| The information in this article will help you | | | | purchase is written) |
| understand what to expect when buying a home. | | | | 6. Conduct a home inspection. Choosing a home |
| We have put the information in a step-by-step | | | | inspector is optional. You do not have to conduct |
| format and have included a time frame for each | | | | a home inspection. However, it is a good idea to |
| step so that you can mark it in a calendar. | | | | make sure that the home is structurally sound |
| 1. Get pre-approved. Obtain pre-approval for a | | | | and that all major systems in the home are |
| home loan before beginning your home search. | | | | running properly. (Time frame: within about 2 |
| Before writing a contract on a home, you will | | | | weeks of ratifying the purchase contract) |
| need to get a letter of pre-approval from your | | | | 7. Write a repair list. Getting the home repaired is |
| lender specific to the home you are buying to | | | | optional. If the buyer is dissatisfied with the home |
| attach to the purchasing contract. This is free. | | | | inspection, the buyer's real estate agent will make |
| (Time frame: before you begin the home search) | | | | a list of items for the seller to repair. These items |
| 2. Choose a real estate agent. This is a free | | | | will be negotiated in contract form between the |
| service for buyers. Your agent will write the | | | | buyer and the seller. (Time frame: within 48 hours |
| contract for you and help you negotiate with the | | | | of the last day for inspection, which is specified in |
| sellers. Your agent will also be able to give you | | | | the purchase contract) |
| recommendations on what lender, attorney, | | | | 8. Get home insurance. Most homes will require |
| insurance agent, and home inspector to hire. Also, | | | | purchasing hazard insurance (fire and dwelling |
| your agent will help you set up appointments with | | | | insurance). If the home is in a flood plain, flood |
| the attorney, home inspector, and any | | | | insurance will also be required. Some condos and |
| contractors you may need. (Time frame: | | | | townhomes collect the insurance through Home |
| approximately 1-2 months before move-in date) | | | | Owners Association dues or Regime fees. Ask |
| 3. Find a home and write a contract. It normally | | | | your real estate agent or your insurance |
| takes 30 to 45 days from the time you find a | | | | company what type of insurance your home |
| home to close on it and move in. When you find | | | | requires. (Time frame: at least 2 weeks before |
| the home you want, you'll write a contract. If you | | | | closing) |
| have a real estate agent, he or she will write the | | | | 9. Make a final walk-thru. This walk-thru allows |
| contract for you and help you negotiate with the | | | | buyers to inspect any last minute repairs the |
| sellers. (Time frame: approximately 30-45 days | | | | seller has made to the property. This walk-thru is |
| before move-in date) | | | | the buyer's last chance before closing to examine |
| 4. Give earnest money. After the purchasing | | | | the condition of the property. (Time frame: a day |
| contract has been ratified (meaning both parties | | | | before the closing, but sometimes the day of |
| have signed and agreed to the terms of the | | | | closing) |
| contract), you will write a check for earnest | | | | 10. Wire funds or get a certified check for the |
| money showing the seller you are serious about | | | | closing. About 24 hours before the closing date, |
| purchasing. This money will be placed in an escrow | | | | you will receive a call telling you how much money |
| account and will be credited to the buyer at | | | | you will need to bring to the closing. You will then |
| closing. The amount of earnest money is | | | | need to get a certified check payable to the |
| determined by the buyer and the seller. There is | | | | attorney's office. If you are from out of town, |
| no standard amount. (Time frame: within 48 hours | | | | you may need to wire funds to the attorney's |
| of ratifying the purchase contract) | | | | office a day or two before closing. In this case, |
| 5. Choose a lender. There are many different | | | | ask the attorney's office for wiring instructions. |
| kinds of loans. Although you can get a 0% down | | | | Bring your checkbook and driver's license to the |
| loan, it is good to shop around with 2 or 3 lenders | | | | closing with you, just in case. Total closing costs |
| to see what loans are available and to compare | | | | (lender's fees, attorney's fees, title company's |
| rates and closing costs. Make sure to get a "good | | | | fees, and insurance, other closing costs) will be |
| faith estimate" of closing costs from the lender | | | | approximately 3% of the purchase price of the |
| before committing to the loan. If you cannot get | | | | home. (Time frame: approximately 24-48 hrs. |
| a loan before the specified date on the contract, | | | | before closing) |
| then you are not obligated to purchase the home, | | | | Search for homes and vacant land in Charleston, |
| and you will get your earnest money back in | | | | SC! |
| full.(Time frame: as soon as the contract to | | | | |