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The Home Buying Process: Step by Step

Columbia is a dream location to call home because they have properties with price ranges that can match your budget. Whether your choice is a customized home in Elmwood Park, Forest Hills, a gated golfing community, historic homes, or a downtown luxury condos, Columbia can meet your needs. Columbia has an award winning educational system, wonderful museums, and popular festivals. Buying a home in beautiful Columbia will be the best investment you can possibly make. The home buying process will require patience, a budget, and the right professionals, but it is worth every step to achieve your dream home.

Here’s what you can expect in the home buying process:

Columbia SC Homes for Sale

1. Research Your Options

Buying a new home, is a large investment, that requires you to think and prepare in advance. Think about why you want to buy a home, what style is your dream home, and most importantly, what can you afford. With deadlines, mortgage options, and lots of paperwork, seeking the aide of a real estate professional, will save you some hair-pulling times.

2. Seek A Realtor

There are many factors which hinge on whether your buying a home is a success or a bust. Because of pitfalls which can occur, even in the best of negotiations, a Columbia realtor has the experience to help lead you through the local marketing aspects, financing, and transaction meetings. Columbia realtors have years of experience between its 25 unique neighborhoods. If you want to talk with an agent today, contact us.

3. Loan Pre-Approval

You must meet with a lender to become qualified for a home loan. Simply meet with a lender who will look at your FICO credit history and examine your financial status. Based on this research, a lender will give you a document, which shows how much you are eligible to borrow on purchasing your home. This process also allows lenders to inform you about qualifying for special home buying programs, especially if this will be your first home experience. Columbia is a part of South Carolina’s First Mortgage Program to help with loans and down payment assistance. If you’d like to learn more about mortgages, contact our preffered mortgage lender.

See All Columbia Homes for Sale

4. An Offer – Then Negotiate

You have found your new dream home with a seller who is expecting you to make an offer. A contract is drawn up with standard language which denotes the sale price, contingency clauses that outline the closing date, your down payment, approved property inspection report, and a move-in date. With this type of contract, you, as the buyer, can add clauses to cover your needs and concerns. Once your contract is complete, your agent can present it to the seller or the seller’s representative.

5. Financing is Secured

If both parties agree on a final contract, then you can go to your Columbia lender to finalize the mortgage details. These details include your down payment, your interest rate, monthly payments, and any other financial matters for a stress free closing. {Read: How to Save for a Down Payment on a House]

6. The Closing

The closing, escrow or settlement now takes place. In Columbia, there are generally two different types of closings:

a. All the parties meet together

b. Escrow process – the parties sign the documents separately

A meeting entails a “closing agent,” who is hired by the lender or title company, you, the buyer, and the seller. The Columbia closing agent will have supporting documents needed, but you are responsible for a homeowners insurance policy, a certified check for closing costs, and the down payment balance. Your lender will have identified what your fees will entail, which generally includes taxes, mortgage points, loan contract fee, transfer taxes, and a title search fee. You will also be given an opportunity to do a final walk through to make sure that all your concerns have been met.

7. Your Dream Home

Congratulations! Your keys will be presented to you. Start packing!

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