Home Buying Process – Step By Step Guide

The Process of Buying a Home

• A step by step guide through the transaction process for both experienced and first time home buyers.

Buying a home is one of the largest investments most people will make in a lifetime, and we as Realtors are here to assist you through the process with dedication and your best interest at heart. Even if you have previously purchased a home, many laws and regulations have been changed within the Real Estate Industry in recent years. Many people choose to rent instead of purchase simply due to the fear of the home buying process; However, as experienced and educated Realtors it is our personal duty and honor to walk with you step by step through the following process while working on your behalf to make your transaction as smooth as possible:

1. Contact Us! -Once you have reached out to a Realtor, we have the ability to give you access to many properties listed in the MLS and you will be allowed to save any homes you are interested in. (Upon deciding to purchase you may wish to decide how you chose how to fund the sale. If you wish to finance, speak with your loan officer about obtaining a “Pre Qualification Letter” or ask your Realtor for suggested Lenders and discuss financing options such as VA and FHA loans for eligible properties.)
2. Look, Look, Look! -Narrow the searches you and your Realtor have gathered to the properties that meet your criteria and your Realtor can schedule showing appointments for you to look at them yourself.
3. Make an Offer! -If you have found a home that you wish to purchase your Realtor will write and offer to Purchase. At this point there may be negotiations between your Realtor and the Seller’s but once an agreement has been made and all parties have signed you are officially under contract! An “Earnest Money” deposit will be collected and held through closing at which time the funds will be credited towards the purchase price.
4. Choose an Attorney -In South Carolina both parties are represented separately throughout the transaction to closing. During the process the title to the home will be researched and cleared for your purchase. The attorney will work closely with both your Realtor and Loan Officer (If you choose to finance) If you do not have an attorney, your Realtor may give you a list of Law Offices in your area; Once you have chosen the Realtor will send the ratified contract in to be processed.
5. Order a Home Inspection! -Although this is not a requirement, it is always advised that Buyers order a Home Inspection within the time allowed per your contract in order to protect themselves. This inspection report will state any faults with the home. South Carolina Law states that any Structural, Plumbing or Electrical defects may allow the Buyer to withdraw from the sale without penalty in the event that said items are deemed unsatisfactory and the Seller neglects to correct said items or agree on a monetary compensation for the required repairs.
6. Review the Wood Infestation Report (Commonly referred to as a CL100) -This inspection is most often provided by the Seller unless otherwise stated in the purchase agreement. The report will state any concerning moisture levels, wood rot, Active or previously treated termites or any other wood destroying organisms. The CL100 will most likely be ordered by the Closing Attorney within 2 weeks of closing as the report is only valid for 30 days. Any issues stated which would hinder the sale of the property must be treated and/or repaired prior to closing.
7. Schedule Your Final Walk Through! -All Buyers are given the right to a final walk through inspection with their Realtor prior to closing.
8. Close! -After all necessary steps have been completed and any loan documents are prepared, your Attorney will schedule a Closing time to review and sign all financial and binding documents. When both parties have signed closing documents the Attorney will record the deed into your name as the Buyer, at which time you are officially a Home Owner!

Ace Realty looks forward to assisting you and is dedicated to providing quality, client level service (download the brochure explaining agency).  Thank you for visiting our website: www.AceRealtySC.com