Buying
Deciding to Buy
Deciding to buy a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully. There are some things to consider before taking the big step in buying a home.
Contributing Factors to Deciding to Buy
There are many reasons to want to buy a home.
- You are tired of paying rent and would rather invest the money in your own property.
- Your family may need an upgrade in living space or even a bigger yard.
- The commute to work might be too long.
- You want to move to a certain area
- You want to build your investment portfolio
Having a clear sense of your reasons for buying will help you choose the right property as well as let you know when the time is right.
Call Servus Realty Group
If you are in the process of deciding to buy a home or property, call your local real estate agents at Servus Realty Group. Our team can help answer your questions to help you know when the time is right for you. Tell us your reason for wanting to buy and we can be sure to take care of your needs to help find your dream home. Call us today at (864) 787-3299 for your free consultation.
PREPARING TO BUY
When you are preparing to buy a property, it is a good idea to make some preparations.
Gather Necessary Documentation
Create a file that contains all your important financial documents. You will need it to secure financing for your property. The file should contain:
- Financial statements
- Bank accounts
- Investments
- Credit cards
- Auto loans
- Recent pay stubs
- Tax returns for two years
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information.
- Check Your Credit Rating
Your credit score will have a huge impact on what type of property you can buy and at what price. That is why it is important to have a good mortgage lender who can help you out. A lender will help locate your credit ratings by researching the the credit reporting agencies, Equifax, Experian, and Trans Union. Once your credit score is determined, it will clarify what loans you will be able to afford.
Servus Realty Group will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields. Our goal is to be sure that our clients needs are met.
Financial Stability When Preparing to Buy
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. A financially stable position will give you the best opportunity to be able to afford your dream home!
The Servus Realty Group Difference
Servus Realty Group has over 20 years of real estate experience in the upstate of South Carolina. Our experience provides us with knowledge about current marketing trends and pricing. Our agents can answer your questions about what it means to set yourself up financially when you are preparing to buy. Call us today at (864) 787-3299 for a free consultation!
CHOOSING A REAL ESTATE AGENT
Buying a property requires making many important financial decisions, understanding complex issues, and completing a lot of paperwork. Thats why choosing a real estate agent is very important part of the process. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.
Here are some factors to consider when choosing your real estate agent
- Interview a Few Agents – Are they familiar with the area in which you are interested?
- Availability – Ask how much time the agent will have for you, and if they are available at night and on weekends.
- Ask about Their Credentials and Education – A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
- Timely Communication – Does the agent return your calls promptly? Time is money when attempting to buy a property.
- Resume – Ask for a list of properties they have sold or a list of references.
- Find and Agent in Your Corner – Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.
When it comes to real estate, our agents know what it means to represent you. With over 20 years of real estate experience in the upstate, Servus Realty Group is a company that knows how to make the buying process easier for your. Call us at (864) 787-3299 to begin your journey to buying your dream home!
FINDING A PROPERTY
Once those preparations are out of the way, it is on to find a property for you. This is often one of these most exciting parts of buying a home because you get to pick what is right for you.
Visit the Area
Moving to a new area or community can be an adventure, and if you do your due diligence you can be sure that the investment is worth it. Visiting the area is one of the best ways to find out if you could see yourself living in that city or community.
Some things that you should look for:
- Reasonable Cost of Living
- Good School District
- Engaging Lifestyle
- A Shorter Daily Commute
- Amenities and Community Services
- Low Crime Rate
Choosing the right area to move to can turn your home buying experience into an investment into your financial future!
Finding a Property that is Perfect for You
Select a few properties that interest you the most, and have your real estate agent make appointments to visit them.
Factors that can affect the resale value of the property include:
- Location
- Lot Size
- Type of Property
- Community Amenities
- Crime Rate
- School District
Having the right real estate agent representing you can help ensure that you are making a wise investment. Ask your agent about the potential long term resale value of the properties you are considering.
Time to Buy
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
Finding the Right Agent For You
Finding a property that suits your needs should not be s stressful process. Our agents are trained to be the representative you need when buying. With over 20 years of experience in the Upstate of South Carolina, Servus Realty Group offers you local knowledge with people you can trust. Call us at (864) 787-3299 for a free consultation today!
ESCROW, INSPECTIONS, AND APPRAISALS
Once the seller accepts an offer on the house, the next steps in the buying process begin.
The Initial Agreement and Deposit
An effective agreement is a legal arrangement between a potential purchaser and the property’s seller.
Some important tips to keep in mind to streamline the process:
- Keep written records of everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and to convert them into written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything.
- Stick to the schedule. Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements. During the process we will keep you constantly updated, so you will always be prepared for the next step.
The Closing Agent
A Closing attorney will be selected as a closing agent. The closing agent will hold the deposit in escrow and will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property.
How to Hold Title
You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.
Inspections
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If you are purchasing a commercial property, then you may need to have an environmental audit or the property rezoning done on the site for the lending institution. We can recommend several different inspectors.
Depending on the outcome of these inspections, one of three things may happen:
1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or
2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).
3. The contract may be terminated for the negotiated termination fee.
Appraisal and Lending
It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.
Association Approval
If the property that you are purchasing is conditional upon an association approval, request the rules, regulations, and other important documents from the seller as soon as you have an effective agreement to purchase. Make sure that the application documents and processing fees are submitted to the appropriate person at the association by the required time. Fill out all of the information completely and legibly so there is no delay in processing the application. If you are required to meet with the association for your approval, make an appointment as soon as possible for the interview. Most associations require a certificate of approval before move-in. Your closing agent will request that the original copy of this approval letter be brought to the closing, so that it can be recorded with the deed in the county public records.
Property Insurance
If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance. You can also save money with these tips.
- Consider a higher deductible. Increasing your deductible by just a few hundred dollars can make a big difference in your premium.
- Ask your insurance agent about discounts. You may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire-retardant roofing materials. Persons over 55 years of age or long-term customers may also be offered discounts.
- Insure your house NOT the land under it. After a disaster, the land is still there. If you do not subtract the value of the land when deciding how much homeowner’s insurance to buy, you will pay more than you should.
Having the Right Agent
The process from accepted offer to closing can be very stressful, but with the right agent it can be a seamless process. An experienced agent will be able to answer the questions that you have and help you prepare for closing day. Servus Realty Group has over 20 years of real estate experience in the Upstate of South Carolina. Call us today at (864) 787-3299 for a free consultation!
CLOSING DAY
The last step to buying your home is the closing day. Your agent will help walk you through the following processes to ensure your needs are met.
Closing Day
If you have come this far, then this means that it is almost time for congratulations, but not yet. Do not forget to tie up these loose ends:
Final Walk-Through Inspection
More of a formality than anything else, the final inspection takes place a day before or on the closing day. This final walkthrough is to ensure that the property is left in the manor that was agreed upon in the contract such as appliances, repairs, and that no damage has happened to the place.
Home Services and Utilities
We will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.
Be Prepared
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.
Final Steps
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. In order to certify its accuracy, both the buyers, sellers, and closing attorney will sign the settlement statement. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you cannot make the schedule closing date, speak to your agent and accommodations can be made.
If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check to the closing in the amount specified on the settlement statement. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.
Why Contact Servus Realty Group
An experienced agent can make the difference on closing day. A Servus Realty Group agent will contact you ahead of the closing date to ensure that you are prepared and all of your questions are answered. Call us today for a free consultation!
