For most people, purchasing a home can be a stressful event. But with a little up-front planning, it's not very hard.
I like to furnish buyers with a road map of the entire deal so they'll understand exactly what to expect.
Below are my nine steps to purchasing a home.
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Should you have any questions about this information or if you're ready to get started, you can contact me here or e-mail me at shawn@myrtlebeachinvesting.com.
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Step 1 – Get ready to buy a home
There are several things you need to contemplate before starting your home search.
You'll most likely want to create an outline of must-haves, get a feel for what neighborhoods and school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
That's where I can help.
I'd love to plan a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Myrtle Beach area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in Myrtle Beach, and I partner with a lot of them, so you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
Following our initial meeting, I'll start looking for available homes on the market that suit your needs.
I'll research most of the homes and ignore the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we tour homes, I'll call attention to good features, as well as bad ones. I'll even ask you about things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we tour homes and some features become far more important than others.
If that happens, I'll go back through the listings one more time and trim it down to the house of your dreams.
Step 4 – Know the market
My understanding of the Myrtle Beach market is an indispensable asset in your house search. I'm familiar with all the neighborhoods and schools, and I can alert you to what areas are "hot" and call for prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Any real estate agent will claim to truly understand the home market.
If it doesn't seem like they know everything, call me at 843-449-3948 or e-mail me at shawn@myrtlebeachinvesting.com, and I'll be happy to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find the home of your dreams in the Myrtle Beach area. When we do, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are obtaining financing, carrying out the inspection, and a clean title.
When sending in your offer, you'll likely need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property. The amount is most often applied to the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer, and it's extremely common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're already pre-approved, but you should to stay in close contact with your lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and is often a smooth and calm affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at 843-449-3948 or send me an e-mail.
