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Myrtle Beach - CENTURY 21 Coastal Lifestyles
1908 Hwy 17 South
North Myrtle Beach, SC 29582
Phone: 843-272-6754
Toll Free: 800-568-9253
Myrtle Beach Coastline

MYRTLE BEACH
REAL ESTATE

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Buyer Tips

What could be more important than buying a house? OK maybe the choice to have children or not. Getting married or not would also be high on the list. Well lets just say that it's a tough decision. There are so many out there to choose from that you may not know where to get started. This article is about showing you correct ways to to perpare for a home purchase. Remember, the more you know the easier it is.

Things to do before you start your search.

  • Know your credit scores, get them as high as possible.
  • Save your money for a downpayment, 10-20% purchase price + Closing Costs (About $2,500)
  • Don't change jobs, two years at a job is neccesary for many types of loans
  • Don't move your money around alot, banks want to know you're stable
  • Don't make other major purchases until you close on the home, Debt-to-Income ratio is very important
  • Read up on the housing market so that you will understand when it is right to buy
Do these things and your purchase will be easy and fun. On to step 2. --->

 		 

Get a Pre-Qualification Letter from a bank or mortgager

Make sure that you can get the loan that you want. This is not getting you a loan just letting a seller know that you have the ability to purchase their home. This also reassures you that you can get a loan. This is also important in letting you know how much house you can afford.

Find a Real Estate Agent you can trust

Interview atleast three Real Estate Agents to find one that you feel confident and comfortable to work with. This person should be knowledgible and personable. They should ask a lot of questions about what kind of property you want to find and listen and write your requirements. They should know the area well and be able to direct you to neighborhoods that fit your requirements before looking properties up in the Multiple Listing Service. They should be skilled in determining the proper asking price by showing you "Comparable Sales" in the area and then adjusting for other market variables. And finally, they should be active in getting the property closed correctly and on time. Here are some interview hints.



Here are some interview hints.

  • Do they listen to your needs and wants without trying to guide you?
  • Do they write your requests down or try to remember them?
  • Are they "pleasant" to be around?
  • Ask them about neighborhoods that might fit your requests.
  • Ask how they determine an asking price. Are they specific or general in their answers? Main Influences in price: Comparables, Market Conditions, Time on Market, Motivation of Seller, Property Condition
  • Ask how they help to close on the property.

Finding your Property

Be active. When your Real Estate Agent shows you a property (in person or on paper) let them know what you like and don't like. If you keep them guessing as to what you like the process will take longer. Ask questions like what is the POA (Property Owners Association) fee, what are the taxes, do they have any ongoing litigation against the subdivision, are there any current or planned assessments in the subdivision (if the property is in a subdivision), how close are the schools (whether you have children or not you need to know traffic patterns), how close are grocery stores and shopping or other activities you may be interested in (like tennis or other fitness facilities), how do you get to work from there?

 		 

Closing on the Property

Go to atleast three banks or mortgagers and compare loans. Go to ten if you can. Remember, it's your money.
Do you need a home inspection? Yes you do, absolutely, for sure, no doubt. The Sellers Disclosure is not going to tell you everything. Those guys on TV that are on the "Flip that House" show always find problems with these homes and have to spend extra money to fix them. Why? Because they never got the house inspected in the first place. Do you want to spend extra thousands of dollars after you bought the house to repair wood rot. I don't think so. Most good inspectors will catch the bad stuff unless it's really hidden.
Here is a list of things that your Real Estate Agent should keep you informed about during the closing.
  • What is the scheduled closing date?
  • When is the home inspection? Try to be there when it happens. Your agent should try to be there.
  • When has the termite inspector been scheduled to do his thing? Not real important to be there for this one.
  • What is the result from the lender's appraiser?
  • You should be informed when the lender gets the OK from the Underwriter.
  • If repairs are needed to the home, when will they be done?
  • If you have an out-of-town closing, When are the papers going to be sent?



© 2008 Century 21 Real Estate LLC. CENTURY 21® is a registered trademark licensed to Century 21 Real Estate LLC. Equal Housing Opportunity. Each office is Independently Owned and Operated.
 
Myrtle Beach Real Estate - Coastal Lifestyles serving the Grand Strand since 1973