The Top Questions To Ask About Buying Your First Home in Greenville, SC
Buying your first home can feel like a daunting task, but it doesn’t have to! Many guides give the basic steps but don’t actually take the time to answer some of the top questions first time home buyers have, and help you with the real question…
(what am I not asking because I don’t know!?!) Let’s break it down and make this the easy part.
I’m “thinking about buying a home” What should I do first?
Most realtors and guides on home buying will tell you to call a lender and get pre-approved, but many first-time buyers are super hesitant to do this because they often wonder “what if I’m not ready?” Chances are up to this point the largest purchase you may have made with financing might have been a vehicle. With most consumer products we shop first then head to the back for the “sit down” with the financing team. We need to feel ready and committed before we agree to start getting our credit checked and looking at the fine print right?
With home buying it’s the complete opposite, and that’s because you have experts (that’s us!) helping you with a fiduciary responsibility to serve your best interest. Homes and Real estate contracts are easy to get into, but expensive and/or difficult to get out of. That’s why it’s so important to fully understand the cost of buying BEFORE you commit to the house! By speaking with one of our many highly-recommended mortgage partners you can safely discuss your budget, the full costs of a purchase (ask about closing costs), and what loan options are the right fit to help you achieve your goals. Don’t be scared! A pre-qualification conversation is just that. A conversation. This helps you get prepared to venture out and go shopping.
I found a great house online… What’s next?
If you have gotten pre-qualfied the next step is to contact our team to setup a showing! Before visiting the property we’ll discuss how we can represent you and what the costs involved look like (again it’s all about helping you be fully prepared). Through an agency agreement we form a relationship that allows our team to represent you in the transaction, and it binds us to serve your best interest. With a signed agency agreement we can begin touring as many homes as you like!
What if I’m not 100% this home is the right one?
Showing you properties that you’re interested in is what we are here to do. We are ALSO here to show you comparable properties so you can get a much needed point of reference. It can be nerve wracking for many first time home buyers to feel like the first home they’ve seen is the one they want to write an offer on and purchase. That’s why once you’re pre-qualified our team recommends setting up a no-pressure session to tour homes that are in your budget even if we know going in they are not going to be the perfect fit. This allows us to help you see and understand not only what your budget gets in the market but also gives the opportunity for our team to show you what to look out for when it comes to condition, mechanical systems, and much more! Our first time buyers always feel much more confident after these tour sessions to write an offer when the perfect fit comes along.
What costs should I be prepared for? How much cash do I need?
During your pre-qualification consult with a lender we highly recommend asking for a loan estimate on a sample property. This estimate can breakdown all of the fees and costs that would be involved in closing the deal so you can plan an prepare. In addition to loan and attorney fees we strongly recommend having 1% of your purchase price + $1000 cash available for “earnest money” deposits and inspections. This 1% earnest amount will be credited towards your down payment at the closing. The $1000 is to cover common pre-closing expenses including appraisals ($400-$600) and home inspections ($400-$600)
Speaking of inspections what do we do if we find something I wasn’t prepared for?
Inspections are often the most stressful part of the process for first-time home buyers in Greenville. You’re typically getting an 80+ page report that may be filled with highlights and info that could be new to you, and it’s job is to find all the flaws in the home you’re buying. Here’s how we make this way less stressful for you.
1. We work hard on every showing to point these things out so you can think about and research them BEFORE we go under contract and pay for inspections! It’s part of the expert advice Bird Dog Group prides itself on providing our clients.
2. We walk through the report with you and connect you with our vetted network of local expert contractors for quotes and more info.
3. We help you focus on what’s critical, and what’s common so we can properly negotiate any needed repairs or credits. Everything in real estate is negotiable and it’s very common for repair negotiations to happen. No home is perfect.
When do I really need to start looking? How fast is this whole process?
We strongly recommend getting pre-qualified 3-6 months before your planned move, and to start shopping for homes in this time frame. The common Offer accepted to Closing (the day you move) timeline is typically 30 days but can always be negotiated longer or shorter. Most conventional/FHA/VA loans require about 14-30 days for the loan approval process to be completed. Cash closings can often happen in under 2 weeks. If you’re renting you would want to start planning your move and getting the process started 3-6 months prior to your lease renewal.
Let us give you a hand and make this process less stressful.
We know you have questions! Our team is here 7 days a week to help give you the answers you need to make home buying what it should be. A fun, enjoyable, and exciting experience! Call, text, or email us today to get started.