In anticipation of buying a house, you will need to check your credit with all three of the credit reporting agencies: Equifax, Experian, and TransUnion. Open and close doors and windows to make sure they work properly.How long does it take to get the water hot?.Make sure to do a preliminary check of house details: Read the details in any Homeowner Association agreements (HOA fees and rules).Is there ample parking for you and visitors?.Consider any potential traffic or other disruptive noise.Examine how other houses in the neighborhood are maintained.Drive by the house at different times of the day.When you find the home you want and you think you are ready to put an offer on it, you will want to make sure you have all the information you need to make a solid offer. While browsing homes immediately can be tempting, we recommend following these steps in order so that, once you find your dream home, you’ll be well-positioned to take action immediately. While this sometimes works, more often than not, smitten homebuyers realize they need to go back to complete the earlier steps in the home-buying process.Īdditionally, when you start with the house search and work backwards, homes can often go off the market while you’re completing steps 1-4. Many people try to start the home-buying process here they see a house they love and want to purchase it. However, if the buyer decides not to close on the property, the seller may get the deposit money.Īttach your pre-approval letter to the offer. If the house does not close due to one of the contingency clauses, the buyer receives their money back. The deposit is kept in escrow until closing and the money is applied to the purchase price of the house at closing. This is typically between 1-10% of the purchase price of the house. Typically, this is 30-45 days from an accepted offer.Ī good-faith deposit is required for the offer. Final walk through (24 hours prior to closing).Your agent should guide you through the contract step-by-step. There are many things to consider, such as how badly you want this particular house, whether it is a buyer’s or seller’s market and an assessment of the seller’s motivation to get the property sold.īe sure to document in writing everything you want included with the house, such as appliances, etc. Work with your agent on your negotiation strategy. If you are asking for the seller to pay some of the closing costs, remember that this cost plus the sales commission determines the net amount you are offering the seller for the house. The best comparisons will come from the same neighborhood. Your agent should do a market analysis that pulls data on recently sold comparable houses. When writing an offer contract, be sure to pay attention to all of the details. Remember, the listing agent works for the seller only the selling agent (buyer’s agent) has your best interest in mind. Now that you’ve found the house, work with your agent to make an offer. Don’t forget to ask about our first-time homebuyer offer. If you’re ready to talk to a loan officer, contact Arthur State Bank to request personalized mortgage information today. To start planning your journey to your dream home, try out our mortgage calculator. We also offer mortgage specials for first-time homebuyers. However, if you jumped ahead early in your journey, just circle back to address the steps you missed.Īrthur State Bank’s loan officers are closely tapped into local real estate markets and experts at helping clients get what they need on terms that work for them. The best practice is to go through the homebuyer’s roadmap in this sequence. Checkbook, just in case there are any additional items that were not on the closing statement.Cashier’s check or proof of payment for wire transfer.Everyone signing for the mortgage must be present to sign the closing paperwork. In South Carolina, the closing will usually take place at the attorney’s office. If you are asked to use a wire transfer, call the office and ask to speak to someone you have been working with to double-check the instructions. Closing funds have become recent targets for cybercriminals. The closing office will provide specific payment instructions. The final amount in the buyer’s column shows you the amount of money you need to pay at closing.Review the closing statement for accuracy prior to coming to closing.All closing charges and credits for both the seller and the buyer are documented in the closing statement. The final Closing Disclosure shows a column for the seller and a column for the buyer. You should receive your final Closing Disclosure from the closing agency.Turn on utilities in your name, effective the closing date.Homeowner’s insurance is required by the lender prior to closing on the loan.As you prepare for closing day, you will need to take care of several items.
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