Fine Homes In Columbia, SC

Buying A Home in the Columbia, SC area

Purchasing a home can be a little intimidating or even frightening if you are a first-time home buyer.    With today’s technology there are many things you can do to educate yourself of the process. 

1.  First things first:  get yourself preapproved through a Mortgage Broker.  This will enable you to know how much money you can afford to spend for one of the largest purchases of your life.  You wouldn’t go into a store and just spend whatever without knowing how much you can afford to spend.  

2. Research to determine the type of home that appeals to your taste – ranch, cape cod, etc. Know the number of bedrooms/baths that are necessary for your family.

3. Know the geographical location where you want your home to be; for instance, within a certain school district boundary.

4. Do not let obtaining a specific home become an emotional issue; remember what you can spend and stick to that. Set your upper price level and do not deviate.

5. Today’s sellers are very savvy and will not take their home off the market without some assurance that you will be able to purchase.

6. Interview several Realtors until you find one that you feel comfortable is listening to you and taking your needs and desires into account. Remember, this is your home search and your money and you need to make sure that the Realtor is listening to you. Sign an Exclusive Right to Buy agreement with one Broker.

7. Walk through at least 10-12 homes with your Realtor. On a sheet of paper, write down your likes and dislikes for each property. Also, verify that its price is within your budget. Decide what your offer will be. You should have two figures in mind – the ideal price you want to offer and the maximum price you will offer.

8. Have your Realtor verify that the property is within the school district boundaries that you require. Have your Realtor prepare the offer at your offer price.  More than likely, you will have to give your Realtor an Earnest Money check to accompany the offer; usually from $100-$1000 (depending on the seller’s requirements). Also, give your realtor the preapproval letter from your financial institution.

9. Points: a. If the property is preowned, a Home Inspection is recommended; it is always better to be safe than sorry. Generally speaking you should be able to have a home inspection done for less than $500. b. You probably want a termite inspection – this is going to be required by your financial institution; generally costing from $125-$200. c. Give yourself at least 45 days to close as the loan process may take this long or longer.

10. If your offer is accepted, your Realtor will provide you with a copy of the executed contract (one signed by you and the seller). You should get this to your financial institution immediately so that you can begin the loan process. Word of advise – whatever your financial institution tells you they require in your loan package then you must provide it. The Universal Residential Loan Application is long and detailed and must be completed in totality. Should you have a question, please consult your loan officer. Other financial documents will be required in order to process your loan.