Buying

Buying a home for sale in greater Anderson or Greenville SC | All Star Company

Realtors take for granted that home buyers know what they are doing.  Whether you are a First Time or Experienced Home Buyer, this page will be helpful in the purchase of your home.  We will take you step by step through the process of Buying a Home and give you the knowledge you need when it’s time to start looking.

Pre-Approval – Step 1!  Meet with an experienced loan officer.  They will assist you in determining which loan best meets your financial situation as well as help you to determine the price range in which you should be looking.  Most Sellers require a Pre-Approval Letter when making an offer, so it is best for you to do this before starting your search.

Hit the Streets – Once you’ve been pre-approved, let us know what features are most important to you in your new home.  Based on that information, we will compile a list of homes for your review.  Then we will get out and look at the homes in person.

Making an Offer – Once you’ve found the home of your dreams, as your agent, we will help you to determine the market value of the home and guide you in what terms and conditions to include with your offer.  With this, we will also submit your Pre-Approval Letter and Copy of your Earnest Money check.

Negotiations – A Seller can accept your offer, reject your offer, or counter your offer with something that is more beneficial to them.  It is during this time that we will put our best negotiating skills to work to try to get you the best price possible.

Acceptance of Offer – Once your offer has been accepted and all required documents have been signed by you and the Seller, you are officially under contract!  This means that no one else can purchase the home!

Home Inspection – After an offer has been accepted, the first thing on the “to do” list is the Home Inspection.  This is where you hire a licensed professional to look the home over top to bottom, inside and out so you are aware of any hidden issues the home may have.  It is a necessary step to take when buying a home.

Getting to the Closing Table – Your Loan Officer will begin processing your loan.  You may be asked to provide several documents over the course of the next 4-6 weeks, so be prepared.  During this time, your Loan Officer will order an Appraisal, which will confirm the home is valued at or above the purchase price.

See you @ The Attorney’s Office – It’s time to OWN YOUR HOME!  The attorney of your choice will prepare all the legal documents required in order to complete the purchase of your home.

TYPES OF LOANS

When buying a home, there are several different loan options available to you.  Below is a brief explanation of the most popular types of loans.  When meeting with your loan officer for pre-approval, ask them about any special programs they offer, including no down payment and down payment assistance options.

     CONVENTIONAL LOANS are loans that are not guaranteed by the government and therefore, may or may not conform to Fannie Mae and Freddie Mac lending standards.

     FHA stands for Federal Housing Administration and it is a government agency that works with only FHA approved lenders.  FHA loans are designed to be more flexible than a conventional loan in that it was designed to help buyers with less than perfect credit or lower income still be able to purchase a home.  That assistance comes with a price in the form of Mortgage Insurance Premium, which is 1% of the purchase price and is paid @ closing.

203K Loan is an FHA loan that allows the home buyer to purchase a home that needs some work, and essentially provides the financing for that work.  The basics are that you have to have 3.5% of the home’s future value for a down payment, but most other requirements follow standard FHA guidelines. For more details on this loan, Contact Us because it’s really something we should talk about.

     VA loans are provided by the Veterans Administration.  They are much more flexible in their lending standards than other types of loans.

     USDA LOANS are government backed loans that offer 100% FINANCING for the purchase of a single family home in a rural area.  You can view the USDA Eligibility Map to determine if a property qualifies.

The mortgage institution of your choice can help you to determine the best option for you when buying a home.

 

If you have any questions about the different loan types or about which loan is right for you, email us at AllStar@AllStarSC.com for a list of Lenders in your area that can help you when buying a home.

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