When it comes to buying a home, Holden Beach Realty d/b/a Holden Beach Vacations is here to help you. We know how exciting a new home purchase can be – we experience it every time we help a family find their new home. Whether you’re a first time homebuyer or purchasing real estate for investment purposes is old hat, there’s plenty to know long before you sign on the dotted line to take ownership. Following are some suggestions you should find helpful.
Things To Do First
Sit down with paper and pencil and with your family when everyone is relaxed. Make three columns on your paper and label them 1. Must have, 2. Would be nice, and 3. Deal breakers. Then start the process of filling in the columns with information such as number of bedrooms & baths, size of home, location, proximity to schools and other services. Optional features like decks, porches, and swimming pools would classify as nice to have because they could always be added after purchase. Features such as the overall size, style of home, and number of rooms are all pretty well set and are non-negotiable. Once you have your list you (and your Realtor) will know what you’re looking for. Keep in mind that the less you have on your list the easier and faster it will be to find you a home.
Things Not To Do Before Starting Your Search
From the time you decide you want to start looking at real estate, it’s important to reign in your spending. Prior to starting you’ll need to visit a bank or other mortgage lender to be pre-approved for a loan. It’s wise not to make any major purchases, move money for any reason, or leave a job in the six months prior to talking with the bank or loan office.
Finding a Mortgage Lender
Many people will go to the banking institution or credit union where they do their regular banking to apply for a loan. They already know you and know your spending habits. You can also go to other lending institutions that offer mortgages and apply there as well. Once you’re pre-approved, you will know how much house you can afford to buy.
Using Your Own Realtor
When you use a Realtor to help you find the type of home you’re looking for in your price range, you’ll have access to see the homes in the Multiple Listing Service (MLS directory. Those who go it alone will not have access to the depth of information that a Realtor can supply you with. Furthermore, Realtors are informed the moment a new property comes on the market and that can work in your favor.
Looking at Properties
When you use Holden Beach Realty d/b/a Holden Beach Vacations as your Realtor, we will meet with you to discuss the criteria of the home you are looking for. We will then carefully review the real estate currently on the market to find which properties meet your needs. Once we have obtained this information we will meet with you to review our findings, setting up a time to go look at any properties that are of interest to you.
Making an Offer
Once you find that home that meets your "Must have” criteria you may decide to make an offer on the property. This is done in writing and we will supply contracts for you to sign in order to present your offer to the seller. They will then accept, deny or make a counter-offer within a designated time frame. Once the two of you agree on a price the wheels are in motion to close the deal.
In the period between the seller accepting your final offer and the actual time when you sit down and turn over the keys, a few things may take place. Know that we will keep in touch with you throughout this process. The lending institution will likely request an appraisal be done on the home to ensure it’s worth the amount you’re asking to borrow. A home inspection, including a termite inspection, may be performed to ensure there are no hidden defects or existing termite damage in the home.
Closing and Taking Possession
Immediately prior to closing on the home you are purchasing you will be expected to do a walk through to ensure anything the seller agreed to has been dealt with. This could include repairs they agreed to make, appliances that were to remain in the home and possibly other fixtures. The final step is to show up at the closing, usually held at the lender’s or attorney’s office. It is at this time that funds are transferred and the ownership of your home is transferred to you.
If you have any questions about the home buying process that wasn’t covered here we’d be happy to speak with you in detail. Please call us at 800–842–6949 at your convenience. We look forward to working with you to streamline the home buying process.