The Home Buying Process, From A to Z

Columbia South Carolina Real Estate Podcast with Brent Downing

If you’re unsure about how the process of buying a home works, I have a general overview for you today.

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Today, I wanted to discuss the home buying process, from beginning to end.

The first part of buying a home is choosing the right agent. Preferably, you should work with a Realtor who is a member of the National Association of Realtors. A good Realtor or agent will recommend you to get a pre-qualification letter from a lender. In order to ensure that you’re pre-qualified, make sure that you have no errors on your credit report and that your debt-to-income ratio is good.

After you’ve been pre-qualified, create a list of needs and wants that you have for the home you want to buy. These might include school systems, location, the commute to work, the number of bedrooms, the size of the lot, the age of the home, and so on. There are pros and cons to each, and a great agent can help you sort through all of them.

Once this list is created, it’s time to search for a home. You can look online, but your agent should also have direct access to the MLS (multiple listing service) and be able to tell which homes are available and which ones are already under contract. Many listings you find on popular real estate websites aren’t current or accurate.

Your agent should help you figure out which homes best suit your wants and needs. They’re not there to cheerlead; they’re there to protect you and your interests. When you find a home you like, your Realtor should find out everything they can about the home, either by consulting with the seller’s agent or by looking at property disclosures.

If it’s determined that the home will be a good purchase, your agent should begin making an offer and negotiating the best terms and price for you. Usually, people want to have the contract be contingent on a few things like financing, appraisals, inspections, and so forth. If you have to sell your current home in order to move into the new one, the sale will be contingent on that as well.

The first part of buying a home is choosing the right agent.

When that’s completed, make sure that you get a great home inspector. A normal home will have a general inspection, an HVAC inspection, a pest inspection, and an inspection for other features like a pool or the septic system.

While all of this is going on, you should be working with your lender to get them all of your paperwork in a timely manner. Also, be sure to protect your credit throughout this entire process. Don’t take on new debt, don’t miss any payments, and don’t quit your job.

After you close, it’s up to you to make sure that your home stays in good condition. Everybody moves eventually, so diligent home maintenance is crucial if you want to get the most money for your home when it comes time to sell.

I could go on at length about the details of this process, but this describes it in a nutshell.

If you’re looking to buy or sell a home or have any other questions, feel free to reach out to us. We would be happy to help you.