Buying a Home
Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. Remember, if you have any questions about the process, I am only a phone call or email away!
Mortgage Approval
If you are planning on financing your home it is imperative that you get preapproved by your bank or mortgage broker as soon as you start looking at properties. Once you are approved you have a better understanding of the cost of purchasing the home such as your down payment, taxes, insurance, and monthly investment. Being approved by a lender does not obligate you to work with them on the loan. The first step is approval. The second step is finding your new home. When we make an offer on the home you will decide what lender you would like to work with. Different lenders have different rates so it is important to shop your loan to get the best rate. Always dig a little deeper than just the rate. Make the lender provide you with the total cost of the loan including closing cost and lender fees. I can provide you with a list of mortgage brokers that I have worked with in the past that have been pleasant, professional, and upfront with my clients.
Home Inspections
Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the home buying process and disclosing any repairs that may need to be made. I have a list of inspectors that I have worked with in the past that have provided excellent service for my previous clients. Some of the inspections which may be required or recommended by your real estate professional are:
Standard Home Inspection - The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and are limited to those terms.
Radon Inspection - Most average people have never even heard of Radon but it is a major concern in our area. I suggest that each of my clients have this testing completed. It is a very inexpensive process so I suggest that all home buyers have this tested. Radon levels are detected and measured. The Environmental Protection Agency (EPA) estimates that between 15,000 - 22,000 deaths per year result from radon exposure, therefore they recommend that all homes be tested for radon. EPA recommends that homes containing 4.0 or more Pico Curies per liter be remedied.
Termite Inspection - A termite inspector will inspect the property for the presence of wood-destroying insects, wood-destroying fungus, and previous damage caused by either. They also look for any structural issues, excessive wood moisture levels, or issues with water intrusion or standing water in all areas of the home. In South Carolina a form CL-100 is completed by the inspector and is provided to the buyer and the buyer's mortgage company.
Other Inspections - The inspections listed above are the normal inspections that are conducted in our area but there are other inspections that can be completed. Some of these are: Lead Paint Inspection, Asbestos Inspection, Septic System Inspection, Pool/Hot Tub Inspection, Well Water & Flow Inspection, and Stucco Inspection.
Closing Attorney
In South Carolina it is the buyer's choice of which closing attorney is used to close the transaction. I always suggest using an attorney that specializes in Real Estate Law. The attorney actually represents the buyer, lender, and the seller in the transaction. He is basically there to make sure that all paperwork is completed properly and that everything is disclosed on the settlement statement. If any dispute ever arises between any of the parties involved the closing attorney cannot represent either party due to the fact that he represented all parties at the closing.
