Do I Need A Real Estate Agent?
Yes! Why? Because its normally FREE. Many people - especially first time buyers - do not realize that the real estate agent who lists a property for sale works only for the seller. So, when you see a property for sale and want to get more information, you are likely contacting the seller's real estate agent, who will try to sell you their listing for as much money as possible & with as little information as possible, because that's what the seller hired them to do.
Instead of getting information from listing/seller's agents, you should arm yourself with the services and skills of a Buyer's agent. Unlike the listing agent, who is working for the seller, the buyer's agent owes his loyalty to you - the buyer. Instead of working on your own to contact and schedule showings with multiple listing agents, hiring a buyer's agent allows you to work with one person who can show you several properties, help you make an offer and negotiate favorable terms (including price), guide you through the due diligence process, and represent you at the closing.
You wouldn't hire your spouse's attorney to represent you in a divorce, so don't count on a listing agent to help you buy a house. We want to be your Charleston, SC Buyer's Agent. Call us today for more information. It is risk free, no obligation, and if you don't like what we say, or if you decide to go with another firm, you will never hear from us again. What do you have to lose?
How Much Does A Buyer's Agent Cost?
Nothing! The Buyer's Agent is usually compensated by the seller.
Am I Ready To Buy A Home?
If you are currently renting, and trying to decide whether you are ready to buy, check out our article on renting vs. buying HERE.
How Do I Get A Mortgage?
One of the first and most important steps to buying a home is getting pre-approved for the mortgage. You can talk to your banker, shop around online, or ask your real estate agent for a referral to a reputable mortgage broker in your area that will walk you through the mortgage process.
Can I Qualify For A Mortgage?
Most buyers with sufficient savings, a solid work history, and a credit score of 620+ will qualify for a mortgage. To learn more about mortgage qualification and to determine the size of the mortgage you may be able to take out, visit our article HERE.
What Are The Steps To Buying A Home?
For a complete explanation of the home buying process, check out our First Time Homebuyer's Guide HERE.
How Long Does It Take To Buy A Home?
The process can take anywhere from 30-60 days. This timeline depends upon many factors. Your Buyer's Agent can discuss your specific timeline and needs with you during your initial meeting.
How Much Will I Need For A Downpayment?
There are varying mortgage types available that may allow qualified buyers to purchase a home with zero money down. Most buyers will be required to make a downpayment of somewhere between 3%-5% of the purchase price. While not usually required, buyers who can afford to make a 20% downpayment may find it beneficial to do so since this will allow you to avoid paying Private Mortgage Insurance (PMI) premiuims to your lender.
How Much Will I Need For Other Costs At Closing?
This can vary greatly depending upon your mortgage company and whether you elect to purchase any discount "points." Most lenders will charge a loan origination fee (this is in addition to your downpayment) of about 2%-4% of the price of the loan. In addition, your lender may charge an application fee, or a credit report fee.
Outside of the costs of your loan, you can expect to pay for an appraisal, a home inspection, possibly a survey, and for fees to the closing attorney, including a recording fee and fees for the lender's title insurance policy. Most lenders will also require that you pre-pay a certain amount for homeowners insurance and taxes to be held in the lender escrow account.
A good rule of thumb is that you should expect to pay somewhere in the range of 6% of the purchase price in closing costs, which is in addition to your downpayment.