Buying a home for sale in Myrtle Beach should not be a long and difficult process. The home buying process should be fun and exciting for the buyer, especially if this is his first time to buy a home. Although the real estate market varies depending on the location where you are buying, there are general steps that you can follow to help make your home buying process smooth and successful.
Your Guide To Buying Homes For Sale in Myrtle Beach
1. Make an offer
As soon as you have found the best among the many homes for sale in Myrtle Beach, it is important that you immediately make yourself known to the seller. The seller should know that you are interested in buying. And you could do this by making a purchase offer and signing a legally binding real estate contract. These documents will tell the seller that you are not only interested in buying the house but that you are also committing to a home purchase transaction with the seller.
You should note, however, that the real estate contract legally binds you to commit to buying the house. Therefore, you should only do this when you are very sure about the house that you are buying. On the other hand, there are also contingencies that you can include in the contract to allow you to opt out when necessary. Some of the contingencies you may want to include are property inspection, loan approval, disclosure review, and appraisal.
2. Request disclosure documents from the seller
These disclosures will include everything that you need to know about the house you are buying and the neighborhood it belongs to. Even if you already signed and submitted a legally binding real estate contract, you can always opt out of the contract after reviewing the disclosures and finding out that the house is not that suitable to your needs.
Disclosures should include reports on problems and issues on the entire property, improvements and repairs are done on the house and necessary repairs that need to be accomplished. Often, most issues will also be discussed by the seller’s agent even before you sign the contract.
3. Have a third-party appraiser to confirm contract price
However you plan to pay for the house – whether you are considering buying it with cash or via a mortgage loan, you will need to have the house appraised to confirm the contract price. If you are buying the house through a mortgage loan, the financial institution that granted your mortgage loan will send out an appraiser to confirm the home’s contract price. Note that the appraisal value will usually affect the approved amount of your mortgage loan.
4. Prepare for the property inspection
Aside from the appraisal, you should also have the entire property inspected by a licensed and trained inspector. All buyers looking to buy homes for sale in Myrtle Beach are entitled to have that house inspected from top to bottom. Consider this as your last chance to learn everything about the house and decide whether it’s suitable for you and your family.
When having an inspector go through the house, come along and take note of the areas or parts that need repair or replacement. You can use these to further negotiate the price of the house or arrange to have the seller pay for or do the repairs before you close the deal.
5. Wait for the bank’s review of the property
The financial institution that granted your request for a mortgage loan will need time – usually about 30 days – to review the property and assess your loan application. What they will generally look at is the house’s title report and any liens recorded against or associated with the property.
6. Walk through the house for the last time before closing
This is important to make sure the house is still in the condition that you last saw it. Plus, this will also allow you to confirm whether or not the seller has appropriately completed the repairs that you have both agreed on after the inspection. You should also jot down any modifications and changes made to the house that was not there when you first inspected the house. Keep in mind that this step is necessary to ensure that you are getting the deal that you will pay for.
7. Schedule the closing
This is the last aspect of the entire home buying process. Both buyer and seller will have to sign the closing documents, either together or separately depending on how you schedule it. As the buyer, you are required to make payments on the closing day. Your real estate agent will help you to confirm how much you are required to pay before the date of the closing. This will prevent any surprises and unexpected fees to pay.
The home buying process will become much easier and less stressful if you work with a real estate agent. Give Full Potential Real Estate, LLC a call today and inquire about their professional assistance and learn more about homes for sale in Myrtle Beach.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577