Buying Your First Home - A uncomplicated Step by Step Process

Murray Lawn - Buying Your First Home - A uncomplicated Step by Step Process

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Decide you are ready to buy your first place. You are not behind on your bills, have some money saved, and have a steady job. You are ready to start investing in your hereafter and maybe plant some roots. Remember: to qualify for the 2009 first time home buyer tax credit, you must keep your home for 3 years.  

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Talk to a lender to make sure you qualify for a home loan. There are many places you can get a home loan. Call your bank or a mortgage broker. If one firm turns you down, don't get discouraged. All lenders are not the same and there are many dissimilar programs available. Don't give up! Once you are beloved ask for a good faith appraisal and pre approval letter. Some costs can be negotiated and it never hurts to ask.  

Search homes online and drive nearby neighborhoods. Your online home hunt will help you identify the area in which you want to live. Reconsider your lifestyle. Do you like privacy? How far is your commute to work? Will you want to live close to bars and restaurants? Do like new homes or the character of an older historic home? Do you want to mouth a lawn or garden? Is a community pool important to you?  

Find a full time Realtor, and come to be their client. It doesn't cost anything to enter into a client association with a Realtor but it provides you much. A Realtor will be able to supplementary refine your home hunt and take you into the homes that are a good fit for you. By using a full time Realtor you will have an agent who can work when it's convenient for you, not them. A Realtor can propose you on the value of comparable sales and help you make informed decisions. A Realtor will provide all contracts and support you in production an offer on a property. Your Realtor owes you the fiduciary duties of Obedience, Loyalty, Disclosure, Confidentiality, Accounting and cheap care and skill.  

Make the offer. You have found a asset you love, now it is time to make an offer. Your Realtor will help you decree on a price and terms that suit your funds and the value of the property. Part of an offer to purchase, is earnest money. You need to be able to write a check for earnest money at the time of writing the offer. Commonly 1% of the sales price is adequate. This money is held by your agent until you have a final covenant and then must be put in an escrow list within 48 hours. It will come off the price of the house and lets the jobber know you are a serious buyer. The offer is written up on a covenant and your Realtor submits it to the seller.  

Getting a final contract. A final covenant is the primary offer after negotiations. The terms and price may be changed as needed for both buyer and jobber to agree. All changes wish the initials of both buyer and seller. This document will be signed by all parties and sealed by a Realtor showing date and time of final contract.  

Inspecting the property. Your final covenant allows for a 10 firm day inspection duration from the final covenant date. Your Realtor will help you order inspections and be sure you stay within your time frame. Typical inspections comprise a termite inspection, a heating/air inspection and a normal home inspection. After you examine the property, you can decree if you want to continue and buy the home or desist your contract.  

Obtaining your loan. Your lender will need documents from you supporting your earnings and other varied documents. The lender will order a real estate appraisal for the property, order title work and get all the loan documents ready for a closing.  

The last step is the closing. In South Carolina a windup takes place with a real estate attorney. The attorney has all the loan documents and any other relevant documents that need to be signed. The buyer and jobber attend the windup with their real estate agents. The buyer signs documents giving him possession of the property. The jobber signs away his ownership. Keys are exchanged, any monies due are given to the windup attorney in the form of a cashiers check.  

Enjoy. You are now a home owner. Sit back and enjoy. All the time make your payments on time and begin construction equity in your new home. This is the start of a lifetime of wealth and happiness!    

This article written by: Tonya D Graves a Lexington Sc real estate agent serving buyers in downtown Columbia, Lake Murray, Irmo, and Lexington South Carolina.

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