banker some financial information, including your income, savings, and investments to get pre-qualified. The lender will review your financial information and let you know how much they can lend you. This will give you an idea of the range of homes that you should be considering. You can then apply for a pre-approval. This requires you to provide financial documents such as W-2 statements, pay stubs, statements from your bank accounts, and so on. These documents are needed so your lender can verify your credit and income.

Step 4: Find the Right Real Estate Agent

When you are buying or selling your home, Myrtle Beach Real Estate Agents can be valuable. Agents can help you find information about homes and neighborhoods that are not readily available to the general public. They can help you with everything from the home buying process, negotiating and local knowledge. The best part is that you don’t have to pay anything for an agent. They are paid a commission from the seller.

Step 5: Shop and make an offer on a home

Begin finding homes within your price range. You might find it helpful to make notes on each home you visit.  You might find it difficult to remember all the details, so take photos or videos to help you remember. You should pay attention to the details of every house. 

Take this example:

• To test the plumbing, run the shower to check the water pressure and the time it takes to get hot water.
• Turn switches on and off to test the electrical system
• To test if the doors and windows work correctly, open and close them.

It is also important to assess the area and take note of such things as:

• Are the homes on the block in good condition?
• How much traffic is there on the street?
• Is it convenient to schools, shopping centers and restaurants?

You should take as long as you need to find the perfect home. Work with your buyers agent to negotiate a fair price based on other homes in the area. After you have agreed on a price, the house goes into escrow. This time is required to complete the rest of the home-buying process.

Step 6: Schedule a home inspection

A home inspection is usually required to determine if there are any structural problems or other issues. Most real estate agents, will assist you in arranging for this inspection within a few days after your offer has been accepted by the seller. If the inspection finds significant material damage, this contingency allows you to renegotiate or withdraw your offer without penalty.

You and the seller will both receive a report on the findings of the home inspector. The report will let you decide whether or not to ask the seller for repairs before closing the deal. You will be able to walk through the house before the sale closes to you to verify that all agreed-upon repairs were made.

Step 7: Meet with a mortgage lender to select your loan

Lenders offer a variety of loan programs at competitive rates and are known for their customer service skills. There will be many questions as you purchase a home. Having a knowledgeable, responsive mortgage lender will help make it easier.

Each home buyer has different priorities when it comes to choosing a mortgage. Some homeowners are keen to keep their monthly payments as low and affordable as possible. Some people want to ensure that their monthly payments do not increase. Others choose a loan because they know that they will move again in a few years.

Step 8: Get your home appraised

Lenders can arrange for an appraiser to provide an estimate on the home’s value. An appraiser is an independent member of a company and is not associated with the lender. All parties will be notified by the appraisal that the property is being sold at the right price.

Step 9: Coordinate all Paperwork

There is a lot to do when buying a house. Your lender will arrange for a title firm to handle all paperwork and ensure that the seller is the correct owner of the property you are purchasing.

Step 10: Close the sale

You will sign all paperwork necessary to close the transaction, including the loan documents. After all paperwork has been returned to the lender, it usually takes several days for your loan funds to be available. Once the check is delivered, the buyer can move into their new home!

If you need help finding and purchasing your dream home, call Full Potential Real Estate, LLC Today!

Full Potential Real Estate, LLC

Myrtle Beach, SC 29577

843-236-0203

buying a home